As developers increasingly mull converting struggling hotels or retail spaces into much-needed senior housing, they face myriad challenge, including arranging often complicated financing packages.
“It’s an interesting and compelling idea but not something you should do without your eyes wide open,” said Beth Burnham Mace, chief economist at National Investment Center for Seniors Housing & Care. “It’s not just a slam dunk and a no-brainer.”
If you are looking to transform a former school, hospital, office, factory or other defunct property into senior living residences, there is a long list of boxes to check in order to get your project to the starting gate.
Considerations include local demand, access, zoning, cost per unit and licensing requirements, said Todd Hudgins, senior vice president, senior living, at Erdman, which provides market analysis, development, architecture, engineering and construction services in the senior living and health care sectors.Read Full Article