Horizon Bay developer buys land for memory-care facility

BUYER: SHI Horizon Bay Memory Care LLC (SHI Horizon Bay Tampa JV Company LLC), Tampa

SELLER: Stratford on Howard Development LLC

PROPERTY: 1505 and 1515 S. Howard Ave. and 2310 W. Stroud Ave., Tampa

PRICE: $1.6 million

PREVIOUS PRICE: $2.25 million, November 2005

LAW FIRM ON DEED: Hill Ward Henderson, Tampa

PLANS, DESCRIPTION: GWI Investments, principals of Horizon Bay Retirement Living and REIT Health Care Properties are partnering on another senior living facility in Tampa. The same partnership that developed the 156-bed Horizon Bay at Hyde Park purchased three parcels with frontage on Howard Avenue for $1.6 million. The group also purchased an adjacent single-family lot at 1503 Howard Ave. for $303,396, but as of press time, the Business Review was unable to confirm the closing.

After selling two single-family home parcels, the new ownership plans to start development of a memory-focused senior housing project on the remaining approximate 1.5-acre site. Construction is currently expected to start in the fourth quarter.

Calls to Horizon Bay Retirement Living for comment were not returned prior to publication.

The site had previously been planned for a condominium project that never developed following the real estate market crash.

T Sean Lance of NAI Tampa Bay handled the transaction.