Success Stories: Challenges and Solutions . . .
MARKET STUDY AND DEVELOPMENT CONSULTING FOR A MULTI-STORY INDEPENDENT LIVING COMMUNITY — Acadia Senior Living was retained to complete a market study in 2016 on a site in Jefferson Parish, LA, just outside of New Orleans. The market study indicated sufficient demand in the Primary Market Area to support the construction of a senior housing community consisting of independent living, assisted living, and/or memory care units. The owner of the property has since partnered with a local senior housing operator to construct a multi-story independent living community with podium parking and containing 140+/- resident units. Ground breaking on the development is projected for early to mid-2021, and Acadia Senior Living has been retained as a development consultant for the project.
MARKET STUDY FOR A SENIOR HOUSING COMMUNITY WITH ASSISTED LIVING AND MEMORY CARE UNITS — Acadia Senior Living was retained to complete a market study in 2016 (updated in 2018), on a site in Bremen, GA, a town about 45 minutes west of Atlanta. In this case, the market study indicated sufficient demand in the Primary Market Area to support the construction of a senior housing community consisting of assisted living and memory care units, however, ASL recommended that the owner not include independent living units in the development. The owner of the property is in the process of finalizing a partnership with a local non-profit health system which will develop the site with an assisted living/memory care community containing 60+/- resident units.
SITE SELECTION SERVICES FOR A NONPROFIT DEVELOPER OF AFFORDABLE MULTI-FAMILY DEVELOPMENTS — Acadia Senior Living provided site selection services in South Louisiana in 2017 for an Atlanta-based non-profit developer of affordable multi-family developments. Assuming that the developer could receive an award of low-income housing tax credits (LIHTCs) from the state, they intended to construct a small multi-family development for the elderly. Based on guidelines in the 2017 Final Qualified Allocation Plan as provided by the Louisiana Housing Corporation, ASL was able to identify a site that met the client’s development criteria and which achieved a high enough score to be awarded tax credits in the Fall of 2017. Ground-breaking occurred in June 2018 and construction was completed in mid-2019.