[Mayor’s Advisory Commission on Senior Living 7-23-25]
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SENIOR LIVING. I'M RICH TAYLOR, AND I AM CO-CHAIR OF THIS COMMITTEE. IF WE WOULDN'T MIND, LET'S JUST GO THROUGH REAL QUICK AND REFAMILIARIZE OURSELVES, INTRODUCE OURSELVES, THOSE ON THE COMMISSION STARTING WITH CAROL. MAKE SURE YOU PRESS THE BUTTON, SO YOU CAN BE HEARD ON THE RECORDING.
>> I'M CAROL APPLEGATE, CO-CHAIRMAN OF THIS COMMISSION
ALONG WITH RICH. >> JOHN SCHULER, MEMBER OF THE
COMMITTEE. >> I'M JOHN O'DONNELL, MEMBER
OF THE COMMITTEE. >> STEVE GROSS, MEMBER OF THE
COMMITTEE. >> ANNA STOUT, MEMBER OF THE
COMMISSION. >> LEESA ENGELMANN, MEMBER OF
THE COMMITTEE. >> THANK YOU. WE WANTED TO TAKE THIS OPPORTUNITY TO TALK ABOUT SENIOR LIVING IN OUR COMMUNITY.
SO WE'VE BEEN BLESSED WITH THE OPPORTUNITY TO HAVE THREE REPRESENTATIVES FROM VARIOUS PHASES OF SENIOR LIVING DEVELOPMENT. HERE THIS EVENING TO PRESENT ON EITHER PROJECTS THEY CURRENTLY HAVE IN THE COMMUNITY, PROJECTS PLANNED. AND THEN TO ADDRESS SOME AREAS AND CHALLENGES FACING SENIOR LIVING.
BARRIERS TO NEW PRODUCT DEVELOPMENT, TYPES OF HOUSING PRODUCT THAT'S CURRENTLY IN DEMAND, AFFORDABILITY, AND THEN SERVICES THAT VARIOUS FACILIT IES FOR SENIORS OR 55 PLUS OFFER. FIRST OFF WE HAVE MIKE MANLEY FROM AVENUE DEVELOPMENT.
MIKE, IF YOU WOULD LIKE TO COME UP TO THE PODIUM. THE CITY COUNCIL RECENTLY APPROVED PHASE TWO OF THE NORTH END DEVELOPMENT. A PART OF THE PHASE TWO OF THE NORTH END DEVELOPMENT WILL BE A PROJECT BY AVENUE DEVELOPMENT. MIKE IS HERE TO PRESENT AND TALK A LITTLE BIT ABOUT THEIR PLANS. MIKE?
>> THANK YOU, MR. COUNCILMAN, THANK YOU MEMBERS OF THE COMMISSION. THANK YOU FOR THE OPPORTUNITY TO BE HERE. AS RICH MENTIONED, MY NAME IS MIKE, BORN AND RAISED HERE IN INDIANAPOLIS, MY WHOLE LIFE. TODAY I'LL TALK BRIEFLY ABOUT AVENUE DEVELOPMENT, WE'RE A NATIONAL HOUSING, HEALTHCARE DEVELOPMENT COMPANY. I WISH WE DID MORE WORK HERE AT SAVE INDIANA, WE'RE TRYING OUR HARDEST, BUT WE CONTINUE TO DO QUITE A BIT OF WORK ACROSS THE COUNTRY, MEDICAL OFFICE, SENIOR HOUSING, SKILLED NURSING, HIGH I.Q., SKILLED NURSING WITH REGIONAL OPERATORS.
WE ALSO DEVELOP JOINT VENTURE RELATIONSHIPS WITH ASSISTED LIVING, INDEPENDENT LIVING, MEMORY CARE FACILITIES. MOST RECENTLY HERE, ACTUALLY AROUND THE BELT OF 465, AND ALSO THE PRODUCT, WHICH WE'LL TALK ABOUT TODAY BRIEFLY. SO THIS AS RICH MENTIONED IS AT THE NORTH END CAMPUS OF PHASE TWO. WE PURSUE THIS PROJECT AND ACTUALLY THE PROJECT KIND OF CAME TO US AS A PUZZLE PIECE TO FILL OUT WHAT IS, WHAT HAS BEEN KIND OF THE MASTER PLAN FOR THE NORTH END THERE WITH OUR PARTNERS, THE OLD TOWN GROUP WHO CURRENTLY OWNS THE PROPERTY THERE. THIS IS A FACILITY, AND I'LL KIND OF JUMP THROUGH A COUPLE OF QUICK SLIDES HERE TOO. BUT THIS FACILITY IS DEDICATED FOR SENIORS 55 PLUS.
ACTUALLY WE DON'T REALLY LIKE TO USE THE WORD SENIORS AS MUCH ANYMORE AS THE TERM BOOMERS. IT TRULY IS THAT LIVING. MAIN TWO PIECES OF OFFERINGS THAT A FACILITY LIKE THIS HAS AND OFFERS IS ATTAIN ABILITY AND SOCIALIZATION, PERIOD. THOSE TWO THINGS ARE AT THE CORE OF WHAT EXISTS FOR A FACILITY LIKE THIS.
