Introducing The Terraces 05-25-10 - City of Boise has built over one million square feet of...
Transcript of Introducing The Terraces 05-25-10 - City of Boise has built over one million square feet of...
Now Under Development
• The Treasure Valley’s first and only full service Retirement Community offering a Life Care program.
• A senior living community offering quality residential real estate, hospitality services and levels of health care.
• Our goal is to be a community asset serving seniors through our not-for-profit mission.
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Topics Today…• The Senior Living Industry
• The Sponsor/Owner of The Terraces at Harris Ranch
• The Terraces at Harris Ranch Concept
• Specifics on The Terraces’ Development
• Community Impact of The Terraces
• An Invitation to Learn More
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An Evolving Industry
SNF SNF
SNFSNF
ILU ILU ILU ILU ILU
ALUALU
ALU
MSNursing
60’s 70’s - 80’s 80’s - 2000 2000 - 2005 Future
50%85%
95%
CottagesApartments
Catered Living
Light, RegularComprehensive
Low vision Dementia
MS
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Population Cohorts “Age Waves”P
opul
atio
n (0
00’s
)
5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95 100
5.04.5
4.03.53.0
2.52.01.5
1.00.5
0.0
Millennia Gen Y(Echo Boomers)
Gen X Boomers Ikes(Silents)
WWII
6Source: US Bureau of the Census, 2009
CT - 29
DE - 13
MA - 30
NJ - 43
MD - 42
1,821 Total CCRCs
18
32
139
11430
21
100
5460
68 21
49
40
47
4
58
48
140
20
22
186
40
31
44
53
88
1 to 25
26 to 50
51 to 7576 to 100
Over 100None
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HI - 3
3
4 3
19
NH - 16
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14
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Number of CCRCs per State(CCRC = at least IL/SNF levels of care)
15
DC - 5
8
5
RI - 7
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VT - 2Market size has doubled since 1991!!
From Senior Living Research of Ziegler Capital Markets
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Affiliated Sponsor
American Baptist Homes of the West
• For over 60 years ABHOW, a not-for-profit corporation, has been a leader bringing innovation to retirement living.
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Cornerstone AffiliatesBackground and History
• Not-for-profit, 501(c)(3) California public benefit corporation formed in 1999
• American Baptist Homes of the West, a wholly owned subsidiary was founded in 1949 in Los Altos, CA
• Headquartered in Pleasanton, CA• Governed by a 15 member volunteer Board of Directors• Operates more than 30 senior living communities in California,
Arizona, Washington and Nevada– 12 continuing care retirement communities– 2 assisted living communities– 19 affordable housing communities– 9 communities accredited by the Continuing Care Accreditation
Commission
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ABHOW/Cornerstone Affiliates
Grand Lake GardensRetirement Community,
Oakland, CA
Piedmont GardensRetirement Community,Oakland, CA
San Joaquin GardensRetirement Community,
Fresno, CA
Pilgrim HavenRetirement Community,
Los Altos, CA
The Terraces of Los Gatos,
Los Gatos, CA
Rosewood RetirementCommunity,
Bakersfield, CA
Valle VerdeRetirement Community,
Santa Barbara, CA
Plymouth VillageRetirement Community,
Redlands, CA
*Parent Organization of ABHOW
Judson Park,Des Moines, WA
Las Ventanas,Las Vegas, NV The Terraces,
Phoenix, AZ
Source: 2010 AAHSA Ziegler 100 Publication (data as of 12/31/09)
From Senior Living Research of Ziegler Capital Markets
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Local Board of Directors• Kent Hanway, Chair – CSHQA Architects
• Paul Orlando, Vice Chair – Edward Jones
• Andrew Paul, Secretary – Citadel Communications
• Mary Lou Long – St. Luke’s Regional Medical Center
• Molly Mettler – Healthwise
• Stephanie Bender-Kitz, PhD – Friends in Action
• Robert Mitchell – J.R. Simplot Company
• Mia Murphy – Attorney
• Bret Tinker – Idaho Independent Bank
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Development Advisor
• As the nation’s largest developer of not-for-profit CCRCs, since 1982 Greystone has delivered planning, development, financing and marketing to more than 400 communities. They bring a commitment to creating communities tailored to the vision of its residents.
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Greystone Background and Experience
• Senior management team with more than 25 years national industry experience leading a 150 person staff.
