An affiliate of SageStone Development Partners acquired a former plant nursery in Plantation and will redevelop it into an assisted living facility.

Plantation 441 Ltd, managed by Kenneth H. Simigran in Fort Lauderdale, sold the 5.8-acre site at 1019 S. State Road 7 for $3.5 million to Palms Plantation Property LLC, an affiliate of Atlanta-based SageStone. Synovus Bank awarded a $21.47 million construction loan to the buyer.

The property last traded for $1.5 million in 2005. It’s located just north of Peters Road.

The push to develop the property has been underway since 2018.

According to its website, SageStone will develop the three-story Palms of Plantation with 84 assisted living units and 27 memory care units, along with a host of amenities.

South Florida has a rapidly growing senior population, so there is strong demand for assisted living facilities.

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