pf_02491 - Laserfiche WebLink

Home

r- r"\ \J "( . f-.of ......,.:.,..-1 . ....~-.l 'J". '::.. f:>X \ ." ':- C. 'U\ . ,.,.... to, rr\ " :J-)\ ,"'..... \ '-,-. ...... , ,0 ",\.....-" A senior project in the study area will likely attrao{.i'6ughly three fourths of its resi- dents from the study are~ with the remaining rest dents coming from other com- munities in the region or being parents of area residents moving from outside the region. Thus, a project of 100 units would need tp attract 75 income qualified senior households from the study area. The data in Table 9 shows that there are 2,442 age/income qualified senior house- holds in Roseville and 6,494 age/income. qualified senior households in the study area overall. Thus, a project needing to attract 75 units, from the study area would need to achieve a penetration rate of just 1.2 percent This is a very low penetration rate. Even if qualified senior households in Roseville alone were considered, the required penetration rate would be just 3.1 percent The existing supply of market rate senior housing, including the two condominium projects, totals 760 units or 11.7 percent of the age/income qualified senior household base in the study area. Experience in other markets has indicated that a minimum of 15 percent of the age/income qualified senior base will be a market for market rate senior housing. Thus, there is room for an additional draw of at least '214 study area households, which would warrent development of 286 units, based on the 25 percent of prospective residents that will move from outside the study area. Finally, we reviewed recent lease-up rates of new senior projects (i.e., the new Presby- terian Homes projects in Little Canada) and also calculated pent-up demand for senior units due to lack of current availability. Based on all these considerations, we estimate that total current (three year) 4emand for market rate senior housing ranges from 330 to 390 units, including potential from seniors moving from outside the area. Subtracting the 233 units in the three pro- posed senior projects (assuming that they are all constructed) leaves demand of be- tween 97 and 157 units through 1995. Recommended Development Concept Based on the existing supply of senior housing in the study are~ we recommend that an initial project of between 80 and 100 units geared to middle and upper middle income seniors age 70 and over be constructed at the subject site. The project should be positioned a step below the service-intensive, expensive projects (e.g., Rosepointe and Chandler Place), providing high quality rental housing with a variety of optional support services. The building should appeal to seniors in their 70's who desire the ability to purchase additional support services as they age, but not necessarily when they first move to the project. As such, the development should project an atmo- sphere of independence with little emphasis on health care and other services. Apart- ments and common areas should be designed to allow for aging in place, yet not ~ppear to be for "old people" so as not to deter younger (under the age of 75) sen- , IOfS. A second project should be considered for development in two to three years depend- ing on the progress of the other pending developments and the success' of the initial Lf1-