{"id":5647,"date":"2020-03-09T15:27:47","date_gmt":"2020-03-09T15:27:47","guid":{"rendered":"http:\/\/ardatz.cl\/eng\/?p=5647"},"modified":"2020-03-09T15:27:50","modified_gmt":"2020-03-09T15:27:50","slug":"new-models-for-senior-living-challenge-past-assumptions","status":"publish","type":"post","link":"https:\/\/ardatz.cl\/eng\/news\/new-models-for-senior-living-challenge-past-assumptions\/","title":{"rendered":"New Models for Senior Living Challenge Past Assumptions"},"content":{"rendered":"\n<p>The idea of seniors thriving alongside more youthful generations has always sounded appealing\u2014communal dining and shared maintenance responsibilities are a couple of examples of how it could work outside of a family setting. But this kind of living experience has rarely worked at scale.<\/p>\n\n\n\n<p>\u201cIntergenerational is talked about a lot but seldom done,\u201d Patricia Will, founder of the Belmont Village group, told an audience at the ULI Housing Opportunity Conference in Miami.&nbsp;<\/p>\n\n\n\n<p>With the population of older residents fast outpacing the supply of units designed for them, several ULI speakers spoke about misperceptions, changing financial considerations, and design trends.<\/p>\n\n\n\n<p>Margaret Wylde, president of the ProMatura market research group, told conference attendees that they can control expenses even during an era of amenity wars.<\/p>\n\n\n\n<p>\u201cMany properties are overbuilt with amenities,\u201d she said. Research, she added, shows that residents often prefer nearby aquatic centers and theaters to a higher price tag for the community.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img fetchpriority=\"high\" decoding=\"async\" width=\"800\" height=\"467\" src=\"http:\/\/ardatz.cl\/eng\/wp-content\/uploads\/2020\/03\/New-models-for-senior-living-1.png\" alt=\"\" class=\"wp-image-5649\" srcset=\"https:\/\/ardatz.cl\/eng\/wp-content\/uploads\/2020\/03\/New-models-for-senior-living-1.png 800w, https:\/\/ardatz.cl\/eng\/wp-content\/uploads\/2020\/03\/New-models-for-senior-living-1-300x175.png 300w, https:\/\/ardatz.cl\/eng\/wp-content\/uploads\/2020\/03\/New-models-for-senior-living-1-768x448.png 768w, https:\/\/ardatz.cl\/eng\/wp-content\/uploads\/2020\/03\/New-models-for-senior-living-1-560x327.png 560w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><figcaption> <br><em>Responding to future climate change scenarios, the ground plane at the Clippership Wharf development in East Boston is elevated, accounting for future sea level rise. The redevelopment of a historic wharf in East Boston, Clippership Wharf provides public access to the shoreline for the first time in more than 25 years.(Lendlease)<\/em> <\/figcaption><\/figure>\n\n\n\n<p>Emerging trends include the following:<\/p>\n\n\n\n<ul><li>Financially, new projects depend less on substantial downpayments and more on lease terms with exit options.<\/li><li>Technologically, voice-activated recognition is integral not just for entertainment but also for reminders and health options.<\/li><li>Architecturally, residents in their 70s and 80s want windows and outdoor living space. Dining requires a \u201ccozy\u201d feeling instead of large, open spaces.<\/li><\/ul>\n\n\n\n<p>Perhaps the biggest change has been the underlying way of doing business. Instead of the suburban projects springing from faith-based groups and health providers, developers are partnering with universities and equity groups on a new slate of urban communities.<\/p>\n\n\n\n<p>In Chicago, Will\u2019s Belmont Village group partnered with Hines Interests and others on a signature project in the affluent Lincoln Park area north of downtown. Rather than segregating it from its surroundings, it connects with shopping and dining next door at Lincoln Commons, a massive mixed-use development.