LRT Company Expands into Rhode Island, Developing $65 Million Senior Living Campus Project
December 26, 2024
PROVIDENCE, RI — Development firm LRT Company has announced in a press release that it acquired nearly 12.5 acres of land in the Providence suburb of Coventry, where it plans to develop Tiffany Laurel Reserve, a 204-residence senior living campus. The firm completed its acquisition of the property to develop the $65 million senior living campus project after receiving final site approval and all associated entitlements.
LRT Company expects to break ground on Tiffany Laurel Reserve during summer 2025. The campus will include 127 independent living units as well as 77 assisted living and memory care units. Approximately 25 percent of the independent living units will be reserved for low-income seniors. The senior living campus is expected to total 157,000 square feet of space with 56 structured parking garage spaces.
“LRT Company is excited to expand into Rhode Island with our new senior housing project, which has been over three years in the making,” said founder/CEO Lawrence LaBonte. “We are thankful to the city and state for working with us to earn entitlements for the project, and glad to be a part of the solution of limited housing supply available to mid- to low-market seniors. This is a large campus project that will have the high-end LRT Company amenities and units we plan for. It is well-located off the New London Turnpike, which serves as a connection to major highways in the surrounding area. We look forward to breaking ground in the not too distant future.”
LRT Company, founded in 2019 by LaBonte, is a development company with extensive experience in the ground-up development of multifamily and senior living communities with a focus on the Southeast and Mid-Atlantic. The company currently has more than $156 million of development projects underway, with additional projects in its pipeline in South Carolina and Florida. The firm’s leading principals, LaBonte and Charles Anderson, have more than 35 years each of experience in nearly every type of real estate asset, including acquiring, entitling, and managing core value-add and ground-up properties as well as asset repositioning. The leadership team has been involved in more than $1 billion worth of real estate development transactions.