Building Seniors Housing in Partnership with Churches
- Jan 20, 2015
Sarasota, Fla.—Omega Communities LLC, a seniors housing developer, has broken ground on Fountains of Hope, an assisted living and memory-care property in Sarasota. When it’s complete in mid-2016, the facility will offer 106 residences.
The property is on the campus of Church of Hope at 1560 Wendell Kent Rd. Common features will include dining areas, outdoor patios and courtyards, as well as private residences adjacent to the church.
Omega Communities has a specialty niche: it was founded primarily for to develop and own seniors housing facilities in partnership with large churches. Omega provides the development, financing and operational functions on behalf of congregations such as Church of Hope, with the goal of providing seniors housing, but also monetizing the church’s current assets, including available land.
According to Omega, many churches are interested in contributing their debt-free land for a minority profit-sharing interest in an Omega project. Not only does that give the church an opportunity to gain from any participating revenue share, but it also provides the means for many of their aging congregants to remain close members of the church.
Along with church volunteers who will be on hand to help the residents and to provide fellowship, Fountains of Hope will require a staff of more than 100 full-time employees. The value added is going to be the relationship with the church and the care and support provided for the residents by the people from the church, says Omega CEO Pat Trammell.