Senior Communities in Maine

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Senior Communities in Maine

  1. 1. Senior Communities in Maine Evolution, Impact and Opportunity
  2. 2. Sea Coast Management Company  Develop, own & operate senior communities in Maine including:  OceanView at Falmouth (CCRC)  The Highlands of Topsham since (CCRC)  Highland Green (Active Adult)  Communities currently include over 400 cottage homes, 200 independent living and 100 assisted living apartments. Another 400 homes are approved for development.  Almost 1,000 residents and 300 employees
  3. 3. Overview of Presentation 1. Evolution. Evolution of the marketplace over the last 30 years 2. Impact. Community and Economic Impact of Senior Communities 3. Opportunity. Preparing for / attracting Senior Communities
  4. 4. Who is the customer?  WW II Generation  Conservative, College Educated WASPs  Responsible Financial Planners & Crises Driven  Solid Financial Background – savings, home equity & pensions  Many from outside of Maine  Respectful  Baby Boomers  Increasingly diverse in every way  Culturally / Socially  Politically  Financially  Driven by lifestyle  Financial Reality  An increasing number from Maine  Demanding
  5. 5. What are they looking for?  The World War II Generation  A safe, secure home in an attractive, quiet community  Relatively simple homes with modest finishes  Access to the continuum of care -- healthcare
  6. 6. 1980’s Triplex Cottage at OceanView
  7. 7. 1990’s Duplex Cottage at OceanView
  8. 8. 1990’s Single Cottage at OceanView
  9. 9. A 1990’s Neighborhood at OceanView
  10. 10. What are they looking for?  The Baby-Boomers  Lifestyle  Active & Healthy  Neighbors and involvement  Amenities  The basics – complete maintenance free living  And more – cafes, pubs, pools, exercise facilities, conservations areas, trails, golf, etc.  The Continuum of Care  They might not be as explicit about their need for the continuum but they also strongly value it.
  11. 11. Recent Additions at OceanView
  12. 12. Lifestyle Amenities at Highland Green
  13. 13. What are they looking for?  The Baby-Boomers & Home Design  Larger homes with finished basements & second floors  Ability to customize  High end finishes / bells & whistles  Tall ceilings / lots of windows  Energy efficiency
  14. 14. New Cottage at OceanView
  15. 15. New Cottage at Highland Green
  16. 16. Interior Design
  17. 17. What are they looking for?  The Baby-Boomers & Community Design  Single family homes and/or the sense of a single family home  Strong sense of community but privacy in their home  Neighborhoods and walkability  Community-Center and common areas  Exercise Facility  Conservation land / trails / sustainability – green space  Involvement in community design
  18. 18. Community Design at OceanView
  19. 19. Community Design at Highland Green
  20. 20. Green / Sustainability at Highland Green
  21. 21. What are they ALL looking for?  Assisted Living and the Continuum of Care  Want to stay as independent as possible for as long as possible. A senior community with support services allows them to do this.  Want to avoid any additional moves  Want to make sure their spouse is cared for  Want to avoid a nursing home  Hospitality v. Institutional
  22. 22. What are their options?  Senior’s Current Home  The number 1 desire of everyone is to remain in their home for as long as possible.  This is the number 1 competitor for all senior communities  Like home health care, there is a growing trend toward providing soft, support services in the home.
  23. 23. What are their options?  Independent Living – Cottages  This has been and will continue to be the fastest growing market segment for senior housing.  Key to successful development is balancing the customer’s desire for size and amenities with a marketable price.
  24. 24. What are their options?  Independent Living – Multi-Unit Buildings  An lower-priced / higher density alternative to cottages in both rural and in town locations.  The key will be balancing density with a sense of single-family living and privacy.  These are not the duplexes and triplexes of a decade ago.
  25. 25. What are their options?  Independent Living – Lodge or Congregate Living Apartments  Some possibility of this product becoming obsolete with the shift toward cottages.  Evolving into a new form of light assisted living  Older, smaller apartments becoming a more affordable component of senior living communities.
  26. 26. What are their options?  Niche Products – Historic Homes
  27. 27. What are their options?  Affordable Senior Housing – New Construction
