Retirement options grow

Two upscale retirement communities are under construction and have opened models, the first independent senior housing to be built in Colorado Springs since 2000.

Owners of the private, for-profit complexes said the projects are designed not as places for seniors to wait out the end of life but places where they can add years to their lives. Owners also said the projects will appeal to healthy seniors as well as those needing assistance with medication, laundry and other things.

“National averages show only one out of 10 age- and income-qualifying seniors live in a retirement community. We believe the reason is the right product hasn’t been offered to attract a broader market,” said Ronald Vaughn, executive vice president of MacKenzie House LLC.

The Denver-based company is developing MacKenzie Place at Union, a 234-unit independent and assisted living campus that includes not only rental properties but 65 homes for sale — a choice not often available in retirement communities.

The cottages boast a “New Urban” design, with large front porches, rear garages, wide sidewalks and a community center with restaurants and a theater. Seattle-based Leisure Care LLC will manage the development.

Across town, the 110-unit Palisades at Broadmoor Park has created what its developers say is a one-of-a-kind concept — health and activity programs in conjunction with Beth-El School of Nursing and the Gerontology Center at the University of Colorado at Colorado Springs. Services will include an on-site medical clinic, counseling for depression and other mental ailments, and online university classes.

“We’ll provide services to fulfill and enrich seniors’ lives. We want to put the enthusiasm back into people moving to a retirement community, instead of an ‘I have to’ attitude,” said Jeff Dunn, president and founder of Dunn & Associates.

The local family-run company owns, is developing and will operate The Palisades, which will rent homes and apartments with such construction upgrades as crown molding and heated tile bathroom floors.

Both developments have amenities such as concierge service, pet care and fitness centers.

This will be the sixth retirement community Dunn has developed.

“I wasn’t going to develop another one without offering something truly unique that people can’t find elsewhere,” he said. “Without the UCCS collaboration, The Palisades wouldn’t be happening.”

He is allocating 1 percent of gross income to UCCS as payment for its staff services.

Retirement communities can be profitable, Dunn said, if they’re managed well.

In recent years, several independent retirement communities in Colorado Springs have had financial problems that “facilitated a change in ownership,” said Steve Bender, president of Age of America Associates, a local consulting firm.

The market for retirement community homes fluctuates much like the rest of the residential real estate market, said Marcia Stearns, marketing and sales director for Liberty Heights. The resort-style community opened in 1991 and has 223 units of independent, assisted and skilled nursing care.

But business is steady now, she said. “We run pretty close to full consistently, and with aging baby boomers and Colorado Springs being a popular retirement city, there’s room for more upscale retirement living.”

Bender isn’t as convinced there will be enough wealthy retirees who can pay for a luxury lifestyle in their golden years.

“We’ll have to wait and see if the market will support it,” he said. “We have plenty of choice in the marketplace now, especially assisted living. For the new ones, it’s a matter of whether they’re competitive price-wise and have something really special.”

The average monthly cost for assisted living in Colorado Springs last year was $2,967, according to a report by the MetLife Mature Market Institute. Assisted living in the new projects starts a few hundred dollars below that mark and rises to around $5,000, depending on services.

Bob and Lela Beach are eager to move in mid-August into the house they’ve purchased at MacKenzie Place. Homeowners throughout their nearly 60 years of marriage, the couple felt more comfortable buying instead of renting and have lived for 41 years near the site of what is now MacKenzie Place.

“My mother was in a community like this, and she enjoyed life more than in her own home,” said 79-year-old Lela Beach.

A former hardware sales manager, 80-year-old Bob Beach also is looking forward to not having to mow grass, shovel snow, fix the sink or arrange his own travel plans.

“We really like the central location, and we plan to take advantage of all the activities and things they offer here,” he said.

The Palisades is 20 percent leased, Dunn said. MacKenzie Place is striking a chord, in particular, with its homes for sale, Vaughn said. Five are under contract to purchase, an additional 18 deposits are in, and 24 apartments have been rented.

MacKENZIE PLACE AT UNION, 1605 ELM CREEK VIEW

Grand opening of models: 10 a.m. to 6 p.m. today, 10 a.m. to 4 p.m. Saturday

What’s offered: 65 cottages for sale; 95 independent living apartments for rent; 48 assisted living apartments for rent; 26 memory care units.

Sampling of prices: Cottage ownership, starting at $290,000 to $500,000; assisted living rentals, starting at $2,750 to $5,000 monthly.

Project cost: $75 million Site: 17 acres

Openings: First homes available mid-August, community center opens February 2008, buildout by end of 2008

THE PALISADES AT BROADMOOR PARK, 4547 PALISADES PARK VIEW

Models: Opened last fall What’s offered: 50 independent living patio homes, cottages and apartments for rent; 60 assisted living apartments, including 19 memory care units.

Starting prices: Independent home, cottage and apartment rental, $2,650 to $3,550 monthly; assisted living, $2,795 to $4,750 monthly; memory care, $4,445 monthly.

Project cost: $20 million Site: 4 acres

Groundbreaking: July 19 Campus completion: Summer 2008