AND A LOT OF THE DIFFERENTIATING FACTORS BETWEEN THIS, IF YOU THINK ABOUT THE PRODUCT TYPE. THERE'S NOTHING AGAINST INDEPENDENT LIVING, ASSISTED LIVING, AND MEMORY CARE. WE OWN AND COOPERATE A LOT OF THOSE NATIONALLY. THERE'S DEFINITELY A HUGE PLACE FOR THOSE ASSET CLASSES, AS WELL AS YOU'LL HEAR MUCH MORE ABOUT AFTER ME. BUT AS FAR AS THIS PRODUCT OFFERING HERE, IF YOU THINK ABOUT CLASS A MULTIFAMILY, AND YOU THINK ABOUT INDEPENDENT LIVING. THIS TYPE OF LIFESTYLE, SLIDES RIGHT IN BETWEEN THOSE. BOTH ON SOCIALIZATION AND ON OBTAINABLE HOUSING, AS FAR AS FROM A PRICE POINT. HERE ARE JUST SOME IMAGES
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AND SOME PHRASES ON THE WORD, THE ITALIAN PHRASE FOR BASICALLY LIVE THE GOOD LIFE. ONE OF THE MAIN DIFFERENCES THAT WE PROVIDE, WHICH IS THE FIRST IN THE COUNTRY. THERE ARE SENIOR APARTMENTS, MAYBE 55 PLUS, MAYBE 62 PLUS. BUT AS FAR AS THE MODERN DAY SOCIALIZATION STYLE OF ACTIVE ADULT, IT REALLY IS STILL IN ITS INFANCY. THE TWIST WE ADD ON TO IT IS HOW CAN WE NOT JUST LOOK AT A FACILITY THAT IS JUST SIMPLY AGE RESTRICTED.HOW CAN WE OFFER A FACILITY THAT PROVIDES ONE OF THE MOST IMPORTANT PIECES OF THEIR DAILY LIVES, WHICH IS CONCIERGE CARE AND NAVIGATION OF THAT SYSTEM. MOST PEOPLE HAVE PRIMARY CARE DOCS. WE ARE NOT PROVIDING DOCTORS AT THIS FACILITY, BUT WE ARE PROVIDING THOSE NAVIGATORS TO ALLOW INDIVIDUALS THAT LIVE THERE TO STAY THERE AND HAVE HELP. QUESTIONS, ANSWERS, SO WE OFFER VIRTUAL SERVICE AND ALSO IN PERSON, JUST A SEPARATE ENTRANCE THAT IS UNLICENSED, THAT ALLOWS THOSE TOUCH POINTS TO HAPPEN. SOMEBODY YOU CAN TURN TO THAT IS IF YOU CAME BACK FROM LABS AND SAID HEY, MY DOCTOR IS TELLING ME I NEED TO GET ANOTHER ROUND OF LABS SOMEWHERE, AND THEY'RE ASKING FOR ME TO GO HERE AND THERE. CAN YOU LOOK INTO IT? SURE, NO PROBLEM. ALL OF THAT IS NOT INCLUDED IN ANY OF THE RENT. IT'S BILLED SEPARATELY TO YOUR INSURANCE PROVIDER, TYPICALLY MEDICARE. SO THAT DIFFERENT APPROACH ON HOW WE LOOK AT HOW YOU COULD AGE IN PLACE AT YOUR YOUTHFUL YEARS, IN ORDER TO KEEP YOU OUT OF THE HIGHER, MORE ACUTE CARE ENVIRONMENTS IS A NET BENEFIT ON SO MANY DIFFERENT LEVELS, NOT JUST MONETARY. I'LL SKIP THE FOUR PILLARS. I JUST TALKED ABOUT HEALTH, WHICH IS OUR NATIONAL COMPONENT THAT WE ADD. WHEN YOU THINK ABOUT AMENITIES, THINK ABOUT SELLING AMENITIES, WE HAVE SWIMMING COURTS, PICKLEBALL COURTS, ON AND ON AND ON, LOTS OF ACTIVITIES. HERE, THE ADDED DIFFERENT CREATOR FROM COMPARED TO ANYONE, THE HEALTH
THAT I JUST DESCRIBED. >> MIKE, COULD YOU GO BACK TO
>> THANK YOU, I WANT TO MAKE SURE THAT WAS CAPTURED. GO
AHEAD. THANK YOU. >> HERE IS AN IMAGE WE RECENTLY OPENED, THE SUB MARKET OF ST. LOUIS. WE'RE THE FIRST IN ST.
LOUIS TO PROVIDE THE, AGAIN, MODERN DAY, ACTIVE ADULT. WE ARE ALMOST 70% LEASED IN THE FIRST 180 DAYS. IT'S A ROCKET SHIP.
WE'RE EXCITED ABOUT THE GROWTH THERE. AND IRONICALLY 40%, 35% OF THEM ARE ACTUALLY FROM INDEPENDENT LIVING FACILITIES.
