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LOC <br />CONSULTING <br />Active Ad ult <br />Market Analysis for Downtown Redevelopment <br />City of Centerville Economic Development Authority <br />April 3, 2023 <br />■ Three active adult rental projects were profiled, <br />including Chauncey Barret Gardens in Centerville. <br />These properties have a total of 220 units. <br />■ These active adult properties offer few services <br />like meals and housekeeping but do have <br />community spaces for residents. <br />■ There was only one unit vacant at the time of the <br />survey, for a vacancy rate of 0.4%. <br />■ Rents at these properties range from $979 to <br />$2,100 per month. <br />Independent Living <br />■ Independent living senior housing resembles <br />active adult senior housing —the properties offer <br />full apartments with full kitchens —but also offer <br />meals, housekeeping, and services. <br />■ Two properties were profiled, Keystone Place at <br />LaValle Fields in Hugo and Harbor Crossing in <br />White Bear Lake, with a total of 71 units. <br />■ Both of the projects surveyed offer a continuum of <br />care with assisted living and memory care units <br />available on the same campus. <br />■ Both properties make meals available to <br />residents, but they are not required to purchase <br />meal plans. Light housekeeping is included with <br />the monthly fee. <br />■ At the time of the survey, there were two vacant <br />units, for a vacancy rate of 2.8%. <br />■ Because they offer more services and continuums <br />of care, pricing for independent living is higher <br />than for active adult. Monthly fees range from <br />$2,445 to $4,795. <br />Assisted Living and Memory Care <br />Four assisted living and memory care facilities <br />were profiled in the PMA. Three of the <br />properties —Keystone Place at LaValle Fields, <br />Harbor Crossing, and NorBella—offer assisted <br />living and memory care levels of service. Atlas <br />Memory Care offers only memory care services. <br />■ Two of the properties opened recently. NorBella <br />opened in October 2022 and Atlas Memory Care <br />opened in March 2023. <br />■ The vacancy rate for assisted living is 7.8% and <br />the vacancy rate for memory care is 3.2%. <br />Because NorBella and Atlas Memory Care are still <br />in their lease -up period, the vacancy rate excludes <br />these properties. <br />■ Monthly fees for assisted living range from $3,660 <br />to $6,895. Memory care monthly fees range from <br />$3,500 to $9,295. <br />■ The monthly fees typically include a base package <br />with meals and housekeeping. Some properties <br />offer base packages with higher levels of care. <br />Others offer more basic base services with higher <br />services of care available. <br />Pending Multifamily Housing <br />Developments in the Downtown <br />Centerville PMA <br />LOCI Consulting contacted city and county staff to <br />identify planned and pending for -sale multifamily <br />developments in the PMA. <br />Centerville <br />■ City staff said that they have had conversations <br />with developers about a multifamily development <br />at Block D in Downtown Centerville —the block <br />west of Centerville Road between Sorel Street and <br />Heritage Street. Discussions have been <br />preliminary at this time. <br />Forest Lake <br />A 40-unit memory care assisted living facility is <br />under construction in the Headwaters <br />Development. The facility is scheduled to open in <br />2023 and will be operated by Suite Living. <br />Because this project is under construction, it is <br />included in the demand calculations in this <br />analysis. <br />Gaughan Companies, developer of the Lighthouse <br />Lofts mixed -use project in Forest Lake, is <br />proposing another 100-unit mixed -use <br />development that would be located at the <br />southeastern corner of Broadway and Highway <br />61. The project would be similar to its earlier <br />Page 59 <br />