Campo Felice Retirement Living
The property is a former hotel that will be transformed via a total remodel into a 323-unit senior living community in Fort Myers, Florida. The first phase of Campo Felice will be an independent living facility complete with a wide range of state-of-the-art amenities, including two pools, outdoor sundeck, accessibility features in all units, an on-site movie theater and restaurant, housekeeping service, chauffeured transportation, and an onsite wellness center and clinic.
The Developer will incorporate contemporary design and environmentally friendly technologies into all aspects of the buildout. An onsite parking garage will provide resident parking, as well as additional spaces to be leased to the City of Fort Myers. Campo Felice is located in the Riverside district of Downtown Fort Myers, a historic district situated along the banks of the Caloosahatchee River. This location places the Project in a State of Florida Enterprise Zone and City of Fort Myers Development Zone, allowing it to qualify for several important incentives and tax benefits. Ongoing revitalization around the Riverfront district will add to the Project’s appeal for residents, including the development of new public space, retail and shopping, restaurants, and entertainment amenities according to the City of Fort Myers Downtown Redevelopment Project.
Fort Myers is home to a growing population of adults over the age of 75, as well as the demographic group comprising their adult children. The population of seniors over the age of 75, the primary consumers of senior living community services, is projected to grow at an average annual rate above 3% over the next five years in the Fort Myers area, outpacing population growth as a whole.
Due to this high concentration of senior adults, comparable independent and assisted living facilities in the area post extraordinarily high occupancy rates of 97.5%. No property maintains an occupancy rate below 92%, indicating strong demand for industry services. Despite clear demand, there are no new independent living facilities currently in the development pipeline, pointing to favorable conditions for Campo Felice. Demand for senior residential communities in the Fort Myers area remains so acute that the Developer expects to attain stabilized occupancy of 95% within just 22 months of launch.