Hra Jumps Back Into New Senior Living Development After 2022 Pause

Harbor Retirement Associates (HRA) is firing up its development engine with plans for a new luxury community in St. John’s, Florida, and other future projects now in the works.

The company is developing the 172-unit, $37.8 million community, known as HarborChase of Beachwalk and located on a 13-acre property. Features at the site include a large lagoon and adjoining beach club and amenities such as a bistro, bar, fitness center, golf simulator, pickleball court, pool and a putting green.

The senior living property is being built near a broader master-planned community with single-family homes and condominiums nearby. It’s slated for a 2027 opening, assuming all goes according to plan.

Work on the project started in 2022, but HRA pressed pause on it and other projects as factors like high construction costs and financing woes slowed down senior living development.

Now, conditions are favorable enough to start work on the community once again, according to HRA Chief Development Officer Charlie Jennings. Part of why HRA felt confident enough to move ahead with the community is that the nearby markets of Jacksonville and St. Augustine have “exploded in growth” in recent years, and he sees conditions improving for the kinds of projects HRA undertakes.

“We believe that this is the first hint of what’s to come for senior living development,” Jennings said. “Valuations have increased, cap rates are coming down and value-add below replacement cost opportunities seem to be drying up.”

Jennings said HRA is once again focusing on new growth via development, with three sites ready for future communities in Illinois, Massachusetts and Wisconsin.

HRA emphasizes hospitality, wellness and life enrichment across its luxury brand of senior living properties. HRA now operates 19 communities in eight states.

The St. John’s project was originally entitled to another senior living developer before HRA took over in 2022, with HRA adapting the plans to reflect the company’s hospitality and amenity programs.

This project represents the company’s first new development efforts in three years, as the company had previously taken on remodeling and renovation projects, while acquiring new properties, as development remained difficult.

Typical HRA developments include the full continuum of care, and Jennings said this is a trend that will continue as the operator aims to support older adults through all phases of their lives.

The planned Illinois property, located in Schaumburg, Illinois, is located on the former campus of the Motorola corporate headquarters while the Wisconsin project will be west of Milwaukee in an “area we have developed in before,” Jennings said. The east coast project, north of Boston, will be an “infill site” that was originally planned as life sciences in a “midrise” project design, Jennings said.

“We’ve got several in the hopper right now and they all seem to have traction which is good,” Jennings said. “It’s slow, but that’s okay.”

Taking this methodical approach to new development is prudent for HRA and all providers, Jennings said. As competition for baby boomer demand heats up, Jennings said market research, demographics and target audience matter greatly.

He described HRA as “an operating company that develops,” rather than a developer who operates, Jennings said.

HRA typically manages the buildings it develops, staying on board to support operations and improve performance before executing a sale and being retained as manager, Jennings said.

“We think that gives us an advantage over a traditional developer who is looking for a shorter return horizon and we will want to be there with our name on the door in 10 years,” Jennings added.

With occupancy remaining strong, Jennings said nearly a quarter of HRA properties were reporting “margins in the 40s,” given strong demand for senior living. This comes as HRA is adding lifestyle options.

In 2026, Jennings said HRA would continue to expand its hospitality program to meet the demands already serving the boomers” within its communities, demanding hospitality and of current residents, while also aiming to help residents “feel connected” through social connectivity and events.

For example, HRA is preparing to launch a partnership with the private performing arts conservatory Juilliard School to host events and artistic experiences.

A new reality for senior living providers undertaking development is the need for improved design focusing on sustainability in design can help reach older adults active in volunteering that are also socially conscious.

“We really believe these residents will want more purpose and a stronger sense of connection, whether through charitable, philanthropic, civic, or organized activities,” Jennings said. “The question is whether we can design communities with spaces that facilitate that level of engagement and foster much more community involvement.”

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