• Consulted with more than 400 not-for-profit owners and sponsors of senior living communities to develop an integrated continuum of care.
• Responsibility for more than 100 senior living community (re)developments/ expansions involving more than $6.5 billion in project costs. Budgets range from $8 million to $200+ million.
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Partners• Architect: AG Architecture - With a focus on senior housing since
1971, AG has been an industry leader of architecture and engineering innovation.
• Interior Design: Arthur Schuster - The largest interior design company in the senior living industry, Arthur Schuster has delivered uncompromising interior design and interior planning for communities across the country since 1959.
• Underwriter: Ziegler Senior Living Finance - The leading senior living underwriter based out of Chicago, Illinois; have funded 500 senior living communities in excess of $12 billion since 1990.
• General Contractor: PETRA - Based out of Meridian, Idaho, PETRA is a local and regional leader in the construction industry. PETRA has built over one million square feet of buildings in Idaho including Gowen Field Readiness Center and Majestic Move Theater.
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The Community
• 153 residential living apartment homes• 12 residential living cottage homes• 40 assisted living apartments• 18 memory support apartments• 36 skilled nursing suites
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Timeline
• Market Introduction and Pre-Sale• Began September 2009• 10% refundable “Reservation Deposit”
• Construction - Begins after Financing• 16 - 18 months• Targeted start Fall 2011
• Occupancy - Move-in• Projected completion: Winter 2012
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Financing and Regulatory
• Received authority to accept reservation deposits for The Terraces at Harris Ranch from the Idaho Department of Finance under the Idaho Continuing-Care Disclosure Act.
• Financial Disclosure Statements available.
• Will finance the construction and development of the Community with tax-exempt revenue bonds issued by the Idaho Health Facilities Authority.
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Community Features
• Multiple dining venues
• Craft & hobby rooms
• Comprehensive wellness/fitness center
• Private dining room
• Multi-purpose room
• Beauty salon/Barbershop
• Convenience store
• Club room
• Mail room
• TV/media room
• Library
• Underground parking
• Beautiful landscaping
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Residence Features
• Large, beautifully designed one- and two-bedroom apartments & cottages
• Fully equipped kitchens
• Ceramic tile and granite countertops
• Choices with patios and balconies
• Washer and dryer in every residence
• Individually controlled heating/AC
• Fire sprinklers, smoke detectors
• 24-hour emergency call system
• Beautiful views
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Services Included
• Flexible dining options (one meal per day included)
• All utilities (except phone)
• Basic cable• Cultural, social and
recreational activities• Wellness program
• Regularly scheduled transportation
• Interior and exterior maintenance
• Weekly housekeeping, flat linen service
• 24-hour security monitoring
• Unlimited life care
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The Terraces at Harris Ranch
Four promises of Life Care• Lifetime use of the residence and community
amenities. • Priority access to health care - “care you know
by professionals that know you”. • Estate preservation with a 90% refundable
entrance fee & predictable monthly fees. • Not-for-profit, so seniors will never be asked to
leave if financial circumstances change.
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Fee Structure
• Monthly Fee and one-time, refundable Entrance Fee
• Fees are based on entrance fee plan, size and style of the residence selected
• Fees held by third party escrow agent
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2012 Pricing Ranges
One Bedroom
Two Bedroom Cottages
Square Feet 705 – 1,080 930 – 1,370 1,450
Monthly Fees $1,350-$3,095
$2,250-$3,995
$3,350-$4,195
Entry Fees $118,900-$319,900
$209,900-$419,900
$335,900-$479,900
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Positive Impact on Treasure Valley Economy
• Construction budget estimate of $48 million
• Construction of The Terraces will directly employ over 350 tradesmen and indirectly affect approximately 600 workers in the Treasure Valley area from over 25 separate trades
• Community will employ approximately 142 full time employees once open and full
• Once operational, generate annual payroll of approximately $6 million
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Positive Impact on Treasure Valley Economy
• The city of Boise will benefit from the creation of a not-for-profit community asset offering local seniors quality housing which addresses their physical, health care and financial security needs.
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A Strong Community Asset
• 100 Years of evolution, advancement and acceptance in industry
• Multiple “front doors” of revenue• Entrance Fees as capital backbone and 35 year
financing structure• The Terraces will be built to market scale and
local economy• The delivery of a philanthropic community
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