A $140 million senior-living community is underway in Southlake. The project, called Watermere at Southlake, will be multifaceted, including condominiums, assisted-living units, luxury homes and smaller single-family villas. The 67-acre project is south of Southlake Boulevard and Watermere Drive, in the western part of the town. Construction has already begun on 75 condominium units; work will begin on a three-story, 30,000-sf clubhouse by the end of the month, and Watermere's 91-unit assisted-living center will open in June, said Craig Spaulding of South Bay Partners Ltd. Also in June, development is slated to begin on 54 lots for upper-end homes. When the first four-story condo building approaches sell-out, construction will begin on a second, nearly identical 75-unit building. Two more condominiums will be built atop the three-story clubhouse, bringing the total condo count to 152. The units range in size from 1,000 to 2,000 sf and are priced at $250,000 to $450,000. Twelve of the first 75 condos have pre-sold. Developers are hoping to reach another home-buying target with 21 villas, ranging in price from $475,000 to $675,000, said Chuck Hammonds of South Bay Partners. Five of the homes have been sold.
Date: 2008-04-28 08:15:31