Resort Lifestyle Communities developing Bradford Square

BUYER: Bradford Square Retirement Community LLC, Lincoln, Neb.
SELLER: Everbank
PROPERTY: 14258 Livingston Road, Naples
PRICE: $1.78 million
PREVIOUS PRICE: $3.94 million, October 2010
LAW FIRM ON DEED: Rogers Towers PA, Jacksonville

PLANS, DESCRIPTION: Resort Lifestyle Communities purchased 9.18 acres of vacant land at the northeast corner of Livingston and Vanderbilt Beach roads for $1.78 million.

The price equated to $193,355 per acre.

The buyer rezoned the property to senior housing prior to buying it and plans to develop a 130-unit independent-living apartment community for seniors, called Bradford Square. The project will feature a single three-story building.

“We like the Naples market and all of Collier County,” says Josh Thornton, vice president of development for Resort Lifestyle Communities. “There is a real need for our senior housing model in that area. Things worked out demographically and from a competitive standpoint for this to be our next project.”

Construction of the residential building, which will include a 150-seat movie theater and fitness facility, will start in the third quarter for a completion sometime in the second quarter of 2015. Resort Lifestyle Communities' sister company Cameron General Contractors will be the general contractor for the project.

Thornton says Bradford Square will be a highly amenitized community, equivalent to a cruise ship experience without the travel. It will include 24-hour-a-day concierge services, free transportation, weekly housekeeping and fine dining. The property will employ 32-36 people.

The project will be Resort Lifestyle Communities' first Florida property.

“We typically try to keep our growth regional, so we are looking throughout Florida for additional sites,” Thornton says.

Craig Timmins of Investment Properties Corp. handled the transaction.