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BUYER: Stone River Retirement Community LLC, Lincoln, Neb.
SELLER: Power Holding Corp.
PROPERTY: 7360 E. 55th Ave., Bradenton
PRICE: $3.6 million
LAW FIRM ON DEED: Salvatori Wood Buckel Carmichael & Lottes, Naples
PLANS, DESCRIPTION:
An affiliate of Resort Lifestyle Communities purchased about 12.5 acres at the southwest corner of State Road 70 and Interstate 75 for $3.6 million.
The price equated to about $288,000 per acre.
The buyer plans to develop Stone River Retirement Community, a freestanding independent-living senior housing project, on the site adjacent to Twelve Oaks Plaza.
“We are in the final stages with architectural drawings,” says Josh Thornton, vice president of development for Resort Lifestyle Communities. “We expect to have plans to the local municipalities in 45 to 60 days. We hope to have it completed in early to mid-2017.”
The development will feature 130 units in a mixture of studio, one-, two- and three-bedroom units. The current design calls for a 180,000-square-foot, three-story building. It will feature a 150-seat movie theater, library, billiards room, salon/barbershop and a pharmacy/gift shop.
Thornton says another business has proposed building an Alzheimer's/memory care community on property nearby.
“We did a pretty exhaustive demographic study and identified that the metro area as a whole is underserved [for this type of senior housing],” he says.
Resort Lifestyle Communities has 10 operating senior communities, another 12 in construction and development and an additional 15 under contract or in some phase of approval. The firm is currently developing the Bradford Square Retirement Resort, which is scheduled to open in Naples in spring 2016.
Resort Lifestyle Communities' sister company, Cameron General Contractors, will be the general contractor for the project. Construction is expected to cost about $25 million.
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