THE OTHER 70% ARE KIND OF A MIXTURE OF HOME OR MULTI-FAMILY, CURRENT MULTI-FAMILY. A LOT OF THE FEEDBACK I GET, I WANT TO MOVE IN AND LIVE WITH PEOPLE THAT ARE JUST LIKE ME. SO WHEN YOU THINK ABOUT LIVING AT HOME, TYPICALLY ISOLATED OR BY YOURSELF. TWO-THIRDS NATIONALLY ARE SINGLE, WIDOWED, DIVORCED, NEVER MARRIED WOMEN, AND THAT IS THE SAME HERE AT ST. PETERS. SO THE SOCIALIZATION ASPECT OF LIVING AT HOME OR LIVING IN MULTI-FAMILY WITH INDIVIDUALS THAT EITHER YOU HAVE NO ONE TO COMMUNICATE WITH OR SOCIALIZE WITH ON A DAILY BASIS UNLESS YOU GET OUT OF YOUR HOUSE, OR YOU'RE MULTI-FAMILY WHERE THE TURNOVER IS CONSISTENT, YOU KNOW, 18 TO TWO YEARS TYPICALLY. THE AVERAGE LENGTH OF STAY FOR RESIDENTS IN MODERN ACTIVE ADULT IS SIX TO EIGHT YEARS. IT'S TREMENDOUS. SO IF YOU UNPACK IT, YOU REALIZE WHY. THEY'RE THERE WITH PEOPLE JUST LIKE THEM THAT WANT TO DO ALL THE THINGS THAT THEY WANT TO DO. SO IRONICALLY THIS, THESE ASSETS AND PROPERTIES, END UP BECOMING -- THEY'RE MOVING OUT OF THEIR LIFE, SELLING THEIR HOME OR MOVING OUT OF MULTI-FAMILY BECAUSE THEY DON'T RELATE INTO A LOCATION WHERE THEY FINALLY FEEL THEY HAVE A SENSE OF HOME AGAIN AND SOCIALIZATION. AND SO LEAVING THAT IS NOT SOMETHING THAT
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ANYONE TAKES LIGHTLY. USUALLY IF THEY DO LEAVE, IT'S BECAUSE THEY REQUIRE ADDITIONAL CARE THAT THE FACILITIES LIKE THIS DON'T OFFER AS AN UNLICENSED FACILITY. THE GENTLEMAN BEHIND ME TOO CAN ALSO PROVIDE SOME COLOR. THIS IS JUST A QUICK X AND O CHART THAT WE SEE ALL THE TIME. A LOT OF THE INDUSTRY PUBLISHED DATA, WHICH IS WHERE IS ACTIVE ADULT AND HOW DOES IT HAD SLIDE IN? THEY SENSUALLY DO NOT SLIDE IN MEALS. INDEPENDENT LIVING WILL TYPICALLY COME IN WITH ONE MEAL A DAY, DEPENDING ON THE STRUCTURE, DEPENDING ON THE OPERATOR, SO THAT IS JUST SOME OF THE DIFFERENTIATORS. THEN COMPARED TO CONVENTIONAL MULTI-FAMILY. OBVIOUSLY THERE'S A LOT OF DOCUMENTATION ABOUT THE SUPPLY DEMAND IMBALANCE WITH BABY BOOMERS, WHERE WE ARE, KIND OF THE INFANCY OF MOVING. THE AVERAGE AGE OF MOVE-INS IS AROUND 74-ISH. RIGHT NOW ST. PETERS IS OUR AVERAGE AGE ABOUT 69. WE ACTUALLY HAVE 40% OF OUR RESIDENTS ARE UNDER THE AGE OF 70. WE HAVE TWO PEOPLE UNDER THE AGE OF 55, WHICH IS ALLOWABLE WITHIN A CERTAIN TOLERANCE. MY POINT IS TO THAT, IT'S A VERY DESIRABLE LOCATION. 15% OF OUR RESIDENTS STILL WORK. 75% OF OUR RESIDENTS DRIVE, AND SO IT IS A DIFFERENT STYLE OF LIVING IN TERMS OF COMPARISON WITH INDEPENDENT LIVING ANDCONVENTIONAL MULTI-FAMILY. >> I THINK THAT'S AN IMPORTANT STATISTIC TOO, THE 5% TO 8% TRANSITION TO OUTSIDE OF A
SINGLE-FAMILY RESIDENCE. >> RIGHT.
>> CREATING DEMAND FOR OVER SIX MILLION UNITS. I WOULD BE, YOU KNOW, IT WOULD BE INTERESTING. WE HAVE MEMBERS OF THE HOUSING TASK FORCE HERE, DIRECTOR OF COMMUNITY SERVICES. IT WOULD BE INTERESTING TO SEE IF WE WOULD GET SOME STATISTICS ON WHAT WE THINK THE OPPORTUNITY IS IN CARMEL FOR CREATING HOUSING STOCK FOR YOUNG FAMILIES, ETC., LOOKING TO MOVE TO THE COMMUNITY, IF WE'RE ABLE TO CREATE THESE TYPES OF COMMUNITIES FOR ACTIVE ADULTS IN CARMEL.
>> YOU ARE NOT ALONE. THERE'S REALLY NATIONALLY NO PLAYBOOK FOR THIS ZONING CLASSIFICATION. WE ALWAYS SPLIT HAIRS BETWEEN CONVENTIONAL MULTIAND SENIORS, RIGHT? WHETHER IT WILL BE TRAFFIC STUDIES OR ANY ZONING ORDINANCE. AND SO YOU'RE EXACTLY RIGHT. ONE OF THE OTHER COMMENTS WE GET IS JUST THE CIRCULATION OF YOUNGER HOMES. TO MOVE OUT OF MULTI, GROW A FAMILY IN THE COMMUNITY, STAY IN CARMEL, AND THEN THE CYCLE
REPEATS ITSELF. >> THAT'S EXACTLY RIGHT.
>> THANK YOU. >> ONE OTHER QUICK STAT TOO, AFFORDABILITY, OBTAIN ABILITY. OBVIOUSLY THERE'S NOT A LOT THAT'S TERRIBLY AFFORDABLE THESE DAYS ACROSS THE BOARD. AS WE LOOK AT INCOMES AND SAVINGS AMONG BOOMERS, THERE'S A SIGNIFICANT WAVE OF MIDDLE INCOME, ESSENTIALLY A GAP THAT IS ADDING TO THE WORRY I PERSONALLY HAVE, AND I OWN THESE ASSETS. I WORRY ABOUT HOW MIDDLE AMERICANS CAN AFFORD $4,000 BASE RENT ASSISTED LIVING. A LOT OF THE GENESIS EITHER CAME FROM OUR PARTNERSHIP WITH A GROUP CALLED OAK STREET HEALTH, WHICH IS ONE OF THE FIRST VALUE BASED PRIMARY CARE GROUPS OUT OF CHICAGO. THEY REALLY DIPPED THEIR TOES BACK WHEN THE AFFORDABLE CARE ACT CAME OUT AND THEY HAVE HELPED US THROUGH THE PROCESS OF THINKING ABOUT PUTTING ACTIVE ADULT ON ITS HEAD WITH THE PRIMARY CARE, KIND OF CONCIERGE SPEND, WHICH ESSENTIALLY HOW DO YOU ALLOW BOOMERS TO COME IN TO AN ENVIRONMENT AT A MUCH LOWER PRICE POINT, AND THEN OFFER THEM SERVICES IF THEY NEED THEM FOR FREE THROUGH THEIR PROVIDERS, THROUGH THEIR PAIR THAT ALREADY EXIST AND IN ORDER TO KEEP THEM HEALTHY AND THINK PROACTIVELY ABOUT THEIR WELLNESS. SO THAT IS KIND OF, AS WE LOOK AT OBTAINABILITY, HOW THOSE PEOPLE ARE ABLE TO AFFORD MEMORY CARE IS KIND OF SCARY. VALUE PROPOSITION, NONE OF THIS IS PERFECT. HOW WE LOOK AT THINGS TO SELL THIS, ESSENTIALLY LIVING IN YOUR HOUSE IS EXPENSIVE. YOU HAVE ALL THE ADD ONS THAT GO WITH IT, COMPARED TO THE RENTAL MODEL, AND WHAT DOES THAT OFFER? DO YOU PUT A PRICE ON SOCIALIZATION? NOT REALLY.
