3109 S Ridgewood Ave
South Daytona, FL 32119
3.8 AC-Senior Housing Development Opportunity · Land For Sale · 3.83 AC

Colliers International is pleased to introduce a turnkey development opportunity to the market. The Property, referred to as 3109 S. Ridgewood Avenue (the “Property”), is comprised of 3.83 acres of undeveloped land which is located in South Daytona, Volusia County, Florida in zip code 32119. The site is proposed for future development of an assisted living, independent living and memory care facility with up to 228 total units. The proposed project will offer the finest of assisted living and memory care services to the community, to include outpatient rehabilitation, day programs and respite/short stay options. Project Concept The mini village will consist of a single “L Shaped Twelve story residential tower with independent living including full amenities, added support, and memory care living units. The building will house a supporting spa, medical offices and related retail on the lower levels. There will also be an underground garage area. Several floors will be dedicated and utilized for recreational activities, rehabilitation and other amenities. The location also boasts 420 feet of deep water access to the beautiful and scenic Halifax River. The project could include boating and fishing amenities and the monthly ongoing rental of between 22 and 25 boat slips. Property Use Rationale • A strong demand exists for assisted living, memory care and independent living facilities in the primary market area. • Although the beachside Daytona Beach is very much “on sale”, the rest of the market is pretty hot. An upscale independent living facility with boating amenities and boat slips for rent would be a very enticing alternative for a segment of the 55+ community that think ahead (or currently) about their health. • Current inventory does not meet current demand. • Penetration rates for a memory care specific project within the primary market area is well within industry standards for project development. • Property can potentially achieve financial and occupancy stabilization within two years of certificate of occupancy. (These projections do not include debt service.)