Senior Living Development serves in a variety of capacities in senior living development, with a focused interest in Independent Living in select major metropolitan markets. Please see Senior Living Development Plan 2018 for detailed information.
Senior living is a broad term and encompasses Continued Care Retirement Communities (CCRC), Retirement Communities, Independent Living (IL), Senior Housing, Assisted Living (AL) and Memory Care facilities. Retirement communities for senior living will offer a combination of IL and AL that includes a MC facility or unit. Our team has deep experience in development of all types of senior living. We specialize in working with builders and organizations from non-profit to for-profit that are not experienced in senior living but recognize the opportunity with the growing baby boomer population to enter this business. We offer a variety of services from feasibility studies to establishing project specific teams including a builder, architect, marketing firm, manager, debt financing and equity placement.
Senior Living Developer’s CEO, Timothy B Cassidy, was among the approximately 200 people that attended the first AL conference in 1993. During the 1990’s, his Companies consulted and provide co-developer services for approximately 15 clients and partners in a four year period as Assisted Living boomed as a nursing home alternative. Clearly, after a decade plus of much slower paced development, with the aging population and a focus on Assisted Living private pay residents including many for Alzheimer’s residents or Memory Care, we are entering into a second boom in Assisted Living and Memory Care development. There is clearly funding available for builders and developers that appropriately structure acquisitions or development of Assisted Living and Memory Care facilities. The Senior Living Developer team can provide that needed guidance.
CCRCs require state licensing for a community that includes Independent Living, Assisted Living and Skilled Nursing. These communities require entry fees and offer residents the security of knowing that if they need Assisted Living or skilled care that it is available with guaranteed access. Typically, CCRCs are owned and operated by non-profit organizations, yet they are also typically developed by for-profit entities.Retirements communities differ from CCRC’s in that they typically do not offer skilled nursing but do offer Independent Living and Assisted Living. It is very common for these communities to be developed in phases with Assisted Living and/or Memory Care first. For developers that take a “piece of dirt” to a fully approved project, it can result in a profit of substance and/or equity stake on the sale of the approved AL site as equity after the return of site acquisition and approval costs and still retain the Phase II Independent Living site free and clear.
Our senior living development services are comprehensive, including but not limited to:
Forecasting and Budgets
RFQ/RFPs to assemble the best senior living team
As needed senior living consulting services in operations, marketing, risk management and other directives for existing facilities and new developments
We understand the need to be flexible in helping experienced senior living clients and those new to the business in guiding them through the process to take advantage of what we feel is the emerging boom in senior living development and available capital for senior living projects.
Typically most of our engagements begin with a Market/Feasibility Study or, in many cases multiple studies. While there is a growing need for Assisted Living and Memory Care facilities that is more frequent than the need for Independent Living or CCRCs, these opportunities do not exist in many markets. There are opportunities in middle to high income demographics for Memory Care in the majority of larger markets. One approach is to conduct three to five Feasibility Studies in an extended market area as almost assuredly we will identify at least one or two senior living development opportunities.
Once we conduct a feasibility study we can proceed to development and funding stages. Ask us for a free consultation.