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DOESN'T EXIST THERE. COULD YOU? SURE. SO THIS IS JUST AN ILLUSTRATIVE -- SAME THING HERE. AS YOU LOOK AT MOVING OUT OF YOUR HOME SENSUALLY. LET'S SAY THE AVERAGE AGE IS 68. IF YOU'RE MOVING OUT OF YOUR HOME AT 68 AND MOVING INTO A FACILITY, COULD YOU FOREGO POTENTIAL MORE ACUTE CARE IN THE FUTURE BY LIVING A MORE VIBRANT LIFESTYLE? I THINK THERE IS A TON OF DATA AROUND WHAT SOCIALIZATION DOES TO BOOMERS AND WHAT IT DOES TO KIND OF THE LONGEVITY OF THEIR LIVES. NONE OF THAT IS INTENDED TO BE PERFECT. WE COULD PROBABLY SKIP THIS. THIS IS JUST HOW WE LOOK AT MARKETS IN GENERAL. CARMEL, OBVIOUSLY EXCEEDS A LOT OF THAT. BUT JUST IN CASE SOME OF THE DATA POINTS ARE, NEWER THAN WHAT YOU HAVE SEEN. THERE IS OBVIOUSLY A TREMENDOUS AMOUNT OF BOOMER POPULATION, EVEN THE 55 TO 75 IN THIS, JUST A FIVE-MILE RADIUS OF WHERE WE ARE AT NORTH END. JUST QUICKLY ABOUT OUR PROJECT. WE'RE RIGHT SOUTH OF U.S. 31, SANDWICHED BETWEEN SMOKEY ROW. IT ADDS A WHOLE OTHER ASPECT OF OUR EXCITEMENT ABOUT THIS PROJECT. IF YOU'RE 72, 75, 95-YEAR-OLD BOOMER THAT WANTS TO LIVE HERE, HAVING ACCESS IS EXCITING. NOT JUST TO GO SHOPPING NORTH, BUT FRANKLY IT'S MOSTLY GOING TO BE EXCITEMENT AROUND SERVICES AND JUST ACCESS TO RECREATION.BOOMERS, AS WE'VE SEEN EVEN IN ST. PETERS AND BEYOND, AS THEY MOVE OUT OF THEIR LARGER HOUSE, DOWNSIZE, THEY DON'T WANT TO BUY MORE STUFF ALL THE TIME. SO IT IS REALLY LOOKING AT WHAT DO THEY OFFER IN TERMS OF RESTAURANTS AND SERVICES, PLAYS, AMPHITHEATERS, MORE EXPERIENCE BASED LIVING. JUST THE RENDERING OF OUR JOINT VENTURES. SO WE'RE THE NORTH LARGER BUILDING THERE.
THE SOUTHERN TOWN HOMES ARE PHASE TWO FOR OLD TOWN WHO MASTER DEVELOPED THIS. ONE OF THE IMPORTANT, I THINK FINAL PIECES IN ALL OF THIS, AND I'LL STOP TALKING, THE COMMITMENT THAT OLD TOWN MADE TO THE FIELD MARKET, WHICH IS THAT LARGE GREENHOUSE THAT ISN'T EVEN THERE YET. THE TWO GREENHOUSES THAT ARE THERE AND THE FARM-TO-TABLE PROGRAM THAT THEY HAVE IS TRULY A FULL CIRCLE. BECAUSE YOU HAVE A REPURPOSE BUILDING THAT'S NOW A RESTAURANT AT THE NORTH END OF THAT LARGE ROUNDABOUT, RIGHT? THE FOOD LEAVES THE FIELDS.
IT'S SERVICED BY THE RESIDENTS, SOME WITH INTELLECTUAL DISABILITIES AT THE FACILITY NEXT DOOR, THAT VOLUNTEER THEIR TIME TO GROW THE FOOD THAT THEN GOES IN TO THE REPURPOSE BUILDING THAT DIDN'T GET TORN DOWN, TO THEN SERVE IT TO THE COMMUNITY. OUR RESIDENTS WILL BE THE EXACT SAME. WE WILL OVERTAKE THE VOLUNTEER OPPORTUNITIES AT THE MARKET. WITH THAT, I WILL
TAKE ANY QUESTIONS OR SIT DOWN. >> QUESTIONS FOR MIKE?
>> A QUICK QUESTION. I'M LOOKING AT THIS AERIAL SHOT.
I'M SO GLAD YOU INCLUDED IT. CAN YOU HELP ME UNDERSTAND, I DON'T DO DIRECTIONS WELL, TO THE RIGHT, WHERE I'M SEEING AN EMPTY CLEARING TO WHERE I SEE WHAT I THINK IS AT THE BOTTOM, SO 6:00. THERE IS AN OPEN FIELD. CAN YOU HELP ME UNDERSTAND, IS THAT A PART OF YOUR PROJECT OR JUST A PART OF YOUR AERIAL?
>> SO YOU SEE THE ROSE THERE ON THE SOUTH OF THERE? THOSE ARE
>> YES. >> OKAY. SO THAT'S 31 HEADING
>> YES. THAT'S AT THE BOTTOM. THE GREENHOUSES ARE NOT. THEY'RE THERE NOW, BUT THEY ARE NOT ON THIS IMAGERY.
