FORT MYERS — Retirement community Cypress Cove at HealthPark Florida plans to sell $20 million in bonds to build memory care assisted-living facility.
The new two-story facility, called The Memory Care Residence at Cypress Cove, will have 44 suites and will be located on Cypress Cove's 48-acre campus in South Fort Myers. It will be reserved for residents in the early to later stages of Alzheimer's disease and dementia.
The groundbreaking for the center will take place Nov. 13 and the project is scheduled to be completed in early 2016. Cypress Cove is a continuing-care retirement community that opened in 1999 and has 550 residents.
The bonds will be issued under the Industrial Development Authority health care facilities revenue bond series 2014 and have received a BB+ rating from Fitch.