While many people may not have noticed, a new $250 million upscale residential development is under construction in West Boca Raton. If you have a medical practice in South Florida, if you work in a medical related field or if you’d like to find out about one of the largest new real estate developments in South Florida, you've come to the right place.
Sinai Residences is now under construction in West Boca Raton. It will consist of 237 independent and assisted living apartments on a 22-acre site on the Levis Jewish Community Center campus off Glades Road and State Road 7. While the first of its estimated 500 new residents won’t be moving in until October 2015, the property is already 96 percent sold out.
At Brenner Real Estate Group, we are always tracking important trends in the market. We are paying special attention to this one as we believe it will spur demand for office space at Boca West Medical Plaza, our listing for lease a just few short blocks from both Sinai Residences and West Boca Medical Center.
Sinai Residences is nothing like the Boca retirement communities you may remember from Seinfeld. It is not your father’s retirement community, although you probably wish it could be. Residents pay an "entrance fee" of $450,000 to nearly $1 million to reserve an apartment, plus a monthly fee of $3,000 to $5,000 for best-in-class levels of assistance and care. According to Bloomberg, the median age of the residents will be 83 with a median net worth of $2.4 million. Residents don't actually own thier units; instead, 90 percent of the entrance fee is refundable when residents leave Sinai.
But here is what we’d like our readers to consider. There will be 500 affluent retirees relocating to West Boca by late 2015. With a median age of 83 they will be in need of medical care and with a net worth of $2.4 million, they will create a strong demand for elective and premium services.
It is therefore a great time to locate a medical office in West Boca Raton. At the 31,600 square foot Boca West Medical Plaza, we have the largest available space in the market at 17,000 square feet. We are also willing to divide the space down to 2,500 square feet. And if you’re looking for a great place for your friends or relatives to enjoy their retirement years, please call our friends at Sinai Residences at 561.221.1102. For more info on Boca West Medical Plaza go to www.yourmedicaloffice.com.