December 17, 2014-January 6, 2015 —
COLORADO REAL ESTATE JOURNAL
— Page 33
Urban Living
W
e are seeing an
increasing
trend
toward designing
and building senior living com-
munities in more urban areas.
Why? A multitude of reasons,
including preferences by seniors
to be more engaged and less sed-
entary. Many are opting to live in
close proximity to their younger
family members and in walking
distance to cultural, recreational
and social amenities, such as res-
taurants, museums, theaters, fit-
ness centers and shops and near
top-notch medical facilities.
According to the U.S. Census,
the over-65 population is expect-
ed to reach 55 million by 2020.
The Urban Land Institute’s 2014
Emerging Trends in Real Estate
Report cited, “The attraction of
urbanization is again reflected
in the high rating received by
infill and in-town housing. This
perennial first-place choice for
best prospects is followed by
seniors’ housing and the sin-
gle-family sector.” The report
ranked senior housing third in
terms of development prospects,
second to infill/in-town hous-
ing.
While urban housing won’t
appeal to all developers or the
seniors they cater to, there are a
few key considerations for city
environments.
• Prezoned for higher-density
developments;
• Potential tax incentives for
urban developments;
• Walkability/access to near-
by amenities and activities;
• Access to public transporta-
tion and public parking; and
• Proxim-
ity to major
medical facili-
ties and/or
universities
Baltimore-
based Shelter
Group, which
oversees 27
senior living
communities
and builds
approximate-
ly five per
year, says this
trend is worth
pursuing based on feedback
from future clients.
In Denver, a $74 million com-
munity in the Riverfront Park
area is catering to seniors who
want to live in an urban setting.
Louisville-based Balfour Senior
Living is a newly developed
community for seniors who
want to enjoy downtown liv-
ing – just blocks away from the
Museum of Contemporary Art,
Coors Field, the Denver Center
for the Performing Arts, Pepsi
Center, Invesco Field at Mile
High, the Children’s Museum
and Downtown Aquarium.
Other urban options for
seniors include a concept known
as university-based retirement
communities, which offer prox-
imity to major medical facilities
and/or universities as well as
nearby social and cultural activi-
ties. Some developers are work-
ing closely with universities to
partner on these new residential
facilities. According to a recent
PBS story, “Many older Ameri-
cans are trading the leisure cir-
cuit for the college campus in
retirement. By moving close to a
university… seniors are primed
to get what studies show they
want: ‘They want active, they
want intellectually stimulating
and they want intergenerational
retirement environments.”’
More and more urban living
environments will continue to
crop up as developers, architects
and contractors are responding
to the increased demand for
diverse desires. As we contin-
ue to focus on the increasing
demands of this rapidly grow-
ing population, the design of
senior living communities will
change substantially over the
next decade, including an offer-
ing for city living as an alter-
native and evolving model for
aging active adults.
s
Glen Tipton
Principal, SlaterPaull|
Hord Coplan Macht,
Denver
Y
oung families want
to live downtown
too, but they aren’t
finding many options. New
midrise apartment buildings
– that seem to be rising on
every other street corner – are
mostly targeting millennials
who don’t have young ones
to account for. And the supply
of single-family homes, town-
homes and condos in down-
town Denver neighborhoods
are at record lows with prices
at record highs.
Yet there is a growing
demand among families that
increasingly want the benefits
of living urban. This built-up
demand in the market presents
an opportunity for develop-
ers and architects to consider
alternate models for housing
that address the unique needs
of urban families.
n
Sensible spaces.
Rather
than building typical housing
blocks, with confining units
that are accessed by long cor-
ridors, young families prefer
walk-up units with light-filled
spaces that open up to the out-
doors. While density allows for
a built-in community, ameni-
ty features and economies of
scale, it also can create chal-
lenges related to privacy and
comfort.
Cons ider-
ing market
d e m a n d ,
a practical
design might
include two-
story walk-
ups with pri-
vate entranc-
es and in-
dividual out-
door
ter-
race spaces.
Upper floor
units can open up to private
roof decks through operable
glass garage doors. By divvy-
ing up the units into vertical
blocks of townhomes, pro-
viding private entrances and
maximizing soundproofing,
a family can enjoy the com-
forts of their own home with-
out unwanted overlaps with
neighbors.
Weighting the floor plans
toward multiple bedrooms
– two-, three- and four-bed-
room units – along with care-
ful attention to sound proofing
helps provide the needed “zon-
ing” to support families with a
variety of ages and schedules.
Balancing the need for privacy
within units while designing
spaces with intentional site
lines allows
families to
remain a unit
while taking
i n d i v i du a l
preferences
into account.
n
Immedi-
ate ameni-
ties.
Loca-
tion selection
is a key con-
sideration in
the develop-
ment of fam-
ily housing projects. Existing
density and amenity features
can differentiate the project in
a crowded multifamily mar-
ket. Families will want to
be within close proximity of
playgrounds, places of edu-
cation and culture, parks and
recreation, and sensible din-
ing and markets. The connec-
tion to a desirable, surround-
ing urban neighborhood also
is an important consideration,
as it contributes an experiential
environment for children’s cre-
ative development and cultural
immersion.
n
Design, economics and
value.
