Venice senior living community buys 50 acres for $21.5M

Village on the Isle, a senior living community in Venice, has bought 50.25 acres, where it plans to build a satellite campus.

The property is at 2705 East Venice Ave. Village on the Isle paid $21.5 million for it.

Doug Feller, the community’s CEO, says in a statement that the nonprofit that runs it “is committed to thoughtfully expanding our ability to serve seniors in ways that benefit the broader community.”

And that means more space.

According to the statement, Village on the Isle is currently fully occupied and has a waitlist. It will open two new buildings later this year, adding 54 independent living units, but both buildings are completely presold.

The community sits on 16 acres and, before the new buildings open, has 234 units.

The newly acquired property will allow Village on the Isle to build a satellite campus about six miles away on land zoned for 452 multifamily units.

Plans for the new campus are being finalized, but the statement says Village on the Isle does not intend to develop the property to its full density “allowing room for long-term growth aligned with its mission.”

Construction on what will be called Arbor Vita is expected to begin next year and be completed by 2030.

Village on the Isle is a nonprofit community affiliated with the Evangelical Lutheran Church in America. It is about a half-mile from the gulf and offers independent living, assisted living, memory care and skilled nursing.

Its model, according to the statement, allows residents to live independently in apartments and cottages, then transition as needed to higher levels of care with caregiver assistance.

The previous owner is a Toronto-based LLC that paid $9.5 million for the property in 2022.

Village on the Isle, which is a dba for Southwest Florida Retirement Center, has $168.04 million in total assets, according to 2023 tax filings.