David AmmonsDavid Ammons is president of Retirement Living Associates, Inc. (RLA), a company which provides planning, development, marketing, and management services for new and existing retirement communities. He has worked in and with Senior Living Communities since his graduation from Wake Forest University in 1985.
With the Recession either certainly in our rearview mirror or seemingly in our rearview mirror, many communities and developers in the retirement industry are busily working on new projects, expansions, refurbishments, remodeling, and the like. Combining current strong demand with the fact that the past few years have not seen as much growth as normal, the retirement industry is seizing the opportunity to benefit from low interest rates to promote growth, improvements, or repositions.
My firm, Retirement Living Associates, Inc., is no different. We are busy throughout the southeast in various projects. I mention a few to illustrate the wide range of current activities.
Expansion/Refurbish/Remodel:
We manage a rental Continuing Care Retirement Community in Florence, South Carolina, named Methodist Manor of the Pee Dee. For several years, the community considered which options were best for expansion, upgrading and remodeling. Work began in 2015 with a $14-million dollar construction project that involves replacing 53 assisted living units and adding 64 new units. In addition are 19 assisted living units designated solely for Memory and Related Care.
Remodeling in several key common areas as well as the existing Skilled Care rooms is a project in which many people in the community have expressed an interest. Financing was obtained through a federal government program and the community is excited to be moving forward.
We also manage an Assisted Living Community, Mars Hill Retirement Community, located in western North Carolina and have recently completed an expansion of the dining room as well as re-roofing, new carpeting, and fresh paint work. With a strong market, it is encouraging to be able to keep the community fresh and in great shape.
Moving Forward with Delayed Community:
We have been working to develop a new entrance fee model Continuing Care Retirement Community in Greenville, North Carolina. This community, named SpringShire, had progressed in 2008 to accepting reservation deposits but had to be delayed as the recession and its impact on the housing market slowed things down considerably. The good news is that today this community is getting back to full speed with soon-to-close bond financing to provide the funds to see this community become a reality in Greenville, which has proven to be a growing and positive area.
Starting New Communities:
Currently we are finalizing building plans in Florida and South Carolina to build new rental communities with a continuum of care. Both of these communities are examples of how a revitalized housing market has many age-qualified prospects, eager to consider a move and the benefits of a new lifestyle offered at today’s progressive retirement communities.
Exploring New Markets:
Literally, we are contacted weekly about opportunities in new markets that have groups or landowners considering exploring the development of a retirement community.
It is so exciting to see the positive energy derived from this activity and even more rewarding to see how the building and improvements have created a sense of unity and community among the residents. Next quarter I look forward to sharing with you examples of how residents in today’s communities work together to improve their specific community as well as the larger community, state, and world in which they live.