>> SO I GUESS I'M TALKING ABOUT THE EAST COAST HERE, THAT OPEN
SPACE? >> THAT IS A DEDICATED STORM WATER ATTENTION, IT'S A DRY BASIN, YEP. IT WILL HEAD TO
SMOKY AND GOES TO KEYSTONE. >> THANK YOU.
>> IT'S BEHIND THE TREE LINE THERE.
>> AT 12:00 IS WHERE IT GOES UNDERNEATH U.S. 31?
>> YES. THAT'S CORRECT. YEAH. >> I HAD A QUESTION. I'M REALLY INTERESTED MORE ON YOUR NAVIGATORS AND WHAT THEIR RULE IS AND HOW MUCH THEY DO. THEN DO YOU MAKE PROVISIONS OR DO YOU HAVE PROVISIONS BECAUSE WE ALL KNOW AS WE AGE, AS HEALTHY AS THEY STAY, THERE COMES A POINT WHERE WE MAY FALL, WE MIGHT BE DIAGNOSED WITH DEMENTIA, AND WE'RE NEEDING A HIGHER LEVEL OF CARE. DO YOU HELP WITH THAT TRANSITION BECAUSE YOU HAVE OTHER FACILITIES THAT WILL PROVIDE SOME OF THOSE FACILITIES. IS THAT NAVIGATOR GOING TO HELP YOU GET INTO THOSE
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FACILITIES, AND THEN WHAT HAPPENS? DO THEY NEED TO SIGN A LEASE FOR A CERTAIN PERIOD OF TIME, AND WHAT HAPPENS TO THAT LEASE AND HOW DO THEY GET INTO MORE CARE THAT THEY NEED?>> IF SOMETHING ACUTE HAPPENS LIKE THAT, WHICH OF COURSE HAPPENS AT ANY AGE. BUT YES, SO THE LEASE WE WOULD HAVE, I DON'T KNOW THE EXACT BREAKAGE OR TERM OUT OF ANY SORT OF EVENT THAT WOULD HAPPEN AND HOW THAT WOULD BE REPAVED OR ANYTHING LIKE THAT. I'M NOT SURE IF I KNOW THE EXACT ANSWER TO THAT.
>> THAT'S A CONCERN FOR SENIORS, YOU KNOW.
>> YES. I'M TIED INTO THIS AND SOMETIMES I CAN'T GET OUT OF
THOSE LEASES. >> RIGHT, RIGHT, UNDERSTOOD. I UNDERSTAND. I'LL TAKE THAT, THANK YOU. THE COORDINATION IS SUCH AN IMPORTANT PIECE OF THIS. SO A LOT OF TIMES, NOBODY REALLY HAS A NAVIGATOR. A LOT OF THE PRIMARY CARE DOCS TEND TO BE OLDER THAN THEM, AND NAY RETIRE, WHICH IS A TYPICAL PATTERN WE'VE SEEN A LOT IN OUR SENIOR BUILDING AS WELL. HERE, THE SAME THING IS TRUE. SO THEY WOULD WORK WITH, AND ACTUALLY WE WOULDN'T REALLY REFER BUILDINGS, WE WOULDN'T REFER TO THEM JUST BECAUSE WE'RE ON THE OPPOSITE SIDE OF TOWN. WE WOULD HAVE RELATIONSHIPS AS WE DO LIKE IN ST. PETERS, WITH ALL THE LOCAL PROVIDERS BECAUSE IT IS KIND OF A GIVE AND TAKE. I MEAN, WE'RE NOT GOING TO BE THE PERFECT HOUSE FOR THE PERSON, WHEREAS THEY ARE THE PERFECT HOUSE FOR THAT, KIND OF THE CARE
LIVING. YEAH. >> THIS IS A PROBLEM FOR SENIORS TO FIND THAT FACILITY WHEN THEY NEED TO GET INTO? THAT COULD BE
A REAL ISSUE. >> YEAH, IT'S TERRIBLE, YEAH.
>> A QUICK QUESTION. YOU MAY HAVE ALREADY SAID THIS, BUT I WAS KIND OF BLOWN AWAY BY THE GLITZ OF YOUR SLIDE, SO I DIDN'T PAY ATTENTION. WHEN WILL THIS BE AVAILABLE? CAN YOU REMIND ME ABOUT THE TIMELINES ON THIS, SO WE CAN END YOUR PRESENTATION WITH WHAT PEOPLE CAN LOOK FORWARD TO ON WHEN THEY
COULD TAKE ACTION? >> YES, THANK YOU. WE ARE HOPING
TO BREAK GROUND MID SEPTEMBER. >> GREAT.
>> WE WILL PROBABLY BE STARTING TO LEASE ABOUT USUALLY LIKE 15 MONTHS IN A MARKET LIKE CARMEL, PROBABLY 15 MONTHS BEFORE. SO LET'S CALL, I THINK WE WOULD OPEN JANUARY 1 OF 28 OR END OF 27. WE'LL START LEASING, CALL IT LATE NEXT SUMMER OF 26.
>> SO IT IS KIND OF LIKE WHEN YOU BUILD A HOUSE, YOU PICK YOUR SPOT, YOU MAKE YOUR RENT DEPOSIT. WHEN YOUR UNIT IS AVAILABLE, THEN YOU MAKE YOUR FINAL PAYMENTS, SIGN CONTRACTS?
>> YEAH. >> BECAUSE OF THE DON JEFFTY, TYPICALLY OF THE RESIDENTS HERE. SO NATIONALLY, I THINK THE LATEST DATA POINT NATIONALLY ON TURN WAS 96 OR 95% RENT RENEWAL.
