Texas' LaSalle Group building Estero memory care facility

BUYER: Estero Memory Care LLC (The LaSalle Group Inc.), Irving, Texas
SELLER: Tulip Associates LLC
PROPERTY: southwest corner of Marsh Landing Boulevard and South Tamiami Trail, Estero
PRICE: $2.35 million
PREVIOUS PRICE: $2.96 million, May 2000

PLANS, DESCRIPTION:
The LaSalle Group Inc. purchased 3.09 acres south of Marsh Landing Boulevard and north of Bulb Lane for $2.35 million.

The price equated to $759,304 per acre.

The Irving, Texas-based assisted-living and memory care company plans to develop a 54-bed assisted-living facility for people with memory impairments. The project will include several common areas, enclosed courtyards, a salon and four residential wings. The community, which will be called Autumn Leaves of Estero, is projected to employ 30 people.

Construction is scheduled to take 11 months. The community is tentatively expected to open in January 2016.

Kristin Dupont, vice president of marketing for The LaSalle Group, says the site was attractive because it is on a highly visible corridor in Estero, which is a growing community.

The Curtis Group is the architect for the project, and Lake Superior Contracting will be the general contractor.

The LaSalle Group has developed six memory care communities in the Southeast.

The purchase entity, Estero Memory Care LLC, mortgaged the property to Branch Banking and Trust Co. for $10.13 million.