Belmont Village Senior Living topped out its first community in South Florida last week. Now, the company is laying the foundation for developing a pipeline of projects in the region, through a new partnership with Baptist Health South Florida.
Houston-based Belmont Village announced a new partnership with the nonprofit health system to develop, own and operate senior living communities throughout the region. Headquartered in South Miami, Florida, Baptist Health South Florida is the largest health care group in the region, operating 10 hospitals, 50 outpatient and urgent care facilities and over 40 physician practices across Broward, Miami-Dade, Monroe and Palm Beach counties.
Increasing integration between senior living and health systems has been a developing trend in the industry. Most notably, real estate investment trust Welltower (NYSE: WELL) formed a joint venture with nonprofit health system ProMedica last year to acquire the large portfolio of post-acute and senior living communities formerly operated by HCR ManorCare. Another example is the relationship between Intermountain Healthcare and Summit Vista, the first life plan community in Utah.
Welltower CEO Tom DeRosa has predicted further partnerships for senior living and health care systems, noting that senior living providers can play a large role in helping keep populations of older adults healthy and out of high-cost medical settings.
The first project under the Belmont Village/Baptist Health joint venture will be in downtown Coral Gables, near the Shops at Merrick Park. Christened Belmont Village Coral Gables, construction is expected to begin in mid-2020 and the project will be completed within two years. Other areas being considered for development include Miami-Dade, Broward, Palm Beach and Monroe counties.
Last week, Belmont Village topped off its first senior living community in South Florida at 1031 Seminole Drive in Ft. Lauderdale.
The partnership with Baptist Health aims to “reinvent” wellness and quality of life for seniors in South Florida, Belmont Village founder and CEO Patricia Will said in a statement.
“Thanks to the richness of experience each team brings, we have the potential to change the paradigm for lifestyle and care for the extraordinary elderly population in this region,” she said.
Baptist Health President and CEO Brian E. Keeley said the partnership “is a natural fit as both our organizations share the same dedication to providing high-quality compassionate care.”
Belmont Village has focused recently on senior living communities with strong intergenerational components, facilitated by strong university partnerships and by joining forces with other developers in mixed-use developments such as the upcoming Belmont Village Lincoln Park, near downtown Chicago.