SO IT IS HIGH. WE OFFER A LOT OF THE FIRST TIME UNIT MOVE-INS TO PICK A LOT OF THE FINISHES THEY WANT. SO BACK SPLASH, THINGS LIKE THAT. SO WE HAVE AN OPPORTUNITY TO CHANGE A LOT OF
THAT. >> I SENSE THERE WILL BE A SUB MARKET IF YOU'RE NOT CAREFUL. PEOPLE ARE GOING TO WANT TO HOLD ON TO THAT LIKE THEY DO RENT CONTROL IN NEW YORK BECAUSE IT
IS SUCH A COOL IDEA. >> WELL, WE'LL SEE ON THE RENT
CONTROL, YEAH. >> MR. SCHULER?
>> MIKE, CAN YOU GO OVER THE FINANCIAL OBLIGATIONS FOR US?
>> OH SURE. FROM THE USER? >> YES.
>> FROM THE RESIDENT? >> I WANT TO KNOW, I'M 81 YEARS OLD. I WANT TO KNOW WHAT IT IS GOING TO COST ME.
>> OF COURSE, YEAH. SO WE TYPICALLY -- WE ARE TYPICALLY GOING TO BE TO MARKET ABOUT 10% OVER CLASSIC MULTI-FAMILY IN THE MARKET. AND SO IN CARMEL, YOU COULD THINK ABOUT THE RAIL YARD.
I MEAN, TO BE HONEST WITH YOU. WE ARE, OUR BEST ADJACENT IS TYPICALLY CLASS A MULTI-FAMILY. DETROIT, MICHIGAN, SAME THING.
>> PUT A NUMBER ON IT. >> YEP. ONE BEDROOM IS AT, CALL IT $1,700, $1,800, ALL IN, AND THEN TWO BEDROOMS, PROBABLY AT
$2,100, $2,200. STARTING. >> WHAT ABOUT PARKING? LIKE WHEN I LIVED IN SEATTLE, I PAID FOR MY PARKING SPACE.
>> YEAH. THIS IS -- THIS PROJECT IS POSSIBLE BECAUSE OF OBVIOUSLY WE'RE CONDENSED ON IT, BUT WE HAVE 102-UNIT STRUCTURE PARKING GARAGE UNDERNEATH THE SOUTHERN HALF OF THIS BUILDING. SO WE WILL HAVE ABOUT 230 SPACES TOTAL. 100 -- LESS THAN HALF OF IT WILL BE UNDER PARK. SURFACE IS FREE, PARKING BELOW,
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TYPICALLY IS $75, $100 A MONTH. IF YOU HAVE A PET, THERE'S A PET FEE. SIMILAR TO CLASSIC MULTI-FAMILY.>> I THINK YOU ANSWERED IT. I WANTED TO GET A FEEL FOR THE NUMBERS. AND YOU SAID TWO BEDROOM, APPROXIMATELY $2,100.
COMPARABLE TO RESIDENTIAL RENT. >> YES. YES. THE REASON FOR THE PREMIUM IS JUST PUTTING A PRICE TAG ESSENTIALLY ON THAT SOCIALIZATION FACTOR, TRYING TO CAPTURE THAT.
>> THE $2,200, IS THAT UTILITIES ON TOP OF THAT?
>> NO, NO. I MEAN, SOMETIMES IN A CERTAIN MARKET, DEPENDING ON WHO THE ELECTRICAL PROVIDER IS BECAUSE THERE IS NO GAS AT THESE SITES. WE COULD ROLL THOSE IN TO MAKE IT MORE EXCITING THAT YOU'RE JUST PAYING ONE BILL. A LOT OF THE TIMES WE JUST WORK SEPARATELY WITH THE ELECTRICAL COMPANY TO DETERMINE METERING TO FIGURE OUT WHAT THE BEST PROCESS IS. WE ARE LOOKING AT ANOTHER PROJECT RIGHT NOW IN CANTON, MICHIGAN OUTSIDE DETROIT, WHERE WE'RE GOING TO DO ALL-INCLUSIVE PRICING THERE.
>> HAVE YOU LOOKED ANYWHERE ELSE IT IN HAMILTON COUNTY?
>> WHAT'S THAT? >> ARE YOU LOOKING ANYWHERE ELSE
IN HAMILTON COUNTY? >> NOT TO CONSTRUCT ONE.
>> HAVE YOU HAD ANY FEEDBACK FROM SENIORS ABOUT RENTING,
RATHER THAN BUYING? >> NATIONALLY OR SPECIFICALLY IN
CARMEL? >> IN THIS AREA MORE THAN
NATIONALLY. >> WE HAVEN'T HAD THAT SPECIFIC CONVERSATION OF CONCERN OR ANY EXCITEMENT, IN EITHER DIRECTION ABOUT WHETHER OR NOT. I THINK GENUINELY LOOKING FOR A LOCATION, WHERE THEY CAN BE WITH PEOPLE THAT ARE JUST LIKE THEM IS HIGHLY DESIRABLE. ONE OF THE CONCERNS I HAVE, AND TO MAYBE ANSWER YOUR COMMENT ON COST. SO WE OPERATE INDEPENDENT LIVING FACILITIES EVEN HERE AND IN INDIANAPOLIS. LET'S SAY THEY RUN $3,000 A MONTH. YOU GET ONE MEAL A DAY. ONE OF THE DOWNFALLS IN OUR OWN BUILDINGS IS THAT AS THE RESIDENT, YOU'RE AROUND A LOT MORE ACUTE PEOPLE IN ASSISTED LIVING AND MEMORY CARE, AND THAT SOMETIMES IS KIND OF NOT EXCITING. NOW AS THE LANDLORD, THAT'S NOT GREAT BECAUSE THEY'RE THERE TO HELP KIND OF FEED ITSELF WITH THE OTHER ACUTE LEVEL OF CARE. BUT IN REALITY, THAT'S A CONCERN THAT MAKES SENSE. RESIDENTS DON'T WANT TO SEE THEIR FUTURE. THEY DON'T WANT TO THINK ABOUT THEMSELVES AS ASSISTED LIVING. SO LOOKING AT A FACILITY LIKE THIS, WHERE NO ONE IS IN THE ASSISTED LIVING, IT DOES, THERE
IS A PSYCHOLOGY TO THAT. >> YEAH.
