In partnership with Arbah Capital, Madison Marquette has begun construction on a new senior housing community in Punta Gorda Isles, Fla.
Meridian Senior Living aligned with Madison and Arbah Capital to provide the equity funding for the $37 million project.
The 116,000-square-foot property located on Aqui Esta Drive is slated for completion and will be ready for move-ins in early 2023. The community is situated 56 miles from Sarasota and 6 miles from Interstate 75.
Meridian Senior Living, which runs the Brandon facility, will also manage the Punta Gorda community. Diaz Fritz serves as general contractor CASCO + R|5 is the project’s architect. This development marks Madison’s sixth community in the senior housing sector, including properties in California, Washington, Michigan, Florida and Texas.
Madison Marquette and Arbah Capital previously worked together on a 144-bed senior living project in Brandon, Fla., and also partnered on several other U.S. projects.
The demand for senior housing has been steadily rising since the end of 2020, when occupancy reached historic lows. The sector is bouncing back following tepid performance at the height of the pandemic, with demand projected to return to pre-pandemic levels.