Shopping Centers Today

OCT 2018

Shopping Centers Today is the news magazine of the International Council of Shopping Centers (ICSC)

Issue link:

Contents of this Issue


Page 6 of 59

O C T O B E R 2 0 1 8 / S C T 7 e rm targets locations where the likes of Talbots or Coldwater Creek have a presence, because the custom- ers of those stores tend to mirror the typical decision maker for today's se- nior-housing resident: say, a 55-year- old daughter, perhaps. Boomers do continue to be a strong resident base for senior-housing proj- ects that are targeting the 55-and-old- er segment, says Whitney. "Partic- ularly for the aging baby boomer population, they still want to be close to amenities, as they want to be able to live in a place where they can also be close to restaurants and shopping," Whitney said. "And I think it is a great use and a solution for some of these malls that are looking to intensify the development of the property and [to] right-size retail." Creating synergies between senior housing and retail uses has been an integral part of the planning for Lake Nona Town Center, in Orlando, Fla. is project, built by Tavistock Development Co. in partnership with retail planning and leasing rm Steiner & Associates, is the 100-acre centerpiece of Tavistock's 17-square- mile Lake Nona community, a few miles from Orlando International Airport. e rst phase of the Lake Nona Town Center opened in January 2016, with an o—ce building, ho- tels, 16,000 square feet of retail and restaurant space and a multilevel parking structure. e next phases will comprise 1 million square feet of retail, restaurant, entertainment, o—ce and hospitality uses. In conjunction with all this devel- opment, senior housing is becoming a more prominent component of the Lake Nona residential mix. Tavistock says it will accelerate the development of senior-living projects over the next two years: namely, an urban age-55- and-over community, plus additional communities for assisted and inde- pendent living, and all within walking distance of the town center. "We be- lieve a lot of di™erent [senior] product types meet a lot of di™erent needs," said Ralph Ireland, vice president of devel- opment operations at Tavistock. "We are trying to create a living, breathing city, which we think is absolutely paramount to creating a great mixed- use town center for our retailers." More retailers are looking to se- nior-housing developments as a way to raise their proles and position them to cater to this customer base, Mace points out. "We are seeing some seniors-housing operators bring more retail into the property and trying to get more of the public into the property, so it is going two ways," said Mace. "You might see some proper- ties that have a co™ee house in their entry-level area, which would bring more of the neighborhood population toward that location. e idea is that people want to be more integrated with a fuller population." is sense of community is also seeing many senior-housing develop- ers favor centrally positioned, 24-7 lo- cations in urban areas, rather than the stand-alone, suburban ones. Balfour at Riverfront Park, a $74 million project that Balfour Senior Living completed in down- town Denver in 2015, is a case in point. Its residents enjoy easy access to local dining and entertainment. "at project is much more integrated into a broader urban setting, and they have had pretty good success there," said Mace. As an industry, senior hous- ing is coming into its own af- ter decades of change. "Seniors housing has changed a lot and is not considered as much a niche industry investment sector as it once was, and that is largely because now we have really good data," said Mace. "We are growing up."¡ Q We are trying to create a living, breathing city, which we think is paramount to creating a great mixed-use town center Plenty of time — and money — for shopping

Articles in this issue

Archives of this issue

view archives of Shopping Centers Today - OCT 2018