Ryan Cos., Grand Living Start Construction of $50M, 172-Unit Community in Florida

by Jeff Shaw

SARASOTA, Fla. — Ryan Cos. US Inc. and its partner Grand Living have started construction of Grand Living at Lakewood Ranch, a 172-unit independent living and assisted living community in Sarasota.

Located between Tampa and Fort Myers, the community is the third Florida partnership between the two companies. Development costs are estimated at $50 million.

The community will feature 82 independent living units, 56 assisted living units and 34 memory care units totaling 124,463 rentable square feet.

The community will be located within the Lakewood Ranch master-planned development, near to a new supermarket and a polo club.

Ryan A+E is providing architectural services, and Grand Living will operate the community upon completion. A sales center is scheduled to open at the site in fall 2018. The project is scheduled for completion in 2019.

David Fasano, Sarah Anderson, Ryan Maconachy and Chad Lavender of HFF arranged $16.7 million in development financing for the project.

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