Park Square Commercial just bought 10 acres of land in Ocoee with plans to immediately break ground on what would be its first senior living development.
The company is teaming up with Maitland-based equity partner NM Residential to develop a 148-room independent living facility at 868 Roberson Road. According to a deed recently recorded in Orange County, the partners paid $2.7 million for the roughly 11-acre site.
Park Square vice president Vishaal Gupta told GrowthSpotter the company expects to break ground in the next month. The total cost of development is about $32 million, he said.
The project, called Arya Independent Living, calls for a four-story facility for those ages 55 and older. Features include a large amenity pool area, a salon and spa, lounging areas and a fitness center.
Next door to the Ocoee site, Palm Harbor-based Barclay Group plans to develop an assisted living and memory care facility with 120 beds across three stories.
This is the first senior living development for Park Square Commercial, a division of Park Square Homes, which is led by Gupta and his father Suresh.
Vishaal Gupta said the company expects to break ground on a 90-unit senior living community in DeBary by the end of summer and hopes to begin construction on a planned 119-unit assisted living facility in Kissimmee’s Tapestry master-planned community by the end of 2020.
In Ocoee, Park Square Homes is under contract to purchase about 30 acres within the master planned Ocoee Village Center, where it’s planning to develop 232 townhomes.