Texas Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in Texas.
Issue link: https://texasrealestatebusiness.epubxp.com/i/817755
www.REBusinessOnline.com Texas Real Estate Business • May 2017 • 35 mation's as-yet-unnamed community will total 180 units of independent liv- ing, assisted living and memory care. The timeline for delivery has not been released. Although Formation's recently opened The Solana Deer Park in the Chicago suburb of Deer Park, Illinois, isn't technically within a mixed-use project, the 180-unit community is im- mediately adjacent to a massive shop- ping center known as Deer Park Town Center as well as office parks. Anchor tenants at the retail center include Barnes & Noble, Crate & Barrel and a Cinemark movie theater, along with a wide variety of restaurants. Inherent Advantages of Mixed-use Projects Although they might not sound like a natural match, retailers and seniors housing operators have a lot to offer each other, suggests Maberry. "We look for sites and markets that are attractive to the seniors but, more importantly, to their adult children," says Maberry. "With mixed-use, they appreciate the vibrancy and not hav- ing to drive 10 miles to the outskirts of town." The presence of retail around the se- niors housing community is a benefit for both — the retailers get an influx of new customers, while the seniors housing operators have more benefits to offer potential residents and their families. "The adult children can go where they're already shopping, going to church, seeing a movie," continues Maberry. "They can stop by, pick up mom and dad, go out for ice cream with the grandkids, go to church. The convenience and the access to other things to do are very important for our customers." What's more, having a lively at- mosphere and entertainment options nearby can help aging residents. Stay- ing active is a key to aging well, and mixed-use properties offer a wide va- riety of activities for seniors. LCB Senior Living is developing a seniors housing community in New Hampshire named Residence at Silver Square. Michael Stoller, the CEO of the Massachusetts-based developer, says the bustling mixed-use commu- nity encourages residents to partici- pate in the environment outside their walls. Being able to sit outside and ob- serve the goings-on is a benefit in and of itself. "The location provides activities and easy access to multiple services and conveniences," says Stoller. "Our residents don't want to be simply housed in a building separated from the town and the patterns of everyday living. They want to partake in the ac- tivities of daily life beyond those that we provide within the walls of our buildings." Active seniors also provide off- hours business for retailers and res- taurants. Since they are retirees, the seniors aren't beholden to the typical work schedule of the average custom- er. "We are finding lots of success with developing mixed-use communities," says Manny Gonzalez, managing principal with KTGY Architecture + Planning, which has developed sev- eral age-restricted communities. "The number one amenity for the 55-plus age group is proximity to a grocery store, followed closely by proximity to dining and entertainment, not unlike what millennials want." This mutual benefit doesn't stop at residents and families, either. Developer W2 Real Estate Partners is building The Village at the Triangle, a seniors housing community within the massive Triangle master-planned development in North Austin. The company points out that the people who will staff the community will shop and eat in Triangle. "From the mixed-use project's standpoint, the 80 plus employees that will work at the Village at the Tri- angle senior living project will further support the retail and restaurants, making the project more viable," says Steve Freche, executive vice president with W2. Meanwhile, the seniors housing op- erators get their own boost. Employ- ees want to be within these active ar- eas, where shopping and eating are a stone's throw away from where they work. "One of our biggest challenges is the staffing, and in these mixed-use developments, we have an easier time