  28. 28. What are their options?  Affordable Senior Housing -- Historic Rehabilitation
  29. 29. What are their options?  Standard Assisted Living  Yesterday’s nursing home  Non-medical support services delivered in a non-medical environment  An essential component for a full service senior housing community.
  30. 30. What are their options?  Memory Supported Assisted Living  Increasingly important product as the percentage of seniors with some form of memory loss / dementia grows  Important to provide different products for the physically challenged v. the memory challenged  Increasingly specialized field
  31. 31. Available Senior Communities in Maine?  Project Sponsors  Individual developers  Hospital sponsored projects  National companies  Financial Models  Life Care  Rental Projects  Cooperative Ownership  Entrance Fee  Fee Simple (non-retirement community)
  32. 32. OceanView – Economic Development Impact  Senior communities are green and growing with high taxes, low services and no impact on schools.  OceanView and its residents are the number #1 taxpayer in Falmouth with an assessed value of over $32,000,000 and tax revenue of almost $400,000 in 2008. Estimated to surpass $1M by 2020.  The residents of OceanView invest tens of millions of dollars into the local community and its businesses.  OceanView generates dozens of local permanent and temporary jobs both directly and with vendors.
  33. 33. 33 Topsham – Economic Development Impact Original TIF Agreement Actual Tax Revenue Projected Taxes Tax Revenue 1996 - 2005 2009 2009 $68,742 $1,256,124 $1,444,970 Original TIF Agreement Actual Assessed Value Projected Value Assessed Value 1996 - 2005 2009 2009 $5,092,000 $63,900,000 $112,126,853
  34. 34. OceanView – Community Development Impact  An informal community center by opening regular events, services and facilities to the public.  Many of the residents of OceanView come from Falmouth and/or their adult children live in Falmouth.  OceanView has several intergenerational programs with the Falmouth school system  OceanView and its residents help support a wide variety of Falmouth groups, organizations and initiatives  TIF funds can be used to support a wide variety of eligible community projects
  35. 35. OceanView – A Sustainable Community  It is located in the center of town on public sewer & water.  Connecting roads and a low volume of traffic.  Walkable community with sidewalks and trails.  Private community transportation programs and access to public transportation.  The lodge buildings are 2 ½ story inn-style shingled buildings located in the center of the community and the cottage homes are modest in size and clustered in attractive neighborhoods.  It includes historic preservation, land conservation and energy conservation.
  36. 36. 36 Attracting Senior Communities – Economic Incentives  TIF = “Tax Increment Financing”.  Communities use this tool to encourage a particularly valuable type of development – senior communities are:  Green  Growing  Anti-sprawl  High taxes  Low services  No school impact
  37. 37. 37 Attracting Senior Communities – Economic Incentives  Developers use a TIF to:  Obtain better financing for a project  Overcome a major obstacle to development  Pay for major, long term infrastructure  Reduce the risk of a major expansion  Provide the confidence necessary to embark on a major, multi-year project  Provide additional revenue source to weather economic downturns
  38. 38. 38 Attracting Senior Communities – Planning Incentives 1. Existing Ordinances v. Political Process 2. Large Planned Development v. Standard Subdivision 3. Certainty (reduce risk) 4. Density (improve financials)
  39. 39. 39 Attracting Senior Communities – Planning Incentives Ordinances  Retirement Community Overlay District (Falmouth)  Adopted ordinances specifically designed to support / allow a retirement community  Flexible Use of Current Ordinances (Topsham)  Elderly Housing Ordinance (Topsham)  Good density / no net residential calculation  Density bonus for affordability  Contract Zoning
  40. 40. 40 Attracting Senior Communities – Planning Incentives Affordable Senior Housing  Low Income Tax Credit via Maine State Housing QAP  Highly competitive process  Selection by Point on Application  Support of city or town crucial  Approvals  Revitalization Zone  Affordable TIF  Public grant
  41. 41. Conclusion Senior Living Communities are: 1. Green and growing 2. Strong economic / community impact 3. Municipal support and preparation key to attracting new projects and helping existing projects expand

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