Merrick Park draws new rental project. Is Coral Gables the new nexus for seniors?
In an age of urban retirees, Coral Gables may be South Florida’s new seniors’ haven. Developers are banking on it.
Orlando-based multifamily developer ZOM Living is planning a 196-unit senior living rental building, Watermark at Merrick Park. ZOM and Tucson-headquartered Watermark Retirement Communities closed Tuesday on a 1.7-acre site at 300 Greco Ave., according to Brett Gelsomino, vice president of ZOM Senior Living.
It’s the second senior living project announced this year. Earlier this month, the Coral Gables Commission approved plans for Belmont Village Coral Gables, which will include a wellness center from co-developer Baptist Health.
Both projects are situated within walking distance of upscale shopping and dining center Merrick Park and convenient to MetroRail. The Gables’ current senior living facility, The Palace at Coral Gables, is a mile-and-a-half north on Andalusia Avenue, near shops and restaurants on Miracle Mile.
Gelsomino sees plenty of demand, thanks to the growing flight from the northeast’s high-density cities and taxes.
“Coral Gables is an established and affluent city,” he said. “It offers everything in an urban setting.”
Permitting on the 8-story ZOM / Watermark project is in progress. Construction is expected to begin in the next 60 days, with completion set for 2022.
The 256,000-square-foot development will be for residents 55 and older. Units will range from a 400-square-foot studio with one bathroom to a three-bedroom, two-bathroom unit measuring 1,350 square feet. More than 100 apartments will be dedicated to independent living, with 63 for assisted living and 30 for memory care. Amenities include three dining venues, a library, business center, spa, salon, and rooftop pool with a sky lounge. Pricing has not be set yet.
The partners are also building another senior housing community at 401 Datura St. in West Palm Beach with 154 units.
ZOM’s 42-year development history spans Chicago, Baltimore, Houston and across Florida. Local projects include Bezel at Miami Worldcenter, Monarc at Met 3 in downtown, Waverly on Las Olas and BelAir at Doral.
Watermark manages 63 retirement communities in 21 states. In 2019, the American Seniors Housing Association recognized it as the 13th-largest senior living property manager.
“We do not fear that the effects of the pandemic will be with us forever,” Gelsomino said. “We believe in the fundamentals of the business.”
This story was originally published July 1, 2020 at 7:00 AM.
