3/20/2023 0 Comments Abandoned mallFolkestone has a wait list over five years, so the need is clear. The senior apartments have a refundable entrance deposit ranging from $95,000 to $328,000, with monthly rental from $2,200 to $6,800. Its biggest problem was the mall's former construction on top of wetlands, which made new construction more complicated and expensive, said Fletcher. The developer faced minimal challenges in building on a shopping mall site other than those expected with an old building, such as asbestos. "This site was chosen for its superior housing location as a difficult-to-replicate urban infill property surrounded by a walkable neighborhood," Fletcher said. That developer has 51 senior living complexes in Minnesota, Wisconsin and Iowa, but Folkestone is its first on the site of a former shopping mall. The Promenade was constructed on the site of the old Bay Center Mall, built in 1967 and demolished in 2012. The senior housing portion was completed in 2015, with completion of the entire project following in 2018.Ībout 75% of Folkestone's residents come from within a 15-minute radius of the development, said Jon Fletcher, vice president of Presbyterian Homes & Services and Senior Housing Partners, in an email interview. Folkestone in Wayzata, MN: Expensive with a long wait listįor some seniors, the best way to stay in a familiar community is to move to a senior living complex like Folkestone, part of the Promenade development in the Minneapolis suburb of Wayzata. Outside of Seattle, Smart Cities Dive has identified four cities with mall site redevelopments that aim to bridge the housing gap for seniors. So there’s already a real mismatch."ĪARP surveys have found that three-fourths of people want to age in their home or their community, Arigoni said. More than half of households have one or two people, but over 85% of housing stock is two or more bedrooms. "Localities have not adequately stockpiled to meet that need. "In 2034, there will be more people over 65 than under 18 for the first time ever," said Arigoni. Yet in many cases, available housing for seniors falls into two categories: expensive continuing care retirement communities (CCRCs) or relatively inexpensive housing built with federal tax credits, which caps the income of eligible residents - leaving senior communities to grapple with an overabundance of affordable and accessible housing demand, said Danielle Arigoni, director of AARP’s Livable Communities. people want to live near their communities." "A generation ago, senior living centers were like campuses, with a long drive, in a remote bucolic area, set apart. Some of those walkable senior communities "might have closer proximity to social services, continuing education, medical care and mass transit," said Williamson. That housing describes itself as an "urban village" for people who "love the energy of urban life but don't want to live downtown" - a big draw for healthy older residents when looking for a place to live.Īn October 2020 survey by the National Association of Realtors found Americans older than 55 have an increased interest in homes near sidewalks, where residents could easily walk to grocery stores, restaurants and retail. Meanwhile, the mall’s satellite parking lot was turned into senior housing dubbed Aljoya Thornton Place, said Williamson. Williamson pointed to one of the country's oldest malls - Seattle's Northgate Mall, originally built in 1950 - as an example of how this land can be repurposed for housing: The site has undergone construction for the development of a high-density residential building, hotel, planned transit center and National Hockey League center, among other facilities.
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