Agenda - Council - 09/13/2016 - Laserfiche WebLink

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INDEPENDENT SENIOR HOUSING MARKET CONDITIONS • Market rate units are a relatively new phenomenon. Most of the market rate facilities have been built within the past ten years. The subsidized facilities were generally older and had less features and amenities. • The market rate facilities have comparable unit features and building amenities. The Farm- stead community, along with the other congregate facilities, offer more in the way of com- munity rooms and service options, however, this is a result of the higher service level they offer and in some cases a shared location with an assisted living facility. • All of the communities except for Grey Oaks offer some level of activities for their residents. This ranges from a manager arranging resident get-togethers to having a full time activities director on staff. Planned and Proposed Senior Housing Communities Through interviews with city planners, realtors, and developers Maxfield Research has identified two planned senior housing communities in the PMA that may, in the future, compete for a por- tion of the demand. • Grey Oaks senior condominiums, in Andover, have begun construction of a third building adding an additional 30 units to their facility. This will be the third of eight planned condo- miniums that will, when complete, total 350 senior condominium units. There is currently no time line for the additional five buildings. • Lake George Senior Apartments in Oak Grove is under construction and should be open for occupancy in mid -June to early -July. The Lake George community is a 52-unit independent senior community affordable at 80% of AMI. The building will consist of 14 one -bedroom units, 15 one -bedroom plus den units, 16 two -bedroom units, and 6 two bedroom plus den units. One -bedroom units will range in size from 750 to 800 square feet and have monthly rents of $600 to $850, one -bedroom plus den units will be 946 square feet and rent for $950, two -bedroom units will range in size from 1,002 to 1,328 and rent from $990 to $1,220, and the two -bedroom plus den units will be 1,355 square feet and rent for $1,250. Underground garage stalls will be available for $30 per month. • Crest View Senior Communities is developing a continuum of care campus for seniors that includes 103 entry fee rental apartments, 30 assisted living units and 18 memory care assisted living units. The campus would be located in the Ramsey Town Center. Summary — Competitive Senior Housing Communities The preceding review of the competitive market for senior housing in the Ramsey Market Area revealed the following market characteristics having the most direct impact on the potential for the subject site: MAXFIELD RESEARCH INC. 49