Ryan Cos. has teamed up once again with Grand Living Management to develop Grand Living at Wellen Park, a 192-unit senior housing project in Venice, Fla. The luxury community marks the 10th development between the joint venture partners and the fourth project for Ryan Cos. in Florida.
Grand Living at Wellen Park is slated for a spring 2023 delivery, with Ryan Cos. filling in multiple roles, as the company wills serve as the architect of record, developer, builder and capital markets partner for the project. Upon completion, Grand Living Management will handle operations at the property, while Ryan Cos. will provide asset management services.
In August, Ryan Cos. acquired the vacant land for the project for $3.4 million, Sarasota County records show. The developer has also secured a five-year, $48.6 million construction loan financed by Bank of Texas, a division of BOK Financial.
Part of a bigger community
Located at 100 Springtide Way, the development is part of Wellen Park, formerly known as Berry Ranch and Taylor Ranch, a master-planned community encompassing 11,000 acres along the Gulf Coast in southern Sarasota County.
Wellen Park currently has three districts incorporating a downtown area along with retail, dining and entertainment options, parks, trails and an 80-acre lake. At full buildout, the master-planned community will have 60,000 residents.
The four-story community will total 235,267 square feet and will feature a mix of independent and assisted living units totaling 156 units, as well as 36 memory care units. Planned amenities include various dining spots, a wellness center equipped with fitness areas, a spa and salon, club and activity rooms and a library.
The development is neighboring the Manatee-Sarasota branch of the State College of Florida. Downtown Venice and Venice Municipal Airport are roughly 11 miles away.
In August, a partnership between Ryan Cos., LCS and Harrison Street topped off Clarendale Six Corners, a 258-unit senior housing community in Chicago. The developers broke ground on the project in January.