Senior Living and Active Adult Lifestyle
Supported by extensive market research already developed by Heritage Harbor, we believe there is a strong demographic affinity between the buyers of resort real estate and buyers in the 50+ and senior living demographic. We also believe there is an opportunity to recalibrate the age-targeted brand conventions that currently exist. We are eager to explore different ownership models, senior services, and lifestyle programming. Our resort environment and the appeal of Starved Rock Country will afford us far greater strategic flexibility than would be expected in a typical residential neighborhood setting. The Heritage Harbor site plan offers tremendous flexibility for phased development. The cornerstone for a senior living product script would be an 80 to 100 unit assisted living and independent living facility with a continuum of care that is capable of serving independent senior living residents into assisted living.
This facility will be able to deliver a very attractive lifestyle offering in a vibrant resort setting. The overall resort environment will give this community a distinct competitive market advantage as we seek to develop a leading edge product script and branding strategy. Valerie Kretchmer & Associates (VSKA) conducted a 2014 market study to determine the depth of demand for independent and assisted living in Ottawa, Illinois, at Heritage Harbor. As the largest city and county seat of LaSalle County, Ottawa has an active downtown with a mix of stores, banks, offices and restaurants; is the medical center for the region; and has many nearby recreational attractions.
Amenities should include separate dining rooms for independent and assisted living, a mix of separate and shared community spaces including meeting and activity rooms, fitness room, medical exam rooms, private dining room, outdoor courtyard or patio, and laundry rooms on each floor. In independent living, 2 daily meals should be included in the base rent with additional meals available for a fee, weekly housekeeping and linen service. Assisted living should include 3 daily meals, weekly housekeeping, linen service and personal laundry, and assistance with activities of daily living. Additional fees could be assessed for higher levels of care in assisted living.
Active Adult Community
Another key component would include Active Adult product offerings. An appropriately sized Active Adult offering would offer a logical “entry point” for 50+ buyers who would look to take advantage of the senior living services to varying degrees over time depending upon their individual needs. The introduction of Active Adult units would allow Heritage Harbor to offer a very compelling product script for 50+ buyers. Heritage Harbor offers a significant opportunity for Active Adult single family, townhome and/or duplex development. We will use land planning, open spaces, amenities, and architecture ways to convey our resort lifestyle brand. Waterfront home sites and resort inspired homes would be designed to make buyers feel as though they are on a year-round vacation. We continue to innovate and establish design partnerships with high quality architects and state-of-the-art builders & developers. It is likely that this opportunity would be developed by a guest builder/developer who would seek to “plug in” to our development strategy. We are looking to re-frame senior living into something more vibrant and attractive. Senior Living and Active Adult will be among a broad spectrum of lifestyle options available at Heritage Harbor. We envision a product script that would include an appropriately scaled continuum of age-targeted real estate offerings that would fit seamlessly into our overall product portfolio. The resort setting would be an ideal way to “reinvent” senior living as a more appealing prospect.
There are an estimated 9,500 people over 65 in the Primary Market Area and their number is projected to increase by 13% over the next five years. The number of residents over 75 is projected to increase by 4%, indicating a growing need for senior housing. Given the relative lack of senior housing in Ottawa and in the surrounding market area, VSKA concludes that there is a market for 122-168 units of independent living and 52-69 units of assisted living in Ottawa by 2018.There is only one property in Ottawa that offers independent living with services and assisted living. VSKA designated the Primary Market Area (PMA) for Heritage Harbor as a 15-mile radius around the site. This includes a large rural area for which Ottawa is the largest city and medical center. For more demographics