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Commercial Real Estate
Business Observer Friday, Oct. 25, 2019 9 months ago

Sarasota's Glenridge planning major expansion

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Land deals add 59 acres to upscale senior living community
by: Kevin McQuaid Commercial Real Estate Editor

The Glenridge on Palmer Ranch, one of Sarasota’s most upscale senior living communities, has completed the second in a pair of land purchases that will result in a $30 million expansion and renovation.

The $14.24 million deal involving 45.36 acres, together with a $2.36 million purchase that was completed last year, adds a total of 59 acres to the northern boundary of the continuing care retirement community, which debuted in 2004.

The Glenridge plans to construct 35 single-family homes and paired villas on the property, ranging from 1,522 square feet to 2,338 square feet.

“We’ve had a lot of interest over the past 15 years in our single-family homes, and there’s always been a waiting list for them,” says Jon Corbin, executive vice president of Praxeis, The Glenridge’s management firm. “So we think there’s pent-up demand.”

In addition to the new residences, Praxeis intends to upgrade existing dining features, apartments and assisted living and memory care units.

Corbin says the new construction is scheduled to begin next year and be completed sometime in 2021.

The company is currently seeking site plan and other approvals from Sarasota County, the Southwest Florida Water Management District and the U.S. Army Corps of Engineers.

The new homes would mark the third significant expansion to the Glenridge community since its opening. Currently, the 90-acre Glenridge contains hundreds of residences, a 60,000-square-foot Village Commons area and dining venue, a 260-seat performing arts hall and amenities including a community fitness center, swimming pool and tennis courts.

 

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