Cornell E-Newsletter #2
Hospitality upgrades making headway in senior living design
Senior Housing News
First impressions matter when people are shopping for a senior living community, and the adult child of a prospective resident is an important part of the equation. That's why communities need to appeal to multiple generations, says Adrienne Faulkner, president and CEO of Faulkner Design Group. As the senior living consumer changes, those elements matter to stakeholders beyond just prospective residents. Now, in particular, boomer children are touring communities with their elderly parents. “We’re really marketing to the [adult] children,” says Faulkner. “People are demanding amenities. I’ve always said, if the senior housing market can catch up with the multifamily and hospitality market, it’d be a win-win, because it’s really missing the hospitality and amenity elements being offered in [multifamily] communities.”
As Texas sees growth in SNF inventory, Ohio's metro market declines
Long-Term Living Magazine
While the nursing care inventory nationally has been nominally declining for several years, some markets are still experiencing growth. As of the second quarter of 2013, five of the 31 largest metropolitan markets had their respective inventory increase by 1 percent or more. Most metropolitan markets continue to experience slight declines in their nursing care inventory, with three of 31 largest metropolitan markets experiencing noticeably larger contractions.
$44 million senior living center developed in South Carolina
The developer of a 52-acre mixed-use senior living campus in York, S.C., said the project is finishing a second marketing study and he plans to wrap up arrangements for financing later this year. Chris Sinz, president of CDS Development Company, said he hopes construction can begin on the $44 million Olde York Square in February or March.
Senior housing brokers gear up for accelerated M&A
Senior Housing News
Senior housing merger and acquisition activity is starting to pick up heading into the fourth and final quarter of the year, and while the size of deals being done are smaller than in 2011, some brokers say transaction volume may outpace that of the previous two years. Lenders are trying to place their capital, he says, while private and regional owners are competitively searching for growth opportunities.
Architecture firm breaking into senior living with $160 million pipeline
Dallas Business Journal
The new 12-architect firm, called PRDG, has 18 projects in the works totaling about $160 million in construction costs, one of them beingthe $55 million T. Boone Pickens Hospice and Palliative Care Center. The firm's specialty is designing senior living campuses, medical facilities, hospices and hospitality sites, the principals told me. Both have worked on engagements in the United States, Central America and China.