WEST PALM Beach — Whilst some senior residences prioritize tranquil areas, a undertaking just announced in West Palm Seashore is highlighting its spot amid the lifestyle of the city’s downtown.
Building of The Watermark at West Palm Seaside is just finding less than way at 445 Datura St., with completion predicted in late 2022, early 2023.
Bryan Schachter, main financial investment officer of Tucson, Ariz.-primarily based Watermark Retirement Communities, mentioned the firm has been “gravitating toward a far more urban, walkable ecosystem.”
The West Palm making, like a much larger a single in progress by Watermark and Zom Residing in Coral Gables, will include things like independent dwelling rentals, assisted living and memory treatment models. The 7-tale developing on Datura is a block from the Mandel Community Library, the Brightline rail station and the Clematis Street eating and leisure district.
The structure will dwelling a main flooring of prevalent area and 6 residential flooring, which include a penthouse. The 154 models will feature 100 independent living flats 34 for assisted dwelling and 20 devoted to memory treatment.
Premiums range from $5,000 to $9,000 a thirty day period for impartial living, depending on irrespective of whether it truly is a one particular- or two-bed room condominium or a penthouse.
Assisted residing and memory care models range from $6,000 to $10,000, relying on the dimension of unit and the care services demanded.
Watermark, a single of the major senior housing operators in the country, has 73 initiatives in 21 states, which include the two less than way in South Florida.
“We are accomplishing fairly a couple a lot more city locations,” amongst them tasks in Brooklyn Heights, N.Y. and in Los Angeles, in the vicinity of the UCLA campus, Schachter claimed.
The West Palm project will come amid an prolonged spurt of enhancement in and about downtown, from the 360 Rosemary business office setting up to the A person West Palm blended-use towers, two far more planned luxury workplace towers and a variety of apartment structures and resorts done in the very last few of yrs.
The Watermark undertaking was made doable, in component, by the sale and transfer of enhancement rights from a city-owned website a mile north of downtown. That invest in, from home upcoming to the 1930’s-era Sunset Lounge, attained the city and its Community Redevelopment Company $366,000, while permitting an further 27,000 square ft to be developed at the Datura Street seniors residence.
This report at first appeared on Palm Seashore Put up: High-finish seniors home climbing amid downtown West Palm bustle