Misc St. Joe & Watercrest to Build Senior Living Facility

[Kurt]

The St. Joe Company (NYSE: JOE) (“St. Joe”) and Watercrest Senior Living Group, LLC (“Watercrest”) today announced their intent to pursue formation of a joint venture to construct and own a new assisted living and memory care community in Santa Rosa Beach, FL. The community is currently expected to consist of 107 units, which includes 75 units dedicated to assisted living and 32 units for memory care.

The new senior living community will be located off West Hewett Road, near Highway 98 and the west end of Highway 30A, on St. Joe land. The parties expect that while St. Joe will be the majority owner in the project, Watercrest will manage community operations.

Watercrest communities are known for featuring premium accommodations and exceptional amenities and world-class care. Residents enjoy access to a wide array of resort-style amenities, which may include fine dining venues, pool, spa, wellness programming with aquatic therapy, and health education. Serving and enriching the lives of residents within Watercrest communities is a core belief and the foundation on which Watercrest has based its successful operation throughout the Southeastern US. This will be the first Watercrest facility in Northwest Florida.

“We are honored to partner with The St. Joe Company to bring a luxury Watercrest senior living community to the Florida Panhandle,” said Marc Vorkapich, Principal and Chief Executive Officer of Watercrest. Mr. Vorkapich added, “We are excited to bring our company’s luxury aesthetic, world-class care and innovative programming to the region.”

“We are excited to announce this senior living project with a best in class partner like Watercrest,” said Jorge Gonzalez, President and Chief Executive Officer of The St. Joe Company. Mr. Gonzalez added, “Watercrest has a unique approach and platinum standards, which we believe truly set its communities apart. We look forward to forming a great partnership and serving the growing demand of senior care in Northwest Florida.”

Construction of the new Watercrest community is expected to begin in 2019, and the parties anticipate welcoming new residents by the end of 2020.

 

[Kurt]

https://seniorhousingnews.com/2019/...jv-with-st-joe-continues-southeast-expansion/

While it has just seven properties up and running today, Watercrest Senior Living Group has its sights set on a loftier goal: to become a sizable regional player in the Southeast.

The senior living company headquartered in Vero Beach, Florida plans to open between four and six new properties a year in states that include Florida, Georgia and South Carolina. Currently, Watercrest has six new projects under construction and seven more in development — a quickening pace, especially for a company that owned and operated just three communities less than two years ago. The portfolio could ultimately hit 35 or 40 properties, according to Watercrest CEO and Principal Marc Vorkapich.

“We’re really moving now,” Vorkapich told Senior Housing News. “The Southeast of the U.S. is really the focus for us.”

The growth is coming, in part, through a recently announced joint venture with real estate developer and manager the St. Joe Company (NYSE: JOE). The two organizations have pledged to jointly build and own a 107-unit assisted living and memory care community in Santa Rosa Beach, Florida. While the details are still being hammered out, the community would likely arrive with multiple dining venues, a pool, spa, wellness programming with aquatic therapy and health education.

The announcement marks Watercrest’s first entry into northwest Florida, and represents a growing interest in the senior housing industry from St. Joe. Last year, St. Joe teamed up with Margaritaville Holdings and Minto Communities USA to pursue the development of a third Latitude Margaritaville active adult community in Bay County, Florida.

While St. Joe didn’t elaborate on its overall plans when reached by SHN, the announcement with Watercrest provides more evidence that the company is taking a closer look at investing in more traditional senior living properties. St. Joe owns land primarily concentrated in Northwest Florida and has large residential and commercial land-use entitlements in hand or in process. The company also owns various commercial, resort, and club properties. As of 2017, St. Joe owned 177,000 acres land in Florida with significant entitlements, according to its annual report that year.

The arrangement between Watercrest and St. Joe — both of which are based in Florida — was a long time coming. Specifically, it was Mark Chilcott, Watercrest’s vice president of development, whose relationships proved crucial, Vorkapich said.

“[St. Joe owns] quite a bit and they have such a tremendous vision for what that area can be,” he explained. “So, we started talking and getting to know each other. Breaking bread and sharing visions and ideas of what Watercrest is about, what they’re about, and from those conversations over a great period of time we got on the same page.”

Construction of the new Watercrest and St. Joe community is expected to begin later this year, with doors expected to open to new residents by the end of 2020.

 

[Kurt]

https://ir.joe.com/news-releases/news-release-details/watercrest-santa-rosa-beach-gains-recognition-st-joe-company

Watercrest Santa Rosa Beach has been recognized by U.S. News & World Report as a “Best Assisted Living Community” and “Best Memory Care Community” in the 2023-2024 Best Senior Living Communities Report. The assisted living community is a joint venture between The St. Joe Company (NYSE: JOE) (“St. Joe”) and Watercrest Senior Living Group, LLC (“Watercrest”) and is located at 205 West Hewett Road in Santa Rosa Beach, Florida.

Watercrest Santa Rosa Beach, which opened in 2021, offers 75 assisted living and 32 memory care apartments with resort-style service. Residents enjoy pampering in the elegant Spa W, savor private label Watercrest wines at the bistro, and relish the flavors of locally grown, seasonal ingredients and organic fare whether dining outdoors, bistro-style, or in the chef's private dining room.


This is the second consecutive year Watercrest Santa Rosa Beach has been recognized by U.S. News & World Report, earning "Best" status by achieving the highest possible rating for both Assisted Living and Memory Care.


"It is a distinct honor to achieve the U.S. News & World Report designation of a 'Best Assisted Living' and a 'Best Memory Care' community for two straight years," says Marc Vorkapich, principal and Chief Executive Officer for Watercrest. "This truly reflects the spectacular work of our Watercrest Santa Rosa Beach team and their dedicated leader, Kim Haddon, in creating an award-winning environment for our seniors."


Later this year, with its joint venture partners, St. Joe intends to open Watersound Fountains, a luxury independent living community, near the entrance to St. Joe’s Watersound Origins community. Watersound Fountains will feature 148 independent living apartments and a suite of on-site amenities.


“These two communities are complementary to each other given that they cater to residents at different stages of life,” said Dan Velazquez, Senior Vice President of Commercial Real Estate for St. Joe. “We are very proud of this national recognition for Watercrest Santa Rosa Beach, and we look forward to the opening of Watersound Fountains. Each fills a specific need in the market for seniors looking to call Northwest Florida home.”


Click here for more information on Watercrest Santa Rosa Beach.


Click here for more information on Watersound Fountains.