One of the most ambitious is a new Classic Residence by Hyatt. The hotel chain, which has been rapidly growing its stake in the seniors market, has announced a 539,602-sf complex for six acres at 19333 W. Country Club Drive in Aventura, adjacent to the Turnberry Isle Resort & Club and across from Aventura Mall.
Construction cost is put at $140 million. Twin 23-story towers will provide 402 independent living units in addition to on-site assisted living, Alzheimer's care, respite and restorative care, as well as long-term skilled nursing.
Hyatt is already a major player in the region's senior living communities market. The hotelier owns, manages and markets facilities in Boca Raton, Hollywood, Lantana, Plantation and Pompano Beach.
Another player, Paul Giovannetti of Realplan Consultants, with MGG Capital Corp. of Miami, will build a $30-million assisted-living facility at Pembroke Street and Douglas Avenue in Miramar. Additionally, three projects totaling $25.3 million sf are planned by Pearlman & Associates of Hollywood for sites in Hallandale, Miami and Delray Beach.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
