READY, SET, GO… OR NO-GO
The community leadership should agree with the following statements:
- We buy into the Urban Alternative (UA) concept or would like to explore it further.
- We meet the key indicators (as presented in the earlier blog) demonstrating we have a prime community that can extend its reach with UA.
Retirement DYNAMICS, in collaboration with several professional groups, has created a five-step process to assist communities in reaching a Go or No-Go decision.
1. Begin at the Beginning – Verify the Market Strength
Projects usually start with due diligence research and feasibility studies. An Urban Alternative is no different. The Demographic Quick View report is the first step in the process of reaching a decision to create an Urban Alternative community. Research includes an analysis of the geographic area and potential candidates for the Urban Alternative. Focus groups will be conducted to ascertain the level of excitement about this concept and determine the desires of the potential residents such as type of home, amenities, location, etc.
2. Determine Amenities
What types of amenities and services do you want to include in the Urban Alternative site? Lobby and reception area? A Bistro? Meeting spaces? Rooftop experience? These decisions will help guide the architect in Step 4.
3. LOCATION, LOCATION, LOCATION – Identify Three Potential Sites
Selecting the appropriate location is an important contributor to the success of the Urban Alternative development. How many times have you observed occupancy at a beautiful Life Plan Community struggle due to its poor location? After discussions with key leadership in the organization, and networking with city leaders, locations will be researched. The goal is to identify three contenders to determine the site that would be the most successful and profitable.
4. Test the Site for Compatibility - Architectural Design
Based upon the amenities desired in Step 2 and the number of independent living residences to be built, our architectural team will develop several options for each site, including massing, square footages, etc. This information will be shared with the financial group for initial forecasting.
5. Show Me the Money
Of course, this entire proposition works only if it works: extends your reach and becomes profitable. Step five in this process is the development of a financial forecasting plan to market the Urban Alternative. It will include recommended contract types, payment structures, and refundability, and forecast the potential financial viability of the proposed Urban Alternative.
If this work is accomplished expeditiously, the interested community can receive a written report containing all the above and a specific recommendation within 60 days. At that point, it is decision time. Is it a Go or No-Go?
Retirement DYNAMICS has been honored to be a part of Urban Alternative concept and views this as a new product for an emerging senior. If you and your community would like to be a trail blazer and offer the first Urban Alternative in your area, call us at: 888-897-7768.
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About the Author
Patty Scotten is a consultant with Retirement DYNAMICS® and serves as their marketing manager. Patty has over twenty five years’ experience in the senior living industry and has led several communities in preselling expansions or increasing occupancy levels. She graduated from Elon University and holds a Masters Degree from University of North Carolina at Chapel Hill. Patty is licensed as both an assisted living and nursing home administrator.