Villaggio at San Luis Obispo, an upscale Life Plan Community currently under planning and development in California’s world-renowned Central Coast, is predicted to add more than $17 million to the local economy from its multi-year development and entitlement period which started in 2015, up to its groundbreaking planned for 2019. As the first Life Plan Community to the San Luis Obispo area, Villaggio is drawing interest from the local area as well as other parts of the country, like the Midwest and East Coast.
According to Mark DeLotto, Villaggio’s executive director of finance and administration, Villaggio will have an annual economic impact on the local economy worth millions of dollars in employee salaries, property and sales taxes, and revenues to the local service businesses that will provide landscaping, housekeeping, food and healthcare supplies to its residents. This economic benefit is in addition to the actual construction of the proposed retirement community which will use local subcontractors. The community will include a variety of independent living units from apartments to villas, assisted living units, a healthcare center with skilled nursing and memory care facilities as well as a central Village Plaza with a wellness and fitness center, movie theater, library and multiple restaurants.
“Villaggio will be utilizing local resources and businesses to create an amenity-rich experience for its residents,” said Ray Walters, executive director of residency, communications and enrichment for Villaggio. “San Luis Obispo is the ideal setting to develop this dynamic and innovative concept that is Villaggio, and we are seeing many retirement-aged individuals deciding to make the move to a Life Plan Community where independence is enhanced with active lifestyle programs that offer choice and flexibility.”
With a project of this magnitude, Villaggio will provide the city of San Luis Obispo with a significant economic benefit from its planning and development phase through full build-out and occupancy. Examples of the economic benefit to the community include: the total impact of the construction of Villaggio being $377 million, Villaggio will employ more than 300 full-time and part-time employees, the impact of employee salaries with taxes and benefits being nearly $10.5 million per year, and food and supplies for residents is estimated at approximately $7.78 million in its base year.
“We are on pace with the projected development schedule,” said Walters. “If we remain steady, we expect to put shovels in the ground by 2019.”
Named “The Happiest City in America” by Gallup-Healthways, San Luis Obispo’s Mediterranean climate, diverse cultural scene and world-class wine region makes it an ideal destination for the coastal county’s first Life Plan Community.
The Mediterranean Village-designed community is the vision of architect Robert Richmond, Villaggio’s founder and its executive director of design and development. Villaggio at San Luis Obispo will offer 366 premier residential living opportunities with majestic hillside views including villas, garden terraces, apartments and village suites.
Focusing on an enriching lifestyle and wellness throughout the community, Villaggio will feature a centralized Village Plaza offering an open-air design with a Main Street, multiple restaurants, café, courtyard gathering places, and a full spectrum of amenities. In addition, there is a planned health center which will offer a continuum of care that includes assisted living, memory support and skilled nursing. Residents will enjoy chef-prepared, farm-to-table healthy California cuisine served in multiple dining venues. The community will also offer life-enrichment programming that includes education, recreational, entertainment and spiritual activities and events.
Villaggio is already producing jobs, tax revenue, and increased local spending, long before construction will begin. The Life Plan Community will become a permanent source of employment and stable spending as well as be a true asset for the community as it will be built to the highest standards of energy efficiency, sustainability and aesthetics.
Villaggio at San Luis Obispo is currently underway with its final design and entitlement process. Construction is expected to start in 2019. The Villaggio Information Center is located at 1503 Froom Ranch Way in San Luis Obispo. For further information, visit www.villaggioslo.com.