Description of Project:
In 2003, the U.S. Navy donated approximately 34 acres to the City of Key West. Since then, the Sponsor has been in discussion with the City regarding the contribution of a 4-acre parcel (as part of the Truman Waterfront Redevelopment effort) for the purposes of providing senior housing with multiple levels of care for long-term residents of Key West and surrounding communities. This housing will span across all socioeconomic levels, so that residents may be able to age in place. In addition to the 4-acre parcel, the adjacent 1.75 acre parcel owned by KEYS Energy Services is under consideration for renovation, to be used as a portion of the Project’s common spaces, respite care, and an area for community interaction as well as to provide some employee housing for caregivers.

Project Sponsor: Florida Keys Assisted Care Coalition, a Florida non-profit, 501(c) 3 corporation comprised of Key West citizens and community leaders.

Partner: Haskell- Haskell is a Florida-based firm with specialized experience in senior housing management, consulting, and design-build services. Haskell has partnered with various non-profit organizations to create award-winning senior living communities.

Project Phase One Feasibility Highlights*

• Independent market study indicates positive market for up to 160 senior housing units (Haskell recommends between 140-150)
• Facility will offer two levels of care for seniors, facilitating broad range of need for broad range of Key West citizens
• Strong residency preference for long-time Monroe County residents
• Proposed site at Truman Waterfront is ideal for senior housing (low impact on infrastructure-traffic, police, fire, schools, etc.), and capable of facilitating proposed number of units
• Project will serve wide range of seniors, including a substantial number in the “low to moderate income” category
• Employee housing is to be provided on-site in order to enhance labor pool
• Given current financial assumptions**, the project appears to be financially feasible, despite high construction cost assumptions- land contribution/use is critical element
• Project will likely be funded through issuance of tax-exempt revenue bonds, a very common structure for low-cost capital
• Majority, if not all, of the Project’s new construction will be built to Category 5 Hurricane Code

* Highlights are through Phase One activities completed.

** Financial assumptions are very preliminary are will be refined through additional due diligence efforts in Phases Two & Three.