- June 11, 2010
BUYER: Southern Oaks Senior Living Care LLC (principal: Gregory Morris), Orlando
SELLER: Aileron RE Opportunities Fund I LLC
PROPERTY: 2117 Earl Road, Fort Myers
PRICE: $1.3 million
PREVIOUS PRICE: $1.05 million, January
LAW FIRM ON DEED: BolaÃ±os Truxton PA, Fort Myers
Jacksonville-based Plantation Oaks Senior Living purchased 4.29 acres just off U.S. 41 for $1.3 million.
The price equated to $303,030 per acre.
The new ownership plans to develop an 111-unit assisted-living facility with a memory care component for Alzheimer's patients. The single-story, 53,000-square-foot building will also include a theater, separate dining rooms for assisted-living and memory care, a ballroom and private courtyards.
“Right now we are calling it Rose Garden of Fort Myers,” says Greg Morris, managing partner of Plantation Oaks Senior Living. “We hope to start construction there in the next 45 to 60 days.”
Construction is scheduled to take 10 to 12 months.
Fort Myers-based Brooks & Freund LLC is the general contractor for the project and Atlas Design & Engineering Inc. of Fort Myers designed it.
The new rental community is scheduled to open in 2015.
Plantation Oaks Senior Living owns Plantation Oaks communities in Orlando and High Springs.
The purchase entity, Southern Oaks Senior Living Care LLC, mortgaged the property to Florida First Capital Finance Corp. Inc. for $2.75 million and received $2.68 million in a second mortgage from EnviroCap LLC.