Agenda - Planning Commission - 12/06/2018

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TRANSACTION OVERVIEW The Sponsor, a single asset entity controlled by Dignicare Properties, & suite Living (the "Sponsor"), is looking for 1.5 -2 acre sites to build there 32 bed senior facility. The property must have goad visibility with high traffic and be located in the 7 county Twin city metro area, The property need the zoning or the city willingness to rezone, city sewer and water. The Sponsor is seekleg to start construction in the fall of 2015, PROJECT OVERVIEW The Sponsor intends to develop a state -oaf -the -art, far -rent Enhanced Assisted Living and Memory Care facility which wllr be designed to accommodate a wide range of needs for seniors to "age in place" while receiving high -touch and personalized service. The building will be single -story, wood frame construction with high quality finishes that resembles a single-family residential design. The fadlity will focus an providing a more intimate setting where residents are encouraged to interact with one another In a homelike environment while enjoying serene outdoor views. The Project will also feature amenities and services for the convenience of the residents including dining facilities, adult clay care, sitting rooms, beauty shop, outdoor laving areas, visiting physicians, and home cooked meals. The Project will consist of 32 units / beds in a residential neighborhood setting. The building is designed to cater to residents in need of either Enhanced Assisted Living care or more specialized Memory Care. The facility will contain 19 Enhanced Assisted Living 1 bed / 1 bath units with kitchenettes and 14 Memory Care studio units. Suite living strives to create a product that, when residents see it, they Immediately realize that this is what they were looking for. Most Iarge senior housing providers are busy cutting expenses and running the day-to- day operations in a way that shows that they have gradually lost touch with the real needs, desires, and choices of their residents. Suite Living' focuses on the resident by building a care model specifically focused on offering the highest levels of care to residents and building systems that will promote dignity: safety and Security: Best -in -the industry caregiver ratios as well as their small, Intimate home designs offer greater safety and security for residents; Compassionate Care: Each Individual caregiver supports a maximum of $ residents at a time. A low -stressed caregiver offers better, more focused and more compassionate care; MARKET SUMMARY According to the U.S. Census Bureau, the number of seniors Is projected to increase from 39 million to 53 million by 2020 and substantially Increase toa2 million by 2050due to tha baby boomers and increasing life expectancy. For Assisted Living care, demand Is generated not only from the local population of those 65 and older, but also from the younger families in the sub -market who move their aging relatives to a facility in closer proximity (i.e. Adult Child Demand). Given the steadily growing demographic trends, strong employment sector, and the high occupancy of comparable facilities, the subject Property's location appears to be a prince market for a new Assisted l.ivingFacllity, The Subject 5-mile PMA has a population exceeding 155,000 and 59,92E households with a median household value of over $221,800.. There is currently little competitive supply in the PMA to serve the demand. With the Project delivering just SS units of assisted living and 11 units of Memory Care, the Sponsors da not anticipate any problems leasing at the projected rental rates and achieving stabilized occupancy within the first 7 months of operations.