OMEGA COMMUNITIES CURRENT PROJECTSOmega is currently developing two similar projects within Sarasota County, Florida. Each project is an approximately 138-bed rental community, consisting of assisted living and memory care apartments. Cushman & Wakefield Market Studies have qualified the market for these initial projects, and appraisals and Phase I studies have been satisfactorily completed for both projects. Omega is also developing a unique opportunity in Puerto Rico for approximately 350 units of assisted living, memory care, and skilled nursing in Phase 1. Artwower Advisory Services has prepared the Market Report for the Puerto Rico project, and a satisfactory Phase I has been completed as well. In addition to the projects below, Omega has qualified interest from additional churches representing potential projects exceeding $1 billion.
South Biscayne at North PortSouth Biscayne is a 138-bed community, located within a 32-acre campus in North Port (Sarasota County), Florida, fronting on US 41, Tamiami Trail. Entitlements are in place for a total campus potential of 390 senior living units plus medical offices and other healthcare related services. South Biscayne Church is led by Senior Pastor Dr. John Cross, former President of the Florida Baptist Convention, and who is a Board Member of the Associated Fellowship Churches led by Pastor Ed Young, Jr. of Dallas, Texas. South Biscayne Church has approximately 3,000 members and has attendance in excess of 1,000 weekly.
Omega will raise approximately $5 – $10 million in funds through its Regional Center in Florida, which was created to accept foreign investors under the USCIS EB-5 Immigrant Investor Program. The total project cost for North Port is expected to be $25.6 million. Omega has selected investment bank HJ Sims to issue bonds for construction and long-term financing purposes.
Sarasota East at Church of HopeThis senior living community is 126 units, and part of the 45-acre Church of Hope Campus in Sarasota, Florida, with extensive frontage on I-75, between the two major interchanges for the Sarasota metro area. The full entitlement for the Church of Hope comprises 200 beds. The project takes advantage of strong market demand, an above-average local income base, and a rapidly growing 2,300-member Church of Hope, led by Senior Pastor Scott Young. The church is the leading church in an association of 350 churches nationwide in development and growth providing numerous additional opportunities for Omega Communities. The Church of Hope opened its doors in 1996 with only 23 members and has grown to weekly attendance in excess of 2,000.
Omega will raise approximately $5 – $10 million in EB-5 funds through its Florida Regional Center. The total project cost for the Church of Hope is expected to be $26.2 million. Omega has selected investment bank HJ Sims to issue bonds for construction and long-term financing purposes.