Omega Communities, a Birmingham, Ala.-based organization that develops senior living communities on land leased in partnership with faith-based organizations, is bringing its unique business model to Florida's Gulf coast.
is partnering with the Church of Hope
in Sarasota and the South Biscayne Church
in North Port to develop two assisted living and memory care campuses in Sarasota County.
Omega works with qualified investors in the financing, development and operation of senior care facilities, which are built on land leased by local faith-based organizations. In return, the churches receive a percentage -- between 10 and 25 percent -- of the profit generated by the senior living communities.
"These senior living communities are designed from the inside out. What that means is they are built with a core mission -- a partnership with a large, community impacting church -- and that foundation becomes the center of not only the design of the facility, but more importantly, the core programmatic level of care that will be provided in that community,'' says Omega Communities COO James Taylor, Jr.
Taylor says that the project cost on each Sarasota County facility is just over $30 million, and that once both facilities are completed, the economic impact on Sarasota County is estimated to be in excess of $30 million per year.
The Springs at South Biscayne Church broke ground in January 2014, and the project is expected to reach completion in early spring 2015. The 11,000-square-foot facility will feature 38 memory care units and 95 assisted living units.
The Fountains of Hope broke ground in Sarasota earlier this month (July), with an estimated completion date in fall 2015. Between 150 to 200 jobs will be created during the construction phase, and upon completion, the 9,000-square-foot facility will require 100 fulltime employees.
"We have built a model that utilizes the very best of both the nonprofit and for-profit models for senior care communities. At the core, we've developed a partnership with the church that will provide ministry, volunteers and marketing … to provide a vital resource for the local community,'' says Taylor.
Writer: Jessi Smith
Source: James Taylor, Jr., Omega Communities