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Luxury Living For Seniors In Coral Gables
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Even the seniors in Miami have a choice of utter luxury when it comes to a place to retire to. The luxury piece of real estate, The Palace at Coral Gables was inspired by the Four Seasons Georg V Hotel in Paris. It is a luxury senior living rental community that is ever so opulent.
Stars flicker over a swimming pool. It has chandeliers, marble floors and a winding staircase. The refrigerators in the luxury Miami residential apartments are even luxurious as they are layered with wooden cabinetry. This was hand-picked by co-owner Helen Shaham. She wanted it to look like furniture. They have gone to great lengths to make this retirement community the absolute best. The gold ochre marble on the second floor took two years to cut and place after being imported from Spain.
The luxury Miami real estate retirement community was a $100 million project on Andalusia Avenue. As senior citizens now make up over 20 percent of the city's population there has been a growing need to address their needs. The luxury Miami real estate facility is a public/private venture.
A few years ago, the City Commission pointed out that their seniors were leaving the community when they sold their houses and there wasn't a luxury Miami real estate place for them to stay in the city. The location is a great place for the Miami real estate senior citizen facility. It will help to revitalize Miracle Mile and downtown area. There are over 200 seniors living in Miami real estate downtown who will shop in our shops.
Coral Gables owns the piece of land that the real estate sits on and gets a base rent that starts at $120,000 in The Palace’s first year and will climb each year until it reaches $250,000 at year 15. It will then remain at that rate through the 31st year, when rent will go to $255,000 and increase by 2 percent every year after that. The facility has a 99-year lease with the city of Coral Gables.
Helen and husband Jacob Shaham have been at the assisted living and nursing care game since 1980. The Palace at Coral Gables is just their latest project. They have independent living, assisted living and nursing and rehabilitate care residences in Kendall, Homestead, Weston and Tel Aviv, Israel.
The Gables site employs nearly 80 people. They staff the gym, clinic, kitchen and bars, concierge desk and valet, as well as a full-time activities director, personal trainer, nurses and four chefs. Once The Palace Coral Gables is full it will house about 240 residents. There are sixty people that currently live there now and 70 percent of the units have been sold. Most of the residents are independent, although those with health and medical needs can stay in the third-floor one-bedroom and studios that offer catered luxury living arrangements. Monthly rent for the luxury Miami real estate starts at $4,620 for a 476-square-foot studio and reaches $7,650 for a 1,110-square-foot two-bedroom, two-bath apartment.
In there package, residents get a continental breakfast and dinner, utilities, weekly housekeeping, transportation to doctor’s offices and shopping, and more than 150 activities, like Zumba, Tai-Chi, afternoon teas, sculpture and creative writing classes, meditative drum circles, bingo and happy hours. They even have theatrical performances and concerts.
Each unit has a terrace with city views. The living areas are intentionally small to inspire people getting out of their rooms.Living at The Palace is expensive and Medicare does not cover assisted living. Residents of the luxury Miami real estate facility are those who have saved up a nest egg.
Andres Leiser is a local contributor for Constec Realty's Miami luxury real estate website. Andres Leiser has been involved in Miami real estate for over a decade. For more information please visit http://www.constecrealty.com
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