Senior Housing is maturing

Coral Gables Commissioners approved the terms of the lease agreement (99 years) for the soon to be built The Paladin. (http://www.thepaladincoralgables.com/). This will be a luxury senior housing facility with some health care and other amenities.
The deal is worth more than 12 million to the city. During the first couple of years during construction the city will get $ 120,000 a year($10,000M), with payment increases year after year plus portions of gross revenues. In addition, the project will add to the city 337 public parking public spaces. Not bad! So far it looks like a win, win. The city makes money, adds much needed parking for citizens and the housing needs for seniors is filled. One point for the City Beautiful!