Tag Archives: expansion

Editorial: Maximize Your Campus Density with a Flexible Plan

By Burt Derr, First Vice President, Development Services

As the old adage goes “Real Estate is a great investment, because they’re not making any more of it.” Truer words have never been spoken.

In these days of extreme activity in construction and development, it can be easy to lose sight of a few of the core principles of sound development. A lot of today’s campus work is focused on expanding new revenue-producing units and associated services, as well as repositioning existing assets to improve operations and service delivery, and recalibrating unit mixes by service levels or within service levels.

One of the easiest routes to expanding, of course, is to overtake that large, undeveloped parcel on your campus. You could also secure adjacent property, if available. With each exciting path to new construction, however, come very serious, long-term considerations.

It’s very critical, before initiating a new development project, to pause and reflect on your long-term strategy. You should have a well thought-out roadmap, or at the very least, a business plan that takes you from your current situation into the next several years of evolution of your campus.

With a plan, you can be far more confident in your short- and long-term moves. With any plan you create, you will want to maximize the density of your new construction. This means building as small a footprint, with as many allowable stories, to which you are entitled by local zoning and development codes. You will have to ask many questions of your project. What can I afford? What other expansion needs should I incorporate at this time? What will my next step, then the next, be?

As easy and tempting as it may be, plan your new addition in such a way that allows you a zone for future growth. Perhaps you know exactly what that expansion might be, or perhaps it will be dictated by your future market. In either case, leaving a ‘future build zone’ on your campus will serve you well.

You should also give thought to where you will best be served in conserving expansion property on your site. While this might be more of a dice-rolling proposition, there are questions you can consider. What will my next two or three moves look like? What will my next best revenue enhancement be? What services will I need to stay atop my market?

Flexibility will always be your key driver in this instance. For example, you may have to decide whether to build adjacent to your IL cottages, or next to your health center. Your obvious first consideration is who you will be serving. In addition, which of your various business centers will you want to grow next – cottages, IL apartments, memory support or another health center related business? Finally, with the placement of your expansion, have you given yourself the widest range of options to further expand your future services?

Driving density in your planning is always a positive step. Now, get out there and grow your business!

Be Flexible

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Greystone featured on upcoming industry panels

Join Greystone at the following industry conferences, where you can see our team speak on trends in growth, marketing, service, resident needs and more.

LeadingAge Illinois

Leveraging Data, CRM and Marketing Automation to Drive Higher Occupancy
April 29, 3:30 – 4:30 p.m.
Learn how to implement a customer relationship strategy that engages your customers throughout the sales cycle, and how to be smarter about analyzing leads to drive efficiency. Hosted by Tricia Mackin, Greystone vice president of marketing services, and GlynnDevins.

Room for Growth: Trends in Developing and Designing Senior Communities
April 30, 8:45 – 10:15 a.m.
Discuss the latest trends in developing a senior living community, explore the newest financing options, and understand the role site planning and design play in the overall customer experience. Hosted by Mark Shegon, Greystone corporate vice president of development services, and Hitchcock Design Group.

New Campus Development and Significant Expansions
May 1, 7:30 – 8:30 a.m.
Hear about successful projects from around the country and examine innovative marketing, planning, design and service strategies that can maximize resident satisfaction and optimize your financial performance. Hosted by Brad Straub, Greystone senior vice president of planning and finance, Ziegler and Sawgrass Partners.

LeadingAge California

Finance and Development: Staying Relevant in the Ever-Changing Marketplace
May 4, 9 a.m. – 1 p.m.
Learn from innovative case studies from the west coast and around the country, and gain insight into the capital markets for new development, expansion and repositioning. Hosted by Brad Straub, Stuart Jackson, Greystone senior vice president of planning and finance, and Ziegler.

LeadingAge Texas

Reaching the Pinnacle: A New Standard for Service Excellence
May 18, 10:30 a.m. – Noon
Discover the positive impact you can make with Pinnacle, the new service standard from Greystone that redefines how communities approach hospitality. Hosted by Rick Cumberland, Greystone senior vice president of operations management services, Tim Mallad, Greystone first vice president of operations management services, and The Buckingham.

I’ll Stay Awhile: How Resident Longevity Impacts your Business Model
May 18, 2 – 3:30 p.m.
Take an in-depth look at how resident longevity has impacted the business models of four communities and the lessons they’ve learned along the way. Hosted by Tim Mallad, Steve Ailey, Greystone corporate vice president of financial management services, Sharon Hutson, Greystone vice president of marketing services, and Edgemere.