>> JUST GOT A COUPLE MORE QUESTIONS, THEN WE APPRECIATE YOUR PRESENTATION, SIR. WHAT PERCENTAGE ARE YOUR RESIDENTS
TYPICALLY STILL EMPLOYED? >> YEAH, GOOD QUESTION. IN ST.
PETERS CURRENTLY, I THINK I'S AT 15% OR SOMETHING LIKE THAT.
>> AND THEN WHAT DO YOU, SPECIFICALLY CARMEL, WHAT WOULD
BE THE AVERAGE INCOMES? >> SO THE AVERAGE INCOMES HERE WOULD BE PROBABLY IN THAT $60,000, $65,000 RANGE. MAYBE $70,000. IN ST. PETERS, THE AVERAGE INCOME IS $45,000. IT'S
A DIFFERENT SUB MARKET. >> YES, SIR.
>> WELL, THANK YOU, MIKE. WE REALLY APPRECIATE YOUR PRESENTATION, AND LEARNING MORE ABOUT THE PROJECT AND THE
CONCIERGE, THE CONCIERGE CARE. >> THANK YOU.
>> THANK YOU. >> NEXT UP WE'LL HAVE JOHN WITH BHI. THEY OWN AND OPERATE A FEW FACILITIES IN THE CITY OF CARMEL. WE'LL TAKE A MOMENT, WHILE HE GETS CONNECTED TO THE SCREEN HERE.
>> READY TO ROLL? >> YES, SIR, THANK YOU, JOHN.
>> THANK YOU EVERYONE FOR HAVING US IN THIS EVENING. MY NAME IS JOHN, I'M THE PRESIDENT, CEO OF BHI SENIOR LIVING. YOU MAY KNOW BHI THROUGH SOME OF OUR LOCAL COMMUNITIES. WE HAVE HOOSIER VILLAGE OVER IN ZIONSVILLE. WE ALSO HAVE CARMEL HERE IN CARMEL.
AND MOST RECENTLY WE'VEADDED WESTMINSTER VILLAGE NORTH ON THE EAST SIDE OF INDIANAPOLIS. I PERSONALLY HAVE, I'M A HOOSIER, BORN AND RAISED IN MADISON, INDIANA. I'VE BEEN UP IN THE
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AREA SINCE 2008. BEEN AN OPERATOR IN SENIOR LIVING FOR 25 YEARS. JUST 25 YEARS, FIVE YEARS AGO, CLOSER TO 30 YEARS, I GUESS. I HAVE WORKED IN SMALL RETIREMENT COMMUNITIES, RECENTLY BECAME THE CEO AT BHI IN 2015. SO VERY FAMILIAR WITH THE NEEDS OF SENIORS AND BHI IS AN ORGANIZATION THAT IS WELL FAMILIAR WITH THE NEEDS OF SENIORS. I'LL TRY TO BE BRIEF.BHI WAS ORIGINALLY FORMED IN 1905. IT WAS A GIFT IN THE AREA FOR AN ORPHANAGE AT THE TIME. AS ORPHANAGES FAILED OUT, GOING INTO THE 1950S, THE ORGANIZATION DETERMINED THAT IT MIGHT BE BETTER TO CHANGE THEIR MISSION TO BETTER SERVING OLDER ADULTS.
SO IT BECAME AN ORGANIZATION WITH THREE RETIREMENT COMMUNITIES IN INDIANA. SINCE THAT TIME, WE HAVE BEEN TRYING TO GROW THROUGHOUT THE MIDWEST. WE'VE ADDED COMMUNITIES IN MICHIGAN, AS WELL AS OHIO, A COUPLE OF ACTIVE ADULT COMMUNITIES, ONE IN FORT WAYNE, ONE IN COLUMBUS. WE NOW HAVE A TOTAL OF 12 COMMUNITIES ACROSS THOSE THREE STATES. THAT SERVES FOLKS HERE IN THE CARMEL AREA, AS WELL AS OTHER PARTS OF INDIANAPOLIS. WE'RE LOOKING TO EXPAND THOSE SERVICES. WE ARE THE OWNER/OPERATOR OF GOLF CLUB INDIANA, WHICH IS A GREAT STORY I COULD TELL YOU SOME OTHER TIME. WE ALSO HAVE MULTIPLE SENIOR HELPERS TERRITORIES THROUGHOUT INDIANA. SENIOR HELPERS BASICALLY THOSE ARE AGENCIES THAT PROVIDE CARE AT HOME SERVICES OR COMPANION CARE TYPES OF SERVICES. WE EMPLOYEE 1,700 PEOPLE CURRENTLY, AND WE CURRENTLY SERVE OVER 3,300 RESIDENTS IN ALL OF OUR COMMUNITIES. THOSE ARE JUST SOME LOGOS THAT WE HAVE FROM ALL OF OUR ENTITIES. IT'S A MAP OF OUR LOCATIONS. THE ONE YOU'RE PROBABLY MOST FAMILIAR WITH, NORTH OF THE INTERSECTION OF 116TH AND GILFORD. THAT COMMUNITY IS ON 19.5 ACRES. FIRST RESIDENT MOVED INTO THAT COMMUNITY BACK IN 2013. IF YOU'VE BEEN AROUND THIS AREA FOR VERY LONG, YOU'RE PROBABLY FAMILIAR THE ORIGINAL OWNER WENT INTO BANKRUPTCY. BHI DECIDED IT WOULD BE A NICE ADDITION TO OUR FAMILY OF COMMUNITIES. SO WE BOUGHT BARRINGTON OUT OF BANKRUPTCY IN 2019. AT THAT TIME, WE DETERMINED WE WOULD HONOR ALL THE CONTRACTS OF THE EXISTING RESIDENTS. THAT BUILDING HAD A LOT OF