Laserfiche WebLink
TWIN LAI�ES, Roseville, Minnesota <br />Market Assessment & Demand Analysis Senior Condo Market Assessment <br />SENIOR HOUSING SUPPLY <br />GVA Marquette Advisors analyzed senior housing development trends throughout the region, as <br />well as the existing and projected supply of senior housing in the subject market area. This <br />information is summarized below. <br />• The Twin Cities senior housing market is responding to growth in the young-senior <br />household base by providing more senior ownership and co-op housing opportunities. <br />At present, the regional supply of senior housing consists of nearly 24,000 units. Of <br />that total, about 5,000 units are in age restricted condo and co-op buildings. This <br />represents about 20% of the total senior units in the region. Market acceptance of <br />these relatively new product types and an increase in construction activity are <br />expected to result in a dramatic increase in the supply of senior ownership housing. <br />Based on our review of growth trends and senior housing construction activity, we <br />estimate that between 25% and 30% of the Twin Cities senior housing supply will be <br />in the form of condos and co-ops by 2010. <br />. Table 10 on the following page summarizes the current supply of senior housing in <br />the Twin Lakes Competitive Market Area. The table also shows projects planned and <br />proposed for this area. <br />. The market area has a total of 1,245 senior housing units. By product type, the <br />current inventory can be summarized as follows: <br />■ Independent-Ownership and Co-op Units: 434 Units <br />■ Independent Rental Units: 338 Units <br />• These are age-restricted (generally age 55+ or 62+) rental <br />communities, which do not offer personal care services. Some <br />offer limited social activities for residents or scheduled <br />transportation service to medical and shopping venues. <br />Congregate Housing: 473 Units <br />• These are age restricted rental housing communities that offer <br />support services such as transportation, meals and housekeeping. <br />These services are sometimes available on an "a-la-carte" (1•e• pay <br />per use) basis. Some projects include a bundle of services in the <br />monthly rental rate. <br />. The Twin Lakes Competitive Market Area does not currently have any <br />assisted living or memory care housing, which provide an array of <br />personal care services and meals. <br />GVA Marquette Advisors Page 26 <br />