ZOM, Watermark Acquire Two Development Sites in South Florida

CORAL GABLES and WEST PALM BEACH, Fla. — ZOM Senior Living and Watermark Retirement Communities have acquired two seniors housing development sites in Coral Gables and West Palm Beach, both cities located on the Atlantic Coast of South Florida.

The Watermark at Merrick Park in Coral Gables will comprise 196 units including independent living, assisted living and memory care, with 50,000 square feet of amenities. The site is adjacent to the Shops at Merrick Park and across the street from a train station.

The Watermark at West Palm Beach will feature 154 units of independent living, assisted living and memory care with 30,000 square feet of amenities.

M&T Bank provided construction financing for the West Palm Beach project, while PNC Bank funded the Coral Gables project. MSA Architects and Lemay-Escobar Design designed both communities. Verdex Construction will build the West Palm Beach property, while Kast Construction will construct the Coral Gables property.

Groundbreaking is slated for later this summer on both projects.

The developments will be the second and third communities in South Florida for ZOM Senior Living, which has another project underway in nearby Wellington. The company is a subsidiary of ZOM Living, which has developed almost 22,000 standard multifamily apartments with a total estimated value of $4.3 billion.

Watermark Retirement Communities is a seniors housing operator, managing 63 communities across 21 states including four developments nearing completion.