A long-planned senior living community is one step closer to becoming a reality after the $7.5 million sale of a development site on Atlantic Avenue in Oceanside was finalized, ending a process that began nearly nine years ago.
Sunrise Senior Living has acquired the 2.84-acre property at 374 Atlantic Ave., where it plans to build a three-story assisted living and memory care community with 84 residential units. The 77,400-square-foot facility is expected to help address the growing demand for senior housing on Long Island as the region’s population continues to age.
Construction is expected to begin following final pre-development work.
The sale closes the book on a project that has been years in the making. Representatives for the buyer and seller signed a purchase contract in 2017, anticipating a routine approval process. Instead, the development moved through years of municipal reviews, public hearings and entitlement proceedings before receiving the approvals needed to move forward. The timeline was further extended by the pandemic and related legal proceedings.
Lee & Associates NYC represented Sunrise Senior Living in the acquisition, while Strategic Realty Advisors represented the sellers, Grossman Nurseries and Breslin Development.
Kelly Koukou, executive managing director and principal at Lee & Associates NYC, said the lengthy process required years of coordination and persistence.
“This transaction is a reminder that commercial real estate brokerage often requires much more than simply bringing a buyer and seller together,” Koukou said in a statement.
“Over the course of nearly nine years, we worked alongside our client through a complex entitlement process, changing market conditions and unforeseen challenges, while never losing sight of the end goal,” Koukou said. “We’re proud to have helped Sunrise reach this important milestone, and we’re excited to see the project move from years of planning into development.”
When completed, the community will offer both assisted living and dedicated memory care services for older adults who need varying levels of support. Developers say the project is intended to help meet the increasing demand for modern senior housing in Nassau County, where opportunities to build new facilities have become more limited.
“The need for modern senior living communities continues to grow as Long Island’s population ages,” Koukou said. “Development opportunities of this scale are increasingly rare, particularly in established communities where entitled land is scarce. We’re excited to see this project move from planning into development and ultimately serve seniors and their families for years to come.”
With the land sale complete, the project is expected to transition from years of planning into construction, bringing a new assisted living and memory care option to Oceanside residents and families.
