Senior Living Development News, April 24, 2014 - Buckner planning its eighth CCRC in Texas, Cadbury expanding its Delaware presence, Calamar/Mount Kellett planning 500 “independent light” units annually
April 24, 2014:
Your biweekly update on people, places, projects, plus...
Buckner International announced its newest senior housing development, a high-rise CCRC in Dallas to be called Ventana by Buckner. The $118 million project will be built on nearly three acres of land in the North Park neighborhood of Dallas and feature twin 12-story towers with a total of 314 apartments: 182 independent living, 36 assisted living, 24 memory care, 48 skilled nursing, and 24 short-term rehabilitation. The project will also have three dining areas, a wellness center, pool, chapel, theater, business center, day spa, roof terraces, gardens, and indoor parking. D2 Architecture, also in Dallas, designed the community, which is expected to take four years to complete.
Buckner International is one of the oldest faith-based social services organizations dedicated to “meeting the needs of vulnerable children and senior adults.” Buckner started in Dallas in 1879 as an orphanage with three resident children and initial funding of just $27. Buckner Retirement Services began in 1954 with the opening of the organization’s first retirement community, the Mary E. Trew Home, in Dallas. A nursing center was added in 1966, and the community was renamed Buckner Retirement Village. Since then, Buckner has opened communities in Austin, Longview, Houston, Beaumont, San Angelo, and Burnet, Texas. Ventana by Buckner will be the company’s eighth senior living community.
“Development” is more than bricks and mortar. For example, Cadbury Senior Services has expanded its presence in Delaware by offering seniors in that state the signature “continuing care retirement community without walls” offering that Cadbury developed back in 1998. Operating for 17 years out of Cadbury at Cherry Hill, the provider’s flagship CCRC, Cadbury at Home brings home-care services to New Jersey seniors who prefer to age in place in their own home rather than move into a senior living community. Cadbury also has a CCRC in Delaware, Cadbury at Lewes.
A pair of events held last October to introduce the service to Delaware seniors attracted more than 400 attendees—12 of whom signed up in the three months before the end of the calendar year; an additional 16 prospects are expected to join by June 2014. To put those numbers into perspective, Cadbury’s initial program in New Jersey had 25 participants at the end of its first year and added 40 new members in each of the next two years. After the general uneasiness created by 9/11 in 2001 and the economic downturn that began in 2008, actuaries revised their expectations for new at-home service launches to a much more conservative 12 members in year one of operation, 18 in year two, and 24 in year three and thereafter. The response from seniors in tiny Delaware will likely encourage the actuaries to take another look.
Cadbury at Home now serves seniors residing throughout New Jersey and Delaware. While those people, as a benefit of membership, may participate in many on-site amenities and programs available to residents of the Cadbury communities in Cherry Hill and Lewes and in affiliated communities located elsewhere within the two states, “95% of utilization of Cadbury at Home has to do with home care,” according to Cecily Laidman, Executive Director of Cadbury At Home. “It is not facility-based.” Hence, participants residing in Princeton, Cape May, or Wilmington are just as enthusiastic about Cadbury at Home as those living in or near Cherry Hill or Lewes.
The “at home” approach to continuing care helps providers generate new revenue sources with minimal capital investment and, perhaps more importantly, reach the 85% of seniors who don’t want to leave their home yet do want/need comprehensive continuing care. Cadbury Consulting Services assists providers interested in creating an at-home program based on the Cadbury at Home business model..........Want to read more news? Click here for a free trial to The SeniorCare Investor and download the current issue today
Calamar Enterprises and Mount Kellett Capital Management LP have created a joint venture for the purpose of developing a series of senior housing complexes over the next several years. Calamar’s “independent light” model offers varying levels of services to residents, including meal, transportation, and entertainment options. The team plans to develop more than 500 units across the United States each year.
Calamar, a real estate developer operating out of Wheatfield, New York (near Buffalo), has been involved in developing senior housing for the past 25 years. The firm’s portfolio currently includes more than 1,000 senior housing units in New York State and Nebraska and will expand into Missouri when The Springs at Independence, a 110-unit “independent light” living community, opens later this year.
Mount Kellett Capital Management LP is one of the country’s largest hedge fund operators; the New York City-based firm currently manages approximately $7 billion worth of development projects and other initiatives in the United States and abroad. Calamar brought four of its existing “independent light” senior housing complexes, with an aggregate value of $50 million, into the joint venture and will bring in three projects currently under development, as well.........Want to read more news? Click here for a free trial to The SeniorCare Investor and download the current issue today
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