As Senior Population Grows, More Luxury Living Needed

by Isaac Benmergui, Esq on September 12, 2013

MiamiWalking into The Palace at Coral Gables, you’d never think you were walking into a luxury senior living rental community. Chandeliers, a marble floor and a winding staircase are reminiscent of Paris’ Four Seasons Georg V Hotel.

Co-owner Helen Shaham picked much of the opulence of the $100 million undertaking, which took eight years to unfold, from her travels in Europe.

Senior citizens make up more than 20 percent of Coral Gables’ population and the City Commission recognized that seniors were selling their homes and moving away because there was no viable alternative for senior housing. With The Palace, more than 200 seniors are now living, and spending their money throughout downtown establishments.

The city’s coffers benefits, as it owns the land and collects a base rent that will rise each year until it reaches $250,000 in year 15.

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