senior communities in maine
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Senior Communities in Maine
Evolution, Impact and Opportunity
Sea Coast Management Company
Develop, own & operate senior communitiesin Maine including:
OceanView at Falmouth (CCRC)
The Highlands of Topsham since (CCRC)
Highland Green (Active Adult)
Communities currently include over 400cottage homes, 200 independent living and100 assisted living apartments. Another 400homes are approved for development.
Almost 1,000 residents and 300 employees
Overview of Presentation
1. Evolution. Evolution of the marketplace overthe last 30 years
2. Impact. Community and Economic Impactof Senior Communities
3. Opportunity. Preparing for / attractingSenior Communities
Who is the customer?
WW II Generation Conservative, College
Educated WASPs
Responsible FinancialPlanners & Crises Driven
Solid FinancialBackground – savings,home equity & pensions
Many from outside ofMaine
Respectful
Baby Boomers Increasingly diverse in
every way
Culturally / Socially
Politically
Financially
Driven by lifestyle
Financial Reality
An increasing numberfrom Maine
Demanding
What are they looking for?
The World War II Generation
A safe, secure home in an attractive,quiet community
Relatively simple homes with modestfinishes
Access to the continuum of care --healthcare
1980’s Triplex Cottage at OceanView
1990’s Duplex Cottage at OceanView
1990’s Single Cottage at OceanView
A 1990’s Neighborhood at OceanView
What are they looking for?
The Baby-Boomers Lifestyle
Active & Healthy
Neighbors and involvement
Amenities The basics – complete maintenance free living
And more – cafes, pubs, pools, exercise facilities,conservations areas, trails, golf, etc.
The Continuum of Care They might not be as explicit about their need for the
continuum but they also strongly value it.
Recent Additions at OceanView
Lifestyle Amenities at Highland Green
What are they looking for?
The Baby-Boomers & Home Design
Larger homes with finished basements &second floors
Ability to customize
High end finishes / bells & whistles
Tall ceilings / lots of windows
Energy efficiency
New Cottage at OceanView
New Cottage at Highland Green
Interior Design
What are they looking for?
The Baby-Boomers & Community Design
Single family homes and/or the sense of a singlefamily home
Strong sense of community but privacy in their home
Neighborhoods and walkability
Community-Center and common areas
Exercise Facility
Conservation land / trails / sustainability – green space
Involvement in community design
Community Design at OceanView
Community Design at Highland Green
Green / Sustainability at Highland Green
What are they ALL looking for?
Assisted Living and the Continuum of Care
Want to stay as independent as possible foras long as possible. A senior community withsupport services allows them to do this.
Want to avoid any additional moves
Want to make sure their spouse is cared for
Want to avoid a nursing home
Hospitality v. Institutional
What are their options?
Senior’s Current Home
The number 1 desire of everyone is to remain intheir home for as long as possible.
This is the number 1 competitor for all seniorcommunities
Like home health care, there is a growing trendtoward providing soft, support services in thehome.
What are their options?
Independent Living –Cottages This has been and will
continue to be the fastestgrowing market segmentfor senior housing.
Key to successfuldevelopment is balancingthe customer’s desire forsize and amenities with amarketable price.
What are their options?
Independent Living –Multi-Unit Buildings An lower-priced / higher
density alternative tocottages in both rural andin town locations.
The key will be balancingdensity with a sense ofsingle-family living andprivacy.
These are not theduplexes and triplexes ofa decade ago.
What are their options?
Independent Living –Lodge or CongregateLiving Apartments Some possibility of this
product becomingobsolete with the shifttoward cottages.
Evolving into a new formof light assisted living
Older, smallerapartments becoming amore affordablecomponent of seniorliving communities.
What are their options?
Niche Products – Historic Homes
What are their options?
Affordable Senior Housing – New Construction
What are their options?
Affordable Senior Housing -- Historic Rehabilitation
What are their options? Standard Assisted Living
Yesterday’s nursing home Non-medical support services delivered in a non-medical
environment An essential component for a full service senior housing
community.
What are their options?
Memory Supported Assisted Living
Increasingly important product as thepercentage of seniors with some form ofmemory loss / dementia grows
Important to provide different products for thephysically challenged v. the memorychallenged
Increasingly specialized field
Available Senior Communities in Maine?
Project Sponsors Individual developers
Hospital sponsored projects
National companies
Financial Models Life Care
Rental Projects
Cooperative Ownership
Entrance Fee
Fee Simple (non-retirement community)
OceanView – Economic Development Impact
Senior communities are green and growing with hightaxes, low services and no impact on schools.
OceanView and its residents are the number #1taxpayer in Falmouth with an assessed value of over$32,000,000 and tax revenue of almost $400,000 in2008. Estimated to surpass $1M by 2020.
The residents of OceanView invest tens of millionsof dollars into the local community and itsbusinesses.
OceanView generates dozens of local permanentand temporary jobs both directly and with vendors.
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Topsham – Economic Development Impact
Original TIF Agreement Actual
Tax Revenue Projected Taxes Tax Revenue
1996 - 2005 2009 2009
$68,742 $1,256,124 $1,444,970
Original TIF Agreement Actual
Assessed Value Projected Value Assessed Value
1996 - 2005 2009 2009
$5,092,000 $63,900,000 $112,126,853
OceanView – Community Development Impact
An informal community center by openingregular events, services and facilities to thepublic.
Many of the residents of OceanView come fromFalmouth and/or their adult children live inFalmouth.
OceanView has several intergenerationalprograms with the Falmouth school system
OceanView and its residents help support a widevariety of Falmouth groups, organizations andinitiatives
TIF funds can be used to support a wide varietyof eligible community projects
OceanView – A Sustainable Community
It is located in the center of town on public sewer& water.
Connecting roads and a low volume of traffic. Walkable community with sidewalks and trails. Private community transportation programs and
access to public transportation. The lodge buildings are 2 ½ story inn-style
shingled buildings located in the center of thecommunity and the cottage homes are modest insize and clustered in attractive neighborhoods.
It includes historic preservation, land conservationand energy conservation.
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Attracting Senior Communities – Economic Incentives
TIF = “Tax Increment Financing”.
Communities use this tool to encourage aparticularly valuable type of development –senior communities are:
Green
Growing
Anti-sprawl
High taxes
Low services
No school impact
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Attracting Senior Communities – Economic Incentives
Developers use a TIF to:
Obtain better financing for a project
Overcome a major obstacle to development
Pay for major, long term infrastructure
Reduce the risk of a major expansion
Provide the confidence necessary to embarkon a major, multi-year project
Provide additional revenue source to weathereconomic downturns
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Attracting Senior Communities – Planning Incentives
1. Existing Ordinances v. Political Process
2. Large Planned Development v. StandardSubdivision
3. Certainty (reduce risk)
4. Density (improve financials)
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Attracting Senior Communities – Planning Incentives
Ordinances
Retirement Community Overlay District (Falmouth)
Adopted ordinances specifically designed to support /allow a retirement community
Flexible Use of Current Ordinances (Topsham)
Elderly Housing Ordinance (Topsham)
Good density / no net residential calculation
Density bonus for affordability
Contract Zoning
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Attracting Senior Communities – Planning Incentives
Affordable Senior Housing
Low Income Tax Credit via Maine State HousingQAP
Highly competitive process
Selection by Point on Application
Support of city or town crucial Approvals
Revitalization Zone
Affordable TIF
Public grant
Conclusion
Senior Living Communities are:
1. Green and growing
2. Strong economic / community impact
3. Municipal support and preparation key toattracting new projects and helping existingprojects expand
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