Westminster Communities of Florida is seeking approximately $191 million in financing for senior living construction and renovations across the state, including new apartment buildings, assisted living facilities and memory care services at five properties in St. Petersburg and Bradenton.
The nonprofit retirement housing provider, which operates under Presbyterian Retirement Communities Inc., plans to use the money for construction and improvements at 11 campuses across Florida. The Florida Local Government Finance Commission was scheduled to consider final authorization Tuesday, Oct. 27, for up to $250 million in bonds, although the estimated issuance is closer to $191 million.
Among the local projects, Westminster Shores at 125 56th Avenue South in St. Petersburg would receive two apartment buildings containing new and replacement residential units, along with a replacement assisted living facility. The planned construction would take place on both sides of Bahama Shores Drive South, between 56th and 57th avenues.
Nearby, Westminster Suncoast at 1095 Pinellas Point Drive South would add a memory care center next to its existing health center, while Westminster Palms at 939 Beach Drive Northeast, near downtown St. Petersburg, would build new residential apartments and convert existing skilled nursing units into assisted living accommodations.
Across Tampa Bay in Bradenton, Westminster Point Pleasant plans to build a residential apartment building and common area between its existing buildings at 1533 Fourth Avenue West and 1700 Third Avenue West, with renovations and infrastructure improvements also planned throughout the property. Westminster Manor, at 1700 21st Avenue West, would receive infrastructure replacements and other upgrades.
The financing would also support improvements at Westminster properties in Orlando, Winter Park, Tallahassee, Jacksonville and St. Augustine, including additional residential housing and care facilities. Westminster has not specified how much of the proposed financing would go toward its five Tampa Bay properties, how many new units would be constructed or when work would begin.
Founded in 1954, Westminster operates 11 continuing care retirement communities through its affiliated nonprofit organizations, with approximately 3,805 residential, assisted living and skilled nursing units serving more than 4,000 residents. Its first retirement community, Westminster Manor in Bradenton, opened in 1961, and the organization has historically grown by acquiring and improving existing communities.
Following preliminary financing approval in September, Westminster is targeting bond pricing during the week of Nov. 2 and a closing during the week of Dec. 7, subject to the remaining approvals and financing conditions. The proposed bonds would be repaid by the nonprofit’s affiliated organizations, with no pledge of state or local tax revenues.