UPDATED: JULY 9, 2018 3:41 PM — Principals behind local developer Park Square Enterprises are pursuing their first senior housing development in Ocoee, pairing it with a memory care facility next door that could offer client synergies for decades to come.
Located at 868 Roberson Road, the 10.47-acre vacant residential parcel has 2.45 acres designated as wetland, and lies just east of the intersection with Tomyn Boulevard.
The developer has construction permits under review by the St. Johns River Water Management District, and on Tuesday has a Final Large-Scale Site Plan going before Ocoee's Planning & Zoning Commission. City staff are recommending approval.
Dubbed "Arya Independent Living," the project calls for a four-story, 142-unit independent living facility for those age 55 and older.
This is the first senior living venture by Vishaal Gupta, executive vice president of Park Square Homes, and his CEO and father Suresh Gupta.
It's the Guptas' latest effort to diversify their family-owned company's real estate investments outside of single-family homes. Over the past two years they've started developing a 12.5-acre site near UCF as a retail center with hotel pad for sale, the 38-acre Champions Plaza town center project in the Four Corners area of Polk County, and a new limited service hotel in Sanford.
Park Square investment affiliate Vivek Investment Corp. sold an adjacent 6.8-acre parcel in Ocoee in February 2016 to Palm Harbor-based Barclay Group for $3 million.
Barclay is expected to break ground there this quarter on its Legacy Lifestyles The Roberson, an ALF/Memory Care facility with 120 beds across three stories.
"We felt an independent living facility would be a great compliment to the ALF that Barclay is doing," Vishaal Gupta told GrowthSpotter. "We did all the market studies and found there were a lot of ALF communities going up in that area, but none with a true independent living component."
Development of the two projects next to one another provides an opportunity for the elderly to age in place and transition from one facility to another over time, or for senior spouses with different needs to live next door to one another.
Site work is anticipated to start in November, pending city permit approvals. Gupta said his company has not decided if they will manage the independent living facility themselves, or hire an experienced third party management group.
Roger B. Kennedy, Inc. is the pre-construction manager, and Gupta said he anticipates hiring them to continue through the construction phase.
Gupta estimated total project cost of $28 million at this time, and said the developer will be seeking a construction lender in the coming months.