A New York-based developer is close to completing the acquisition of a former Sheraton hotel in downtown Fort Myers, Fla. it plans to convert into luxury senior living.
Bob MacFarlane, principal of 46 Pittman LLC, dba The Pittman Group, told the News-Press the acquisition is expected to close by Friday, at which point the developer will be able to commence the $55 million senior living conversion.
The Pittman Group has been in the process of buying the 24-story waterfront hotel building for months, with plans to convert it into 323 independent living units. Amenities at the luxury retirement community will include two pools, a movie theater, a restaurant, a convenience store, beauty and barber salons, and pet concierge.
The former hotel operated as a Sheraton in the 1990s but the senior living project is being called Campo Felice.
The Pittman Group utilized conventional financing to buy the building rather than using bonds, according to the News-Press, which would have required the retirement community to offer a certain percentage of affordable units. Instead, Campo Felice will offer market-rate accommodations for all its units.
In October, Validus Senior Living announced it had been awarded a contract to manage the independent living community.
Read more at the News-Press.
Written by Alyssa Gerace