Discovery Senior Living prepping for Tampa Discovery Village

BUYER: Discovery Village at Tampa Palms LLC (principals: Thomas Harrison, Richard Hutchinson, Thomas Henning and Todd Carlson), Bonita Springs
SELLER: Great American Corp.
PROPERTY: a portion of Brookside Trace Court and Commerce Park Boulevard, Tampa
PRICE: $1.5 million
PREVIOUS PRICE: $5.67 million, February 2006
TITLE FIRM ON DEED: Bayshore Title Insurance Agency, Tampa

PLANS, DESCRIPTION: An affiliate of Discovery Senior Living purchased 5.47 acres of vacant land in Tampa Technology Park West Flex for $1.5 million.

The price equated to $274,223 per acre. That figure is lower than the two-year average price per acre for industrial land ($336,202) in the Tampa Bay area, according to the CoStar Group.

The Bonita Springs-based assisted-living company plans to develop its third assisted-living facility on the Tampa property. The project calls for creating 60 assisted-living units, 30 units of supervised independent living and 30 units for memory care. Because it sits on a constrained site, the development will be built in a mixture of four- and five-story buildings.

The project's amenities will include a pool, wellness and fitness center, movie theater, beauty/barber salon, library, crafts and dining room and bar/lounge.

Construction is scheduled to start in March for a completion in May or June 2015. Johnston, Iowa-based Henning Construction Co. is the general contractor for the project, and Architectural Concepts Inc. of Largo designed it.

“We look at all the primary markets in Florida to see where there are the largest underserved populations of seniors,” says Thomas Harrison, Discovery Senior Living's CEO.

The company plans to also develop a future Discovery Village in Sarasota.