SARASOTA, Fla. — Watercrest Senior Living Group and United Properties have broken ground on Watercrest Sarasota Senior Living Community, a 198-unit luxury senior living campus in Sarasota, along Florida’s Gulf Coast.
Once completed, the property will offer 72 independent living units, 96 assisted living units and 30 memory care apartments.
The project is scheduled to open in summer 2020. Walker and Co. is the builder.
This is the second partnership between Watercrest and United, the first being in Naples, Florida, and scheduled to open before the end of 2019.
The development is part of a recent development push by Watercrest, which plans to open more than a dozen new communities in the coming years. It also represents a renewed interest in seniors housing by Minneapolis-based United Properties, which has five properties under development to add to its current portfolio of 17.
“This is our largest senior living investment to date,” says Mark Nelson, executive vice president with United Properties.
Bank of Montreal and Dougherty Mortgage are finance partners on the project.