McGuire Development Co. buys land for assisted-living facility

BUYER: McGuire Florida Holdings LLC (officers: James McGuire and James Dentinger), Buffalo, N.Y.
SELLER: Platinum Coast Financial Corp.
PROPERTY: 11150 Tamiami Trail E. and additional land, Naples
PRICE: $1.5 million
PREVIOUS PRICE: $650,000, September 1991
LAW FIRM ON DEED: Roetzel & Andress LPA, Naples

PLANS, DESCRIPTION:
Buffalo, N.Y.-based developer McGuire Development Co. purchased 8.7 acres of vacant commercial land along U.S. 41 north of Roman Road for $1.5 million.

The price equated to $172,414 per acre.

Tom Reed, CEO of Autumn Blossoms LLC, says the developer purchased the property to allow the senior-housing company the opportunity to finalize its plans to create a new assisted-living facility there.
The project will feature eight three-story, 13,000-square-foot buildings with connected hallways. Each of the buildings will have 12 suites for residents and another three units for staff or guests. The individual suites will have 450 square feet of living.

The new developer plans a household approach to senior housing similar to the business model employed by the affiliated company Elite Care Inc. in Oregon. It will group together 12-15 seniors to a building with a chef, nurse, activity director and a central living area and kitchen.

“This model worked to great success in Oregon, so now we are taking that model nationwide, starting with Naples,” Reed says. “This is really a family-oriented environment. We found that residents in this model have a dramatically reduced need for hospitalization and 911 calls. Naples is a tremendous market. We don't view a lot of existing facilities as competition; we view them as feeders.”

The first floor will be built with traditional block construction, but Autumn Blossoms has contracted with Plant City-based Palm Harbor Homes to build the upper two levels using modular construction.

“This allows us to better control the quality and design and gives us better purchasing power,” he says. “We plan to build it to be LEED platinum. It is going to be a low impact development on the environment.”

After the development is complete, Autumn Blossoms expects to buy the land back from McGuire Development. Construction of the as-yet, unnamed community is scheduled to be complete in November for an opening in January 2016.

The community is expected to employee from 80 to 100 people.

David Stevens, Clint Sherwood and Patrick Fraley of Investment Properties Corp. handled the transaction.