LeadingAge New York

Reaching the Pinnacle: A New Standard for Service Excellence
May 20, 2 – 4 p.m.
See description above. Hosted by Rick Cumberland, Tim Mallad and The Woodlands at Furman.

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Construction Update: John Knox Village

Development is well underway at John Knox Village, which recently unveiled renderings of its new Courtyards expansion project. These images show progress on the Courtyards as of March.

John Knox Village March 2015 John Knox Village March 2015 John Knox Village March 2015 John Knox Village March 2015

The new four-story Courtyards independent living apartment building will add 52 urban/loft-style units. The new Courtyards commons building will add 10,000 square feet of amenity space. New features will include a theater, salon and dining room, which can be seen in the renderings. The Courtyards represent Phase I of a $90 million renovation and expansion project.

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John Knox Village Reveals Glimpse at Future

The future vision of John Knox Village (JKV) is starting to come into focus. The CCRC in Lee’s Summit, Mo., has unveiled renderings for its new Courtyards addition.

The new four-story Courtyards independent living apartment building will add 52 urban/loft-style units. The new Courtyards commons building will add 10,000 square feet of amenity space. New features will include a theater, salon and dining room, which can be seen in the renderings.

JKV Courtyard JKV Dining JKV Salon JKV Theater

The Courtyards represent Phase I of a $90 million renovation and expansion project. Phase II, the Meadows, will add 112 apartments to go with approximately 25,000 square feet of commons space. The Meadows will have new dining areas, a pub, an auditorium, a fitness and wellness area and more. The Meadows apartment units will also feature wonderful views of the golf course lake and Westminster Meadow.

The project architect is SFCS, and the interior designer is Studio Six5.

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CCRC’s Gaining in Media Exposure

Senior living communities are on the rise, and the public has taken notice.

Troy Cannaday, executive director at The Barrington of Carmel, authored a detailed explanation of life care communities and how they differ from CCRC’s. Troy also shares how The Barrington educates the market on this seemingly complex topic.

The Stayton at Museum Way enjoyed smooth development and fill-up phases, and should reach full occupancy soon. Noting the Stayton is an outlier among urban CCRC developments, Senior Housing News investigated the factors that have made the Stayton a success. The Stayton is part of an emerging trend of urban CCRC’s.

Seniors are refusing to get old, says the Kansas City Star, and CCRC’s can’t afford to get old either. John Knox Village, in the midst of an ambitious expansion and redevelopment, is catering to today’s evolving consumer. The piece looks at the history of John Knox Village, its vision for the future and resident expectations.

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Provider benchmark survey signals growth on the horizon

Following years of success in Arizona, the Ziegler and Greystone Executive Symposium (ZGES) left the desert in favor of the sunny shores of Bonita Springs, Fla. Nearly 100 professionals representing more than 35 organizations attended for three days of discussions, forecasting, networking and a tour of the nearby Terraces at Bonita Springs.

ZGES is an annual conference offering industry- and market-focused sessions for executives and board members of the nation’s leading CCRCs and sponsors.

“The 2015 Ziegler-Greystone Symposium exceeded our expectations,” said Mark Andrews, President and Chief Operating Officer of Greystone. “A record number of provider organizations attended. Their collective mindset is yet another indication that the pace of growth in senior living is quickly accelerating. They were constantly in action mode discussing strategy and tactics to grow, adapt and evolve with our dynamic market.”

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In fact, providers showed just how ready they are to grow business in the results of our annual benchmark survey. The survey looks at how macro and industry trends impact providers, as well as the current issues on their radars and outlook on growth prospects.

Completed by operators representing more than 75 CCRC campuses, this year’s survey revealed:

  • 95 percent of respondents are currently planning or executing upon a redevelopment or expansion project
  • 85 percent are considering multiple growth initiatives, including expanding or redeveloping their existing campus, developing a new campus, or acquiring, partnering or merging with another entity
  • 85 percent said they would initiate expansion activities in their existing campus within three years; half said they would also pursue either redevelopment activities or new campus opportunities in the same time frame
  • For those interested in investing in a CCRC, the majority are drawn to moderately sized projects with project budgets under $100 million, targeted at the upper-middle market
  • 75 percent have a more optimistic outlook on the economy compared to last year, while the remaining respondents are unchanged
  • 65 percent see real estate values in their markets experiencing moderate improvements over pre-recession levels
  • The regulatory environment and reimbursement changes, competition from for-profits and real estate market fears top their list of concerns
  • Independent living move-in incentives remain a player with 90 percent of respondents indicating they have either maintained or increased their use of incentives

As we move further from the recession, providers are increasingly confident about the economy and showing a greater appetite for growth. These survey results further underscore the positive industry outlook shared by Greystone.