Stonegate Development Company
Developers of Assisted Living and Memory Care Communities
About Us
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.
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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 along with above-market returns to its investors.
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 Lake Nona
Currently Under Construction
This Market-Rate ALF is located adjacent to Medical City, in the Lake Nona section of Orlando, Florida. Organic demand from the area combined with the rapidly-expanding Lake Nona area have Stonegate at Lake Nona poised to be a successful, full 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. Construction began in the fourth quarter of 2021.
The "Middle Market"
One of the most underserved segments of the senior living space, the "middle-market" provides quality care and accommodations for those unwilling or unable to pay for the more expensive "market-rate" facilities. Without sacrificing quality of care, the number one concern of Stonegate facilities, "middle-market" properties take a function-based approach, utilizing a multi-purpose room rather than separate, individual spaces for activities. The maximization of comfortable resident living space allows for significantly lower rates and the dramatically underserved segment of the senior living space a place to receive care.
Hearthstone at Leesburg
Currently Under Construction
Stonegate at Leesburg 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. Located on 4.5 prime acres of land just south of Downtown Leesburg, Stonegate at Leesburg will offer 130 Units of assisted living and memory care at rates up to $1,000 LESS per month than the competition. Hearthstone at Leesburg is currently under construction.