Canadian developer Minto Communities has joined forces with Margaritaville Holdings to develop active adult communities nationwide inspired by the music of Jimmy Buffett, with the first project located in Daytona Beach, FL, according to the Orlando Business Journal.
Work on the roughly $1 billion Latitude Margaritaville mixed-use scheme, which aims to deliver 6,900 homes, has already started and a sales office is planned to open this fall.
- The development’s amenities will include a resort pool area with beach access, a fitness center, indoor and outdoor dining facilities, and a stage for live entertainment.
The senior housing category is gearing up for growth in the coming years as the baby boomer generation ages and many look to downsize from their current homes to those in the active adult category, featuring smaller, single-level plans, low-maintenance features and walkability to amenities.
Underlining the strength of the market, the National Association of Home Builders' 55+ Housing Market Index posted an eight-point gain in the fourth quarter of 2016 from the prior quarter.
Minto isn’t alone. The housing market is adding active-adult developments, from Southern California to Pennsylvania and beyond. Homebuilder D.R. Horton, for example, rolled out its Freedom Homes brand, marketed toward the 55-plus segment, last summer.
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