Construction Begins on $180M Mixed-Use Senior Project in Western Palm Beach County
Construction of phase one is expected to begin immediately and will include 283 premier independent living, assisted living and memory care units.
VILLAGE OF WELLINGTON, FL—The first dirt has turned on Wellington Bay, a $180-million multi-phase mixed-use senior housing rental community being developed by ZOM Senior Living, in a venture with Liberty Senior Living and funds managed by Ares Management Corporation’s Real Estate Group.
The development venture has recently closed on construction financing for the development of the 46-acre lakefront parcel, adjacent to The Mall at Wellington Green in Western Palm Beach County. Construction financing was co-arranged by SunTrust Bank and PNC Bank, NA, with Comerica Bank as a participating lender. No further terms of the construction financing were disclosed.
Construction of phase one is expected to begin immediately and will include 283 premier independent living, assisted living and memory care units. The centerpiece of the community will be a two-story, 65,000-square-foot clubhouse and amenity building, replete with multiple dining venues, indoor and outdoor swimming pools, membership-grade spa, salon and wellness center, billiards and cards room, and a theater.
The Class A senior living rental community will offer luxury rental housing in a variety of formats, including single-story villas (with attached garages), three-story garden flats, and residences within a six-story building, attached directly to the main amenity building. At full build-out, the project is anticipated to include 424 units.
“We are excited to partner with Liberty Healthcare and Ares Management on this, our first ZOM Senior Living rental community,” says Greg West, CEO of ZOM Living. “We formed ZOM Senior Living to capitalize on this growing segment of the renter pool, and we plan to offer the same thoughtfully designed living spaces, amenities, and broad array of services to our senior residents, as we provide in our traditional market rate rental communities. We join forces with a seasoned senior housing operating partner, which perfectly complements ZOM’s experience in luxury multifamily housing.”
Liberty Senior Living is a subsidiary of North Carolina-based Liberty Healthcare, a 144-year old family-owned company with a wealth of experience delivering healthcare and residential services in the growing senior housing segment. Will Purvis, chief development officer of Liberty Healthcare notes that Wellington Bay will be the firm’s first project in Florida.
“The large size of the Wellington site gives us the opportunity to create a unique resort style senior’s community, in close proximity to well-established retail shops and dining venues,” Purvis says. “We have the ability to create a number of different residential formats and levels of healthcare services, and to maintain significant green space for the enjoyment of all of our residents.”
LS3P Architects (Wilmington) and MSA Architects (Miami) provided project design and architectural services, and RD Jones provided interior design services. Balfour Beatty and Kaufman Lynn are providing construction services.