Pre-sales for Botanica Property Group's over 50s lifestyle resort at Caravonica will begin in the next few months, after Cairns Regional Council approved the 196-home development.
The first stage of the resort will be centred around Botanica House which features a dining room, games area, library, cinema, bar and lounge, swimming pool, gym and tennis court.
Subsequent stages will include a clubhouse with a wellness centre and heated indoor swimming pool, as well as a bowling green and workshop.
The first homes are expected to be completed early next year.
Cairns will be a home to a new style of retirement living with the planned construction of a $90 million lifestyle resort for over-50s, the latest development by the team behind Redlynch Valley Estate.
The Botanica Lifestyle Resort will promote active lifestyles and a sense of belonging and security for residents in the growing baby boomer and empty nester market.
To be built on the northern end of the Botanica site at Caravonica, the lifestyle resort will feature indoor and outdoor swimming pools, walking trails, a gym, and a men’s shed, along with country club style lounges, a wellness centre, spa, community gardens, theatre and library.
The southern end of the Botanica site will be utilised for future development of apartments and townhouses, as per existing council approvals.
Botanica's Robert Wallace told TropicNow the timing was right for a purpose-built lifestyle estate for the over-50s set.
"The demographics are compelling as baby boomers are starting to retire and they are healthier and more active than ever before," he said.
"Seniors want to enjoy life to the fullest, often with a bucket list of things to do which may include new skills, hobbies, travel and staying fit and healthy. We want to offer them a great new opportunity to be happy and well in a supportive community.
"We’re working with a fantastic team of architects, landscape gardeners and lifestyle experts to deliver the ideal mix of homes and community facilities over-50s are increasingly searching for."
In a change from traditional models of retirement living, which have attracted significant criticism in recent years, Botanica Lifestyle Resort will offer the region's first "land lease" option to residents.
The land lease model allows residents to own their homes and pay a fee that covers the lease of their home site and the maintenance and management of the community and its facilities.
"Unlike traditional deferred management fee retirement villages, there will be no deferred management/exit fees, no stamp duty or council rates, no refurbishment costs and residents are entitled to keep 100% of the capital gain on the sale of their home," Mr Wallace said.
Mr Wallace said construction of the project was expected to begin in late-2019 pending relevant council approvals.