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,- ('-~OOV r- R /.. r: i . I \ .\k = ..... I V.\.. " · . -t,..\O....~ -- , - .r ~ I' ':(......p ~ )~~( li.~.'). , Brooklyn Center. The use of endowments and entrance 'fees has caused resistance among potential tenants and is used less often today. In fact, St Therese Southwest (in Hopkins) dropped entry fees altogether after experiencing very poor leasing and the Boulevard has instituted an option without endowment that requires higher monthly rents. The most recent trends in senior housing are the appearance of two housing types at opposite ends of the service-provision spectrum. One is housing geared to. a very young, independent senior, some who may still be' employed full-time. These projects are more competitive with general occupancy apartments than senior developments geared to the frail elderly. An example of this type of senior housing in the study area is Golden Pond in New Brighton. The other type of housing which is appearing more frequently is assisted living proj- ects. Because these are not true independent-living developments, they ate not con- sidered in this study. Many services are built into the rent, such as two or three meals per day, housekeeping and assistance with bathing or dressing. Most do not have full kitchens in the units. While these projects have very high monthly fees, they are usually less expensive than nursing homes and provide a more residential atmo- sphere. Roseville Estate in Roseville is an example of this type of project. Some congregate senior projects have areas set aside for assisted living, such as North Ridge in New Hope or Walker Plaza in Anoka. Study Area Apartment Absorption Table 12 shows the number of units absorbed in both senior and general occupancy market rate projects built since 1985. This data gives an indication of the strength of the market for new market-rate rental units in the study area. The table shows that for both senior and general occupancy projects, absorption re- flects product availability; that is, the more units that became available in a given year the higher the level of absorption. Senior housing absorption peaked in 1989 (at 207 units) when Brightondale was still in initial lease-up and Autumn Woods and Golden Pond came on-line. From 1986 through 1991, 466 senior units were absorbed or an average of 78 per year. little additional absorption has occurred in 1992 since all projects in the study area are full. There is just one unit currently vacant in the newer senior projects, a vacancy rate of 02 percent All of the other senior projects built since 1985 are 100 percent occupied. Newer general occupancy projects have also experienced very strong absorption. One possible housing concept for the proposed project is a building oriented to younger, independent seniors. Some of. these seniors who consider a proposed Roseville senior project will cross-shop these newer buildings. From 1985 through 1991, an average of 143 units annually have been absorbed in the Study Area. As with senior projects, absorption levels have paralleled product availability. With only 14 units remaining to be leased, there is a shortage of new general occupancy units in the study area at this time. 31