Opportunistic development firm LRT Company has acquired 12.38 acres of land in the Providence, R.I., suburb of Coventry, where it plans to develop Tiffany Laurel Reserve, a 204-unit senior housing campus. The firm completed its acquisition of the property to develop the $65 million senior housing campus project after receiving final site approval and all associated entitlements, which took more than three years to complete.
LRT Company expects to break ground on the development, located off the New London Turnpike, during summer 2025. The senior housing campus will include 127 independent living units as well as 77 assisted living and memory care units. Approximately 25% of the independent living units will be reserved for low-income seniors. The senior housing campus is expected to total 157,000 square feet of space and will include 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 Lawrence LaBonte, founder and chief executive officer of LRT Company. “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. … We look forward to breaking ground in the not-too-distant future.”
Coventry, R.I., is located in Kent County, with a population of nearly 36,000 and a median household income of $99,177, according to the U.S. Census Bureau. At approximately 60 square miles, it is the largest town in Rhode Island by land size.
LRT Company is a ground-up development company specializing in the entitlement and development of multifamily and senior housing projects. The company currently has more than $156 million of development projects underway, with additional projects in its pipeline in South Carolina and Florida. The company was founded in 2019 by LaBonte, who has more than 35 years of commercial real estate experience. He has been involved in more than $600 million of real estate development and other transactions.
Prior to forming LRT Company, LaBonte spent time with The Flatley Company, Manhattan Development Group and American Invsco.
