Margaritaville’s William Bullock (LinkedIn, iStock)
Margaritaville is mixing it up.
Developers behind Latitude Margaritaville announced Tuesday that its Jimmy Buffett-brand retirement community is expanding into Austin, Dallas, and Houston markets.
Latitude Margaritaville is inspired by the lyrics and lifestyle of singer/songwriter Jimmy Buffett and his personal brand of tropical escape and relaxation. Developed by Canadian real estate company Minto and lifestyle brand Margaritaville, the 55 and up retirement communities have seen considerable success in Daytona Beach, Hilton Head, and Watersound near Panama City Beach.
And yes, the man himself is known to hang around the communities. “You never know when Jimmy Buffett will show up,” the company says on its website.
“The Margaritaville brand has a strong foundation in Texas. The state represents tremendous opportunity as we expand the development of Latitude Margaritaville communities,” Jim Wiseman, President of Development at Margaritaville added in the announcement.
Despite Austin and Dallas’ lack of beaches, developers behind the expansion say the three Texas cities tick every box.
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“Locations are carefully considered and must meet specific criteria to be selected for a community, including sufficient land; a temperate climate; proximity to an airport; convenient retail and service businesses, and nearby medical offices and hospitals,” said Scott Rogers, Minto’s newly-appointed Vice President of Acquisition and Development for Texas.
In February 2021, as a deadly winter storm swept across Texas, the temperature in Dallas dropped below zero— the city’s coldest temperature since 1930 and its second-coldest on record.
“Another very important factor is convenient access to outstanding leisure-time activities in the surrounding area,” Rogers said. “Dallas, Austin, and Houston definitely meet these criteria.”
The older population in Texas grew at a faster rate than in the nation from 2000 to 2014 and the state had the third largest elderly population, according to a 2016 report by the Texas Demographic Center. One Brookings Institute analysis predicted that the 65+ crowd will comprise nearly one-fifth of the Central Texas population in coming decades.
With Texas’ changing demographics— not to mention the state’s high housing demand and dwindling supply— many developers have been throwing cash into senior living and retirement projects.