Ryan Cos. JV to Begin Florida Senior Housing Project

The partnership secured nearly $49 million in construction financing for the 206-unit development.

Grand Living at Naples. Image courtesy of Ryan Cos.

Developers Ryan Cos. and Grand Living Management have teamed up once again to develop Grand Living at Naples, a 206-unit senior housing community in Naples, Fla. The partnership plans to kick off construction mid-December and expects to deliver the luxury property by the third quarter of 2023.

In addition to Ryan Cos. and Grand Living, the development team includes DeAngelis Diamond as general contractor and in-house Ryan Architecture + Engineering for design.

In late November, the developers acquired the 7.9-acre land for the project for $5.2 million, Collier County data shows. At the same time, Ryan Cos. and Grand Living Management also secured a five-year, $48.7 million construction loan from Trustmark National Bank.

“We are licensing the entire building with an assisted living license that allows our residents to age in place, with the exception of memory care. Our prototypical customer is late 70s to mid-80s,” Eric Anderson, Ryan Cos.’ senior vice president of senior living development, told Multi-Housing News.

Demand for the age-in community is reflected in the demographic of the Naples market, where in 2020 the 75 and over cohort represented 17.5 percent of the total residents, well above the national average of 6.8 percent, according to data from Moore Diversified Services.

Building up in Naples

The 241,071-square-foot project will take shape at 15150 Tamiami Trail N., according to public records. The four-story property will feature 166 independent and assisted living units as well as 40 memory care units.

Planned amenities include various dining spots, a library, a club room, a wellness center with a fitness area, a spa and a salon. The development will be within walking distance of several shopping and dining options and roughly a mile from Audubon Country Club.

Grand Living at Naples marks the partnership’s 12th project as well as Ryan Cos.’ fifth development in the state. In October, the two developers joined forces with Bow River Capital to break ground on a senior housing community in League City, Texas. The 186-unit Grand Living at Tuscan Lakes is similarly slated for a 2023 delivery.

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