Stonegate Development Company of Florida, LLC. was founded in 2015 by principals David P. Babinski and J. Bennett Grocock for the purpose of acquiring key site locations on which to develop assisted living and memory care communities and assembling the professional team and securing all necessary equity and debt financing.
Both residents of central Florida, David and Bennett met while providing financial consulting to a developer and lender of residential rehabilitation projects. Both had been researching the emerging growth market for Assisted Living Facilities in retirement-rich Florida and determined that combining their resources of talent, professional relationships, and access to capital would enhance the success of their new development activities.
By conducting extensive due-diligence in the senior housing market in Florida and forming strong strategic relationships with development partner Nvision Development and operating partner Solvere Senior Living, plans were created to launch a multi-unit Assisted Living and Memory Care development program in Central Florida, with an emphasis on the massive “middle market” of underserved senior retirees.
Stonegate and its team are committed to building top-quality communities throughout the Central Florida market that provide the highest level of care to its residents.
Current Projects
Stonegate Development leverages its partnerships to take a unique approach to the Assisted Living Marketplace. Comprehensive market studies and excellent development partners allow for us to build and operate both "Market Rate" and "Middle-Market" properties. Therefore, a Stonegate property can excel anywhere there is demand, regardless of the income-potential of the area.
HearthStone at Wildwood
HearthStone at Wildwood
Currently Open
The Wildwood project is the second “Middle-Market” community developed by the Stonegate team. Situated on the doorstep of the world-famous “The Villages” 55+ retirement community, the Wildwood community has 130 Assisted Living and Memory Care units.
The Wildwood facility had its Grand Opening Ceremony on December 14, 2023.
Hearthstone at Wildwood
Virtual Tour
HearthStone Nona Lakes
HearthStone Nona Lakes
Currently Open
This Market-Rate ALF is located adjacent to Medical City, in the Lake Nona section of Orlando, Florida. Organic demand from the area and the rapidly expanding Lake Nona area have the Lake Nona project poised to be a successful market-rate community in the heart of affluent Lake Nona. The development includes 10 acres of prime land with a 94-unit, 78,000 square foot assisted living and memory care community.
The Nona Lakes facility had its Grand Opening Ceremony on April 11, 2024.
HearthStone at Nona Lakes
Virtual Tour
HearthStone at Leesburg
HearthStone at Leesburg
Currently Under Construction
The Leesburg project is a 'Middle-Market' product located and designed specifically to appeal to the over 100,000 age 55+ residents in the surrounding retirement communities of southern Lake County, Florida (just northwest of Orlando). Our detailed market studies have indicated a massive, pent-up demand from middle-class retirees who need more affordable “middle-market” rates in a new facility with the top quality residential care offered by the more expensive facilities.
The Leesburg facility is planning to host its Grand Opening Ceremony in May of 2024.
HearthStone at Leesburg
Virtual Tour
The HearthStone Brand
Stonegate Development Projects operates under the HearthStone Assisted Living and Memory Care banner. The Stonegate team worked closely with our operator, AgeWell Solvere Living, to develop a brand that accurately reflects each company's core values. When walking into a HearthStone community, residents and visitors alike will immediately be welcomed with a sense of connection, community, and friendship.
Click below to view the HearthStone website to learn more:
In The News
NIC SHARK Series: Promising Outlook for Senior Housing with a Call to Action
NIC SHARK Series: First Segment Report
NIC Analytics launched the first segment of the new NIC Senior Housing Analyst Review and OutlooK (SHARK) report series.
The NIC SHARK report series is intended to deliver actionable, data-informed insights, and forward-looking perspectives for senior housing capital providers, operators, and developers to prepare for the future and better serve America’s older adults.
Meet The Team
David P. Babinski
Founder; Principal
David P Babinski has 25+ years’ experience in investment advisory and capital raising. He has raised in excess of $250,000,000 for real estate and alternative investment programs with HNW Individuals and Family Offices. Mr. Babinski has extensive experience with real estate syndications, Private Placements, co-investment structures, as well as advanced tax planning strategies.
J. Bennett Grocock
Founder; Principal
Manager of Stonegate Development Company of Florida, LLC, Co-Sponsor in Lake Nona Senior Housing LLC, Leesburg Senior Housing, LLC, and Wildwood Senior Housing LLC. He serves as managing partner of The Business Law Group (an AV rated firm by Martindale-Hubbell Law Directory), an international finance, securities law, and corporate law firm based in Orlando, Florida. He was formerly a senior corporate attorney with Holland & Knight, a major international law firm until forming the Business Law Group in 1991. He has been involved in numerous real estate syndications and financing transactions over the years. Mr. Grocock received his BA in Economics from Brown University in 1980 and his JD from the University of Florida College of Law in 1984. He has two grown daughters and lives in Orlando, Florida.
JBGrocock@StonegateALF.com
Nvision Development
Development Consultant
Nvision is an Orlando based, full service Real Estate Development Company looking to ensure that our clients, projects and partners are set up to succeed. Nvision was founded in 2006 and has been involved in almost $1 Billion dollars in projects since inception. Currently, Nvision is developing assisted living, multifamily apartments, student housing, independent living, hotels and mixed-use developments throughout Florida and Tennessee.
AgeWell Solvere Living
Operator
Once upon a time there were two Florida-based senior living operators AgeWell Living, founded in 2006, based in North Palm Beach, and Solvere Living, founded in 2012, based in St. Petersburg. Each company had their own family of team members and were passionate about serving residents. Collectively, they had decades of experience within the aging services industry, and they were all acquaintances with common goals. One day while talking about their dreams for the future, they created a vision which they felt would allow them to provide a higher level of service to their residents and team members. So, on January 1, 2023 they joined together to be one unified company: AgeWell Solvere Living!