Miami area has always been a popular retiring destination for the over-60 crowd, as it has unparalleled weather, tax benefits, and cultural activities for all ages all year long.
The tax benefits come back to be one of the first advantages Miami has to offer to retirees. Some income tax, including retirement and social security, are not taxable in the sunshine state. And unlike other states, Florida doesn't have inheritance taxes and there is no estate tax. This might be the number one reason why northeasters have been massively coming to Florida to settle on the senior age.
It is easy to understand what is Miami's appeal for the elderly population, and even easier to realize why they want to go to residential neighborhoods such as Coral Gables, Coconut Grove, and Miami Shores. Especially Coral Gables has shown to be the preferred area in Miami for the elderly community, which is the reason why developers are now starting to build senior living rental buildings in the area. That is the case for the Watermark at Merrick Park and the Belmont Village projects, both located in Coral Gables.
The convenient location of these projects has driven a lot of attention and demand, as Coral Gables offers a residential area, within close proximity to everything seniors might need. Both projects will be located steps away from shopping and dining venues and within walking distance from the MetroRail.
The Watermark at Merrick Park building which already closed on a 1.7-acre site at 300 Greco Avenue, will feature almost 200 apartments, from which 100 will be for independent living, 63 for assisted living, and 30 condos for memory care. This development that will be for residents over 55, has a starting date in 2 months and has an expected completion in 2022. This 8-story development will have units ranging from 1 up to 3 bedrooms and amenities such as a spa, library, business center, salon, rooftop pool with lounge, 3 dining options on-site, and more!
Other senior living buildings located in Coral Gables have shown great success and plenty of demand. Condos such as the Palace at Coral Gables located on Miracle Mile which has 243 independent and catered living residents. Some of the various activities this luxury senior's condo offers include a daily buffet breakfast and dinner, complimentary happy hour with live music, scheduled transportation to doctors and shopping, theater, library, physical therapy center, and more.