Parkside has successfully worked on all product types of senior housing. It has creatively partnered with for-profit and non-profit sponsors to design communities and fee structures (including low income) that meet the needs of the local market. Parkside approaches every aspect of the development process from the team approach. Development works hand in hand with marketing and operations to ensure that the design reflects the needs and wants of today’s seniors and works efficiently from an operating perspective.
Parkside Management Services, L.L.C. recognizes that each senior living project is as unique as the people who will live there. Similarly, a cookie cutter, one size fits all approach to project design and structure does not work. A successful project is fashioned to reflect the unique wants, needs, and preferences of the market area, with consideration given to how these are likely to change over time. Parkside’s extensive track record in all aspects of senior living provides us with the ability to design and deliver an efficient, creative and effective senior services program that evolves with the marketplace. Parkside draws upon managers, currently supervising operating communities, who are able to bring their real-world experiences to the development process.
Our talent for innovation also extends to how our role in the development process is structured. While we have the experience and expertise to direct all facets of project conception and implementation, we are flexible in designing our involvement so that the strengths of other project team members are used.
When acting as a full-service developer on a project, Parkside assumes primary responsibility for oversight of the following:
- Site selection and evaluation
- Market feasibility
- Program/service package design
- Architectural design
- Legal structuring/permit processing
- Zoning approval
- Management/operating systems design
- Regulatory approval
For projects where we provide Development Oversight/Consulting, Parkside reviews and comments on preliminary project design, including:
- Existing market research analysis
- Administrative structure of proposed facility
- Product and service program conceptualization
- Financing structure
- Contract negotiations
- CON/CCRC approval process
- Project financial modeling
- Recommended pricing structure
- Physical product definition
- Architecture and design
- Project cost estimating
- Furniture, Fixture & Equipment budgeting/procurement
- Development/Construction Project Management scheduling
- Residency agreement preparation
- Development period accounting
- Regulatory approvals/licensing
Community Service Assessment
The extent and nature of existing services are assessed in order to determine current attitudes and preferences for service delivery and future needs. Interviews with social service agencies, clergy, community leaders, planning agencies and seniors are conducted. Demographic and community services information is also evaluated. Feasible service options for a sponsor are proposed.
Preliminary Market Analysis
An analysis of proposed, planned and existing competition is undertaken. Utilizing a variety of resources, including national databases, community, and competitive interviews, plus a study of geographic boundaries, the primary market area for the proposed project is estimated. Using demographic databases, the age, sex, income and current housing situation of various elderly market segments is determined and evaluated. An assessment is then made of the penetration and market share rates for the project and a recommendation is made regarding whether or not to proceed.
Market Feasibility Study
The research conducted in the preliminary market analysis serves as a foundation for a more in-depth assessment of a project’s potential. A direct mail survey may be conducted to confirm the primary market area and the number, type and service features of competitive facilities. The status of the local real estate market is determined. The proposed project concept is then evaluated and adjusted to reflect feedback regarding services, fees, and project design. Penetration and market share calculations are updated and a projected unit absorption rate under alternative demand scenarios is prepared.
Assisted Living/Nursing Bed Use Rate Analysis
Existing units and their historical utilization rates are obtained, along with the number of proposed new units in the primary market area. Use rates and forecasted utilization are calculated for the next five years to assess potential demand.