I learned early in my career how little I know. Though we have built more senior living than anyone I know and have been exposed to very successful senior living developers and operators, they all operate differently. Someone recently said to me, “An expert is someone who knows more and more about less and less until eventually, he knows everything about nothing.” But I don’t think that is the case in my situation. It’s just that there are a lot of ways to be successful if you know what your Hedgehog Concept is, as Jim Collins would say.
Mid-market became a newer thing a couple of years ago. They often say what is old is new, and this might be one of those situations. We, in conjunction with a number of clients, are working on several mid-market concepts. They hearken back to the eighties when this industry was starting, and people’s... Read More >
A lot of solid data has come out in recent months from NIC regarding the senior middle-income population that will not be able to afford private-pay senior housing and care options, nor will they qualify for Medicaid. It is concerning because that is such a large percentage of the country’s population. Per the NIC report, the number of middle-income seniors will nearly double to 14.4 million by 2029. It is predicted that over half of them will not have the financial resources for senior housing and healthcare as it is priced today.
There was a great session at the NIC conference in Chicago recently discussing this topic. It is a private sector issue to tackle in regards to developing more affordable housing communities. It is a public sector issue to tackle by developing tax incentives targeted to the middle market and possibly expanding Medicare coverage as well as subsidy programs to... Read More >
There is a large need in the senior housing market to develop and build affordable communities. The current economy mandates, due to higher interest rates and high construction costs, the need to design and develop senior facilities that produce better, not bigger, designs. The best senior community operators are looking at downsizing all of their new senior properties to respond to the current market conditions and to increase competition in most markets.
As many young Americans are attracted to micro-units, so too will seniors. The key to having an affordable design that will compete in the market is controlling the square footage of the living units, and the common space, while still providing top tier amenities.
The Douglas Company is working on developing a prototype design for an assisted living and memory care communities that controls the square footage of the entire building footprint, but still provides a design that feels like... Read More >
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