BOYNTON BEACH, Fla. — Nonprofit developer Green Cay Life Plan Village Inc. has unveiled plans for a $250 million continuing care retirement community (CCRC) in Boynton Beach along the Atlantic Coast in South Florida.
Green Cay has purchased the 15-acre site with plans for 170 independent living, 16 assisted living and 16 memory care units in a 340,000-square-foot building. The property is adjacent to Green Cay Nature Center.
Independent living residences will range from one to three bedrooms; assisted living apartments will include studio to two-bedroom options; and memory care will be provided in studio apartments.
CCRC buy-in costs are expected to begin in the mid-$600,000s. The to-be-named community, for residents 62 and older, is projected to break ground in 2024 for completion in 2026. A sales office is planned to open in fourth quarter 2022.
Green Cay has engaged Big Rock Partners, through its affiliate BRP Senior Housing Management LLC, and Greenbrier Development LLC as co-developers for the project.
“The baby boomer generation’s higher expectations continue to redefine the next generation of senior living communities,” says Richard Ackerman, Big Rock managing partner. “With the county’s senior population growth, timing is right for this new upscale buy-in option that gives residents predictable costs for peace of mind.”
Ziegler, a specialty investment bank, underwrote a $36 million dollar bond anticipation note issued through the Palm Beach County Health Facilities Authority for the $18.6 million land acquisition and soft costs.
PRDG is the architect for the project, and Moss & Associates is design and pre-construction consultant.