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Page 2B — COLORADO REAL ESTATE JOURNAL — March 18-March 31, 2015
E ven though residential
and commercial real
estate in Colorado
are grabbing headlines with
construction ramping up after
the Great Recession, developers
and (senior living) operators are
not overlooking senior living.
With more than 10,000 baby
boomers turning 65 every day,
the demographics are clearly
shining on the senior housing
market segment.
According to the American
Seniors Housing Association,
5 to 8 percent of boomers will
opt for seniors-only multifamily
housing in the future. With
76 million Americans born
between 1946 and 1964, that
equates to 6 million boomers
needing generation-specific
housing, classified as residential
settings, with a minimum age
requirement – usually 55 – in five
categories: senior apartments,
independent living, assisted
living, skilled nursing care and
continuing care retirement
communities (with memory care
available in assisted living and
skilled nursing).
The Colorado Department
of Human Services touts that
the state has one of the fastest-
growing aging populations in
the U.S. In the year 2021, there
will be more than 1.35 million
adults age 60 years and older in
Colorado, and from the years
2011 to 2021, the number of
older adults in the state will
increase 54 percent.
Favorable demographics are
not the sole driver for developers
and operators of senior living to
push forward on new offerings.
Other factors include historically
low construction loans, banks
easing credit, and stock portfolios
and homeowner property values
recovering to the point where
many seniors may want to cash in
on their equity and downsize to
a more manageable senior living
accommodation.
In Colorado, developers and
senior housing providers are
seeking an edge by providing
unique offerings, such as
specialized memory care,
sustainable building practices
and ancillary services that
will continue to break down
stereotypes and preconceptions
of what senior living offers today.
Brookdale Senior Living, one
of the largest operators of senior
living nationwide, expanded
its footprint and offerings in
Colorado by renovating and
expanding its Sterling House
and Clare Bridge Fort Collins
locations. As part of the upgrade,
Brookdale added memory care
assisted living apartments.
Rocky Mountain Health
Care Services is renovating a
76,000-square-foot building in
central Colorado Springs – the
old “Eisenhower Hospital” – to
house an innovative senior care
program called PACE (program
of all-inclusive care for the
elderly); a 30-bed facility for
seniors who have suffered brain
injuries; and an assisted living
residence. With the renovation,
the organization will double its
PACE program capacity.
In south metro Denver,
Wind Crest is in the midst of
expansions. McHenry’s Crossing
opened in November 2014
with 102 independent living
apartments, and amenities such
as indoor/outdoor dining,
a movie theater, bistro, a
classroom and satellite fitness
center. Parry Landing, a 74-unit
apartment complex, is currently
under development with an
anticipated May 1 opening.
Amenities include a tavern,
satellite hair salon, library and
business center. Also under
development is Highline
Overlook with 29 apartments,
a 240-seat auditorium, banquet
room, satellite fitness center, and
restaurant and lounge.
In 2014, Greenwood
Village-based Christian Living
Communities restructured its
company by creating a new
501(c)(3) parent company,
Christian Living Ventures. This
facilitated the creation of a
new company, Christian Living
Services, a sister company of
CLC, to work with nonowned
communities through consulting
services nationally, and work with
for-profit developers to assist
in the design and operation of
new communities. The parent
company, CLV, was established
to allow for growth through
the acquisition of single-site
senior living communities that
choose to affiliate with a larger
organization. It also allows CLS
to expand operations to include
third-party management of
nonowned communities.
In Denver, Eastern Star
Masonic Community opened
the Mary Barry Building in
November 2014, which added
64,000 sf of living space, 48
assisted living apartments and a
20-unit memory care wing to its
existing 42 assisted living rooms
and 58 patio homes. Amenities
include an exercise room,
physical therapy room, exam
room, beauty salon, theater,
private dining room, library and
computer room and a chapel –
all on a 19-acre park-like campus.
The expansion in senior living
is not limited to the Front Range.
Augustana Care is partnering
with Eagle County to build
the 64-unit Castle Peak Senior
Care Community. The 62,000-sf
project includes skilled nursing,
assisted living, transitional care
and memory care apartments.
Currently, there is no full-service
senior housing provider in that
area, and many locals had to
leave the area to find a complete
offering of housing services.
In rural Brush, change is in
the wind for senior living. Eben
Ezer Lutheran Care completed
many interim upgrades –
roofing, heating, ventilation and
air conditioning, kitchens and
more – and it is ready to unveil
significant long-term campus
redevelopment plans as well
that will include assisted living
memory care apartments and
independent living cottages.
Both offerings are much needed
in northeast Colorado.
As senior living developers
and operators know, it is critical
to convey a noninstitutional
look throughout the building’s
design and finishes, tailor spaces
to meet the demands of seniors
who want to keep fit and allow
individuals the chance to age in
place. Today’s seniors – and we
know the boomers will take this
to a new level of selectiveness –
have a mindset about what they
want in retirement communities.
As we are seeing in Colorado,
projects must be well conceived,
well located and well operated to
meet this demand.
Laura Landwirth
President, CEO, LeadingAge
Colorado, Denver