As senior population rises in Florida, lots more new housing is on the way for them

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Attracted by a growing housing demand caused by the burgeoning senior citizen population in South Florida, a Houston-based developer is staking out Fort Lauderdale and Coral Gables as locations for multiple elder communities in the region.

Belmont Village Senior Living owns and operates 29 communities in major U.S. cities, as well as in Mexico City. The company recently broke ground on a rental project for the elderly on Seminole Drive in Fort Lauderdale near the Galleria Mall. The projected opening: the first quarter of 2020.

Patricia Will, founder and CEO of Belmont, said her company intends to build between five and 10 luxury rental communities between Palm Beach and Coral Gables, which is where Belmont expects to build its second South Florida enclave with the assistance of Baptist Health South Florida.

Florida is a national leader in drawing senior citizens from other states as permanent residents. According to a recent survey by MagnifyMoney, a site owned by Lending Tree, baby boomers and older people who have surpassed retirement age are fueling a rapid growth in the upper age groups of warm weather states such as Florida and Arizona. And they are bringing lots of financial power with them.

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