Omega Communities Launching Sarasota Projects
A senior housing development company could bring a $30-million annual economic impact to Sarasota County through the opening of two assisted living campuses, the first projects in an ambitious business model that looks to open similar locations in Louisiana and Alabama as well.
Omega Communities has started construction on two projects in the county, The Fountains of Hope in Sarasota and The Springs at South Biscayne Church in North Port. Both projects are being billed as assisted living and memory care campuses being created through affinity agreements with existing area churches. The projects are built on land leased from the Church of Hope, off Wendell Kent Road in Sarasota, and South Biscayne Church, off Tamiami Trail in North Port. As part of the agreement, the churches will actually receive a portion of profits from the Omega Communities projects, and in turn provide access to the faith-based services provided at the churches.
“What makes our facilities different are the pastors,” said James Taylor, Jr., chief operating officer of Omega Communities. “With over 10,000 people turning 65 each day, there is a great need for senior communities where families immediately feel safe entrusting the care of themselves or their loved ones.”
Omega Communities, which is headquartered in Alabama, has an agreement to acquire a project in Lousiana and is pursuing two projects in Alabama. The Springs is first project to break ground and Fountains will break ground in July, the company said. The company has plans to open up 25 new facilities in the next five to seven years and to acquire 15 existing or completed facilities during the same period of time. The company lists on its website Sarasota-based Lawson Group Architects as its principal architect and Gilbane Building Company, which has a Sarasota office, as its general contractor. Tampa-based Cushman and Wakefield is providing the company's market studies and project appraisals.
While The Springs has already broken ground, the company has announced the most details so far about Fountains, which will include 106 residences and employ more than 100 people when it is completed and opened in the third quarter of 2015. During construction, the project is expected to create between 150 and 200 jobs. The Fountains will be houses in a 90,000-square-foot facility on a 10-acre parcel of the Church of Hope campus. Life Care Services will provide management services.
As for The Springs, Omega's website notes that fundraising is still underway and that the project's total cost will be about $25.6 million. The facility has the potential to host 390 senior living units, plus medical offices and other healthcare-related services.
“It’s a win for the county, it’s a win for the churches, it’s a win for the residents of the communities, it’s a win for Omega’s principle executives, and it’s a win for our investors,” said Pat Trammell, founder, chairman and CEO of Omega Communities.