ZOM Senior Living and Watermark Retirement Communities closed on land for two senior living projects in Coral Gables and West Palm Beach.
Property records show LG Ponce III LLC, led by Lion Gables Realty Limited Trust, sold four parcels at 300 Greco Avenue, near the Shops at Merrick Park in Coral Gables, to SHP VI Greco Coral Gables Owner for $20 million. The buyer secured a $66 million loan from PNC Bank, records show.
ZOM also closed on the West Palm Beach site at 401 Datura Street, but that deal has not yet been recorded in Palm Beach County.
The Watermark at Merrick Park will have 196 units, including independent living, assisted living and memory care residences, and 50,000 square feet of amenities, according to a press release. The Watermark at West Palm Beach is expected to have 154 units, with independent living, assisted living and memory care residences, and 30,000 square feet of amenities.
The West Palm Beach development will be across the street from the Virgin Trains station. M&T Bank is financing the West Palm Beach project.
Construction of both developments, which will have a total of 350 luxury rental apartments for seniors, is expected to begin later this summer. Each project will have a rooftop pool and sky lounge, wellness center, spa, salon, art gallery, dining venues, a library and business center. MSA Architects and Lemay-Escobar Design are designing both developments.
Greg West, CEO of ZOM Living, said that the projects mark a departure from the typical senior housing development. Both are in urban areas with neighborhood amenities and will offer traditional multifamily leases.
The developers are banking on an increasing demand for senior living, as baby boomers age.
ZOM’s first senior living project in Florida is under construction in Wellington. Overall, ZOM has 6,700 units under construction or in the pipeline, including nearly 800 senior living apartments. In May, the company closed on a $57 million loan for the first phase of a Ludlam Trail project it’s building with partners.
In November, Gables Residential sold the site next to Zom and Watermark’s Coral Gables project to BF Group for $4.17 million. The property could be developed into a hotel and office building.