When designing fam-
ily housing, careful planning
is necessary to ensure that the
quality of the design results in
an affordable lease rate. Three-
and four-bedroom units can
quickly balloon in size, leading
to an untenable rental rate and
questionable value when mak-
ing the comparison to single-
family homes. Ideally, living
rooms and kitchens are ori-
ented in an open plan to maxi-
mize spaces that are shared by
the whole family. Living rooms
with large glass-paned garage
doors that impart natural day-
light and an open feeling pro-
vide a tremendous feature in
an urban home.
Children’s bedrooms and
offices must be downsized and
interchangeable to accommo-
date children at various ages
and families in flux, while mas-
ter bedrooms must be planned
to provide a comfortable space
for parents. Ahome office space
should be able to be converted
into a nursery and children’s
rooms should be able to be
repurposed as guest bedrooms.
Efficient use of space, acous-
tical “zoning” and flexible
rooms provide value for fami-
lies in ways that traditional
floor plans cannot. While the
lease price per square foot met-
ric is important to developers
and bankers in determining a
project’s viability, parents are
focused on the price per month
bottom line in making the deci-
sion as to where they raise their
children. Ultimately, families
are looking for apartment com-
munities with the character
that match their lifestyle. With
the recent boom in Denver’s
urban multifamily develop-
ment, the market is overdue for
projects grounded in the needs
of the family demographic.
s
Stephen Dynia
Principal, Dynia
Architects, Denver
Kyle Zeppelin
Principal, Zeppelin
Development, Denver
and corridors, the lobby reno-
vation includes a new chande-
lier, framed by a circular form
in the ceiling as a centerpiece,
as well as a large built-in moni-
tor above the check-in desk
that can display artwork, as
well as guest-centric messag-
ing like events, snow reports
and group welcomes.
There also is a new bell desk
and concierge desk, including
technology that enables guests
to print their tickets in the
lobby before heading out for a
day of skiing.
In August, as renovations got
underway, The Lodge at Vail
donated everything from the
56 hotel rooms to Habitat for
Humanity of Eagle and Lake
counties, including lamps, art-
work, mirrors, chairs, mini-
refrigerators, beds and more.
The donation filled six trucks
and marked the largest-ever
resort donation to the nonprof-
it.
Last summer, the hotel’s pool
area was renovated, includ-
ing two large side-by-side, in-
ground hot tubs with a gas
fireplace; furnishings; stone-
work and landscaping; two
additional gas fire pits; a sound
system with the ability to cater
music to guests’ needs; heating
for year-round access; and a
full-service bar and commer-
cial kitchen.
Last winter, one of the two
on-site restaurants, Cucina at
The Lodge at Vail, also received
a face-lift to its bar area.
In 2011, Elway’s Vail, opened
at The Lodge at Vail.
Named for former Denver
Broncos quarterback and NFL
Hall of Fame Inductee John
Elway, Elway’s Vail is the res-
taurant’s first location outside
of Denver and the third loca-
tion in the collection.
“Adding to our revitaliza-
tions of the pool area and the
Cucina bar this year, as well as
the International Wing guest
rooms and ballroom, and new
RockResorts Spa and fitness
center in 2008, this final phase
of renovations completes the
Lodge at Vail’s makeover,
enhancing the overall guest
experience,” said Ben Tutt,
the recently appointed general
manager of The Lodge at Vail.
He is extremely familiar with
the hotel and the ski resort.
“I am thrilled to be back in
Vail, walking the halls where
I played as a child when my
father ran the hotel,” Tutt said.
“It’s a wonderful opportu-
nity to walk in his footsteps
and see this beloved property
be beautifully transformed
with modern amenities, while
also maintaining the authen-
tic charm and cozy ambiance
our loyal visitors have come
to love.”
Other News
n
A Denver investor paid
almost $1 million for the
Creek-
side Plaza,
which once was
a Ben Franklin Store at 1430
Railroad Ave. in Rifle.
The
Fleisher Co.,
based in
Carbondale, in 2008 converted
it into a multitenant building
that was 100 percent occupied
by eight businesses at the time
of the sale.
“Investors from the Denver
metro area and other outly-
ing locations are increasingly
looking to the Western Slope
for their purchases,” said Joe
Carpenter of Fleisher’s Rifle
office, who brokered the trans-
action. “Valuations in many of
the larger markets have risen
dramatically over the past cou-
ple of years, whereas valua-
tions here on the Western Slope
remain rational and attractive,”
Carpenter said.
n
Richmark Holdings
paid
$900,000 for the former
Terra
Vista Motel
property on High-
ways 6 and 24 in Glenwood
Springs.
The nearly five-acre property
will be cleared of all buildings
and structures before the end
of this year in preparation for
construction to begin in the
spring on an apartment project.
Craig Rathbun
and
Mike
Henry
of the Fleisher Co. han-
dled the transaction.
“This site attracted numerous
offers from multifamily devel-
opers because of the location
midway between each of Glen-
wood’s interstate interchang-
es,” said Henry, a managing
broker at Fleisher.
s
There is a growing
demand among
families that
increasingly want
the benefits of living
urban. This built-
up demand in the
market presents
an opportunity for
developers and
architects to consider
alternate models for
housing that address
the unique needs of
urban families.
