Naples luxurious senior community attracts boomers with $92M expansion
When you think of senior living, you may see a specific image.
Perhaps it’s an old age home with residents gathering in a common room. A tinge of sorrow may hang over the structure.
While that may be true in certain places, there is a Naples town that is turning the script by catering to a consumer that demands more for its money and has more money than most, according to a recent article by Louis Llovio of Business Observer.
The property is Vi at Bentley Village, located on Retreat Drive off Tamiami Trail near the Audubon Country Club.
“It’s often described as being on a cruise ship that doesn’t move, that doesn’t leave the dock,” says Gary Smith, president and CEO of Chicago’s Vi Living, which owns the 156-acre Bentley Village.
The reasons for this, he claims, are the amount of amenities offered to residents and the quality of care. He refers to this as a “wealth of services,” which includes golf, tennis, swimming, bocce ball, and walking trails. He also mentions dishes made by chefs using locally sourced ingredients that “rival those of some of the finest dining establishments in the area.”
That may seem like hyperbole or a sales pitch. However, Smith claims that in a highly competitive market such as Naples, residents seek higher-end amenities. Moorings Park in Naples, about eight miles distant, is one of the most well-known competitors. (In the business, both Vi at Bentley Village and Moorings Park are referred to as Life Plan Communities, which were previously known as Continuing Care Retirement Communities. Life Plan communities typically include both independent living and on-site access to higher levels of care, such as assisted living and/or skilled nursing.)
With those competitive market factors in mind, Vi is currently completing a $92 million redevelopment that includes the construction of four new independent living buildings totaling 64 flats.
Two of the buildings are now open, and the other two will open this summer. According to Vi officials, entrance fees range from more than $2 million to around $4 million.
This new refurbishment follows a $41 million transformation that included extensive upgrades to the property’s skilled care facility. The project, which will be completed this year, will comprise a 5,700-square-foot center with occupational therapy equipment, private treatment rooms, and a therapeutic courtyard. Vi is also developing 84 one-bedroom assisted living units and 15 memory support flats.
Smith believes that keeping the property fresh is one of the keys to success. That’s because Bentley Village’s primary source of consumers is recommendations and word of mouth, and its main competitor is the house seniors don’t want to abandon.
“We expect that maybe 10% of those who can move into one of our communities would be interested,” according to him.
“And we think that penetration rate is going to increase over time as people become more familiar and comfortable with what senior living means now, compared to what it meant back in the 60s and 70s.”
This article originally appeared on Business Observer.
