Municipalities and private developers in many locations are considering creation of community-based senior living facilities, comprised of independent living, assisted living, memory care, and/or skilled nursing care. With more than 10,000 baby boomers turning 65 every day, the demographics are smiling on the senior housing market segment.
Although the overwhelming majority of boomers will continue to live in their own (or someone else’s) home or apartment, 5%-8% of them will ultimately opt for seniors-only multi-family housing, according to David Schless, President of the American Seniors Housing Association. Americans born between 1946 and 1964 number 76 million, so that small minority adds up to as many as six million boomers needing generation-specific housing.
Trends continue to demonstrate the move by seniors from their current residences into facilities, reducing the stress of homeownership while also engaging themselves in a like-minded social environment supported by health professionals as needed. A new facility provides a community-based environment for local and relocating residents alike. This vision provides a location for those residents wanting to stay local while allowing a place for those moving into the area to be closer to family.
Senior housing encompasses a wide variety of product types. The properties that include the lowest level of services are adult properties, which offer virtually no support services or health care, but restrict tenancy to those age 55 and over. Adult properties can be rental or owner-occupied (attached or detached townhomes, condominiums, and cooperatives).
Congregate properties, better known as independent living, offer support services such as meals and housekeeping. These services are either included in the rent or offered à la carte so that residents can choose whether or not to pay for them. Independent living projects attract an older and frailer senior population than adult properties (generally seniors age 75 and over).
The most service-intensive housing types are assisted living, memory care, and enhanced care-suites as they offer the highest level of services short of a nursing home. Some of the typical services they provide are meals, housekeeping, linen changes, personal laundry, 24-hour emergencyresponse, and a wide range of personal-care and therapeutic services. The meals and services are built into the monthly fee, charged through a tiered service package, or offered à la carte.
The design of the facility will typically be focused on integrating the architectural features with those of the surrounding residential community. Through the use of similar materials, textures, and colors, a seamless integration of the facility into the context of the local area can be implemented, providing a product that the community embraces as their own and demonstrates to others in the region what the municipality represents as part of their development strategy.
Shingobee Real Estate Company and Shingobee Builders can work with you to develop senior living options for your community. To schedule an initial consultation, contact us at 763-479-1300, or you can message us at sbi01@shingobee.com. Our services extend to property owners in Minneapolis, St. Paul, and St. Cloud, Minnesota.