Capri Communities’ newest community in Milwaukee’s historic Italian-American neighborhood cost $28.9 million — but the price tag on the land was just $1. St. Rita Square, a 118-unit building offering independent living, assisted living and memory care, opened in July 2020 and occupancy is currently at 70% and climbing, Founder and Principal Jim Tarantino told Senior Housing News.

The site included a long-vacant school and convent, and Capri was able to acquire the land for the project from the Archdiocese of Milwaukee for $1. In return, Capri built a new church adjacent to St. Rita’s Square, which it then sold to the archdiocese for $1. The financing mechanism took concerns about rising land costs off the table, and allowed Capri to reallocate capital to the construction of the community and the church.