We are happy to work with our clients not only in the initial analysis phase, but also throughout their project to ensure quick, smooth, and high-quality completion. An excellent example of this is the residential and multifamily builder who was considering venturing into the senior living market. They initially engaged us to complete three Senior Living Market Feasibility Studies within three distinct service areas.
By working with us to look at the 3 potential service areas, the developer hedged risks that the market may not have a positive demand for assisted living or MC and the project may not be viable. The feasibility study conclusions were positive in two of the three service areas, so we worked with the client to purchase two sites: one for a memory care development facility and one for an assisted living/ independent living facility.
With HUD identified as a funding source, we conducted a RFQ/FRP for HUD Brokers as well as an Assisted Living Operator, a project architect, and a builder Builder. All were selected within several months, and design was completed on a 100 unit Assisted Living/Memory Care facility combination in a multilevel, high-end facility. Within 16 months from the inception of an idea, all approvals were received and with a few months thereafter, construction began.
As a result of the smooth and successful process, this client requested we conduct five other studies in a two county region and is currently considering multiple Assisted Living and Memory Care facilities.
The success of this project reflects how we approach defining the service area. The old approach 40 years ago was to pick a center point of a service area and look at the demographics, now you need to look at factors like geography and topography to make an accurate analysis.
We take the time to best define the service area because we know that each region of country and individual market has unique characteristics, such a major river with only one bridge within 15 miles or an interstate that clearly divides groups of populations on either side when it comes to shopping, hospitals, churches, and other aspects. Sometimes there are perceptions within communities with different groups that could limit market penetration. There are some communities that are short distances apart but very different. Sometimes they don’t cross country borders, sometimes they do because they aren’t as much of a barrier in some places.
We bring this knowledge and attention to detail to our work with every client, which is why our clients continue to engage us and enjoy such remarkable success.