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/1z3n5s3qfv2c10lzse22cidj-wpengine.netdna-ssl.com\/wp-content\/uploads\/sites\/5\/2020\/02\/BelmontVillage_007_619.gif\" alt=\"\" class=\"wp-image-35984\"\/><\/figure>\n\n\n\n<p>Above and below: Belmont designed dining facilities to resemble a coffee shop or caf\u00e9 rather than an institutional cafeteria.<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img decoding=\"async\" src=\"https:\/\/1z3n5s3qfv2c10lzse22cidj-wpengine.netdna-ssl.com\/wp-content\/uploads\/sites\/5\/2020\/02\/LP_JosephinesKitchen619.gif\" alt=\"\" class=\"wp-image-35985\"\/><\/figure><\/div>\n\n\n\n<p>Longtime multifamily developer ZOM Living has entered the space in a big way. It recently broke ground on the 46-acre (18.6 ha) Wellington Bay senior community next to an upscale mall in Palm Beach County, Florida. The three-phase project will deliver more than 450 units ranging from independent care to assisted living and memory care. It is anchored with a 65,000-square-foot (6,000 sq m) clubhouse and a full menu of amenities.<\/p>\n\n\n\n<p>Greg West, chief executive officer of ZOM, outlined key differences between developing traditional apartments and senior products.<\/p>\n\n\n\n<p>Tenant leases, he said, can take five times longer to finalize because residents and their families need a greater comfort level. The absorption rate of units can be just six to eight units a month, or about half the lease-up of traditional apartments.<\/p>\n\n\n\n<p>\u201cThey all know that when you move here, we\u2019ll be able to take care of you know matter what happens down the road,\u201d West said.<\/p>\n\n\n\n<p>Higher operating costs are needed for ample staffing, but the payoff is annual yields of up to 8.5 percent. But maintaining that same operations group, West added, is essential.&nbsp;<\/p>\n\n\n\n<p>Source: ULI &#8211;  <br><a href=\"https:\/\/urbanland.uli.org\/economy-markets-trends\/new-models-for-senior-living-challenge-past-assumptions\/?utm_source=realmagnet&amp;utm_medium=email&amp;utm_campaign=HQ%20Urban%20Land%203%2F2%2F2020\">https:\/\/urbanland.uli.org\/economy-markets-trends\/new-models-for-senior-living-challenge-past-assumptions\/?utm_source=realmagnet&amp;utm_medium=email&amp;utm_campaign=HQ%20Urban%20Land%203%2F2%2F2020<\/a> <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The idea of seniors thriving alongside more youthful generations has always sounded appealing\u2014communal dining and shared maintenance responsibilities are a couple of examples of how it could work outside of a family setting. But this kind of living experience has rarely worked at scale. \u201cIntergenerational is talked about a lot but seldom done,\u201d Patricia Will, &hellip;<\/p>\n","protected":false},"author":1,"featured_media":5648,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/ardatz.cl\/eng\/wp-json\/wp\/v2\/posts\/5647"}],"collection":[{"href":"https:\/\/ardatz.cl\/eng\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ardatz.cl\/eng\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ardatz.cl\/eng\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ardatz.cl\/eng\/wp-json\/wp\/v2\/comments?post=5647"}],"version-history":[{"count":1,"href":"https:\/\/ardatz.cl\/eng\/wp-json\/wp\/v2\/posts\/5647\/revisions"}],"predecessor-version":[{"id":5650,"href":"https:\/\/ardatz.cl\/eng\/wp-json\/wp\/v2\/posts\/5647\/revisions\/5650"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ardatz.cl\/eng\/wp-json\/wp\/v2\/media\/5648"}],"wp:attachment":[{"href":"https:\/\/ardatz.cl\/eng\/wp-json\/wp\/v2\/media?parent=5647"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ardatz.cl\/eng\/wp-json\/wp\/v2\/categories?post=5647"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ardatz.cl\/eng\/wp-json\/wp\/v2\/tags?post=5647"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}