EMPTY UNITS AT THE TIME. WE CURRENTLY HAVE ABOUT 120 EMPLOYEES OF OUR OWN. WE HAVE 50 CONTRACT EMPLOYEES. OVER 220 RESIDENTS. WE HAVE ALL LEVEL OF CARE THERE, ASSISTED LIVING, MEMORY SUPPORT, REHAB SERVICES. WE HAVE 260 UNITS THERE. IF YOU ARE NOT FAMILIAR WITH IT. WE DO OFFER ALL SERVICES THAT SENIORS MAY REQUIRE, THROUGHOUT THEIR LIFETIME. YES, WE HAVE INDEPENDENT LIVING, BUT WE KNOW THE MAJORITY OF OUR RESIDENTS, OLDER ADULTS WILL REQUIRE SOME FORM OF HEALTHCARE AT SOME POINT IN THEIR LIVES. WE GIVE THEM THE ABILITY TO HAVE A UNIQUE AND VERY FULFILLING LIFESTYLE WHEN THEY ARE INDEPENDENT. BUT TO BE ABLE TO STILL ACCESS WHETHER THEIR SERVICES OR THEIR SPOUSE MIGHT REQUIRE ALL UNDER ONE ROOF. THAT COULD BE VERY BENEFICIAL. BECAUSE MOVES, ESPECIALLY AS FOLKS GET OLDER, BECOME MORE AND MORE DIFFICULT ALL THE TIME. SO THE ABILITY TO ACCESS THOSE SERVICES UNDER ONE ROOF IS A REAL BENEFIT. WE LIST A LOT OF -- I LISTED A LOT OF THE VARIOUS SERVICES AND AMENITIES THAT WE HAVE. YOU CAN GO THROUGH THOSE WHEN YOU HAVE AN OPPORTUNITY. BUT THINGS THAT WE WOULD ALL LIKE AND ENJOY, INCLUDING MOVIE THEATERS, SOCIAL SPACES, AND FITNESS CENTERS. WE ALSO HAVE UNDERGROUND PARKING AT OUR BARRINGTON LOCATION. WE ALSO HAVE CONCIERGE POSITION
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SERVICES, HEALTHCARE RELATED SCHEDULING SERVICES THAT OUR RESIDENTS CAN ACCESS. WE THINK THE CONTINUUM OF CARE IS IMPORTANT BECAUSE WE HAVE BEEN DOING THIS A VERY LONG TIME BECAUSE WE ARE NOT FOR PROFIT. WE ARE MISSION DRIVEN PEOPLE CENTERED FUTURE FOCUS. THIS IS WHAT WE DO. WE'RE NOT DEVELOPERS, WE'RE PROVIDERS OF SENIOR LIVING SERVICES. THAT INCLUDES LIFESTYLES, THAT INCLUDES MEDICAL CARE, WHATEVER SOMEBODY MIGHT NEED. WE HAVE INNOVATIVE MEMORY SUPPORT PROGRAMS THAT WE HAVE DEVELOPED IN HOUSE. WE HAVE A BENEVOLENT CARE PROMISE FOR OUR RESIDENTS WHO WILL COME TO US, SO THAT IN THE EVENT THEY EXHAUST THEIR RESOURCES THROUGH NO FAULT OF THEIR OWN, WE'LL CONTINUE TO CARE FOR THEM FOR THE REST OF THEIR LIVES. WE HAVE A LOT OF GENERATIONAL PARTNERSHIPS. WE HAVE PARTNERSHIPS WITH LOCAL UNIVERSITIES LIKE BUTLER. WE HAVE, WE PARTICIPATE WITH THE ALZHEIMER'S ASSOCIATION. WE CERTAINLY EMPHASIZE HOSPITALITY AND CARE THROUGH OUR WELCOME HOME SERVICE RENDERING. WE PARTNER WITH CARMEL HIGH SCHOOL THROUGH THE PROGRAM. WE ALSO HAVE GENERATIONAL PROGRAMMING WITH THEM, WHERE THEY COULD COME AND READ TO RESIDENTS AND SEVERAL OF THEM DO. WE HAVE A VARIETY OF CONTRACTS AVAILABLE.WE HAVE, WE MOST RECENTLY HAD A LIFE SAFETY SURVEY WITH THE HIGHEST MEDICARE RATING THAT YOU CAN ACHIEVE. THERE'S SOME OF OUR RESIDENTS ENJOYING THEIR WONDERFUL LIVES AT THE BARRINGTON. WE DID TALK A LITTLE BIT ABOUT AGING IN THE PREVIOUS PRESENTATION, ALL THOSE NUMBERS CERTAINLY SOUNDED VERY FAMILIAR TO ME. WE REFERRED TO IT AS THE SILVER TSUNAMI. I THINK THE FIRST NUMBER IS THE NUMBER THAT IS JUST INCREDIBLY IMPACTFUL.
WHEN YOU THINK OF 10,000 AMERICANS TURNING 65 EVERY SINGLE DAY. BY 2030, ALL THE BOOMERS WILL BE OVER 65. ADULTS WILL OUTNUMBER THE CHILDREN UNDER 18 FOR THE FIRST TIME IN U.S. HISTORY. ONE IN EVERY FIVE AMERICANS WILL BE 65 OR OLDER BY 2040. THOSE ARE JUST SOME ASTOUNDING STATISTICS. CERTAINLY THIS IS PUTTING A LOT OF PRESSURE ON SENIOR LIVING. I KNOW WE'RE FEELING THAT LOCALLY IN CARMEL. THAT'S CERTAINLY TRUE THROUGHOUT THE STATE, THROUGHOUT THE COUNTRY. I ATTEND CONFERENCES, READ MATERIALS, CONSTANTLY ABOUT THIS PROBLEM.
SOME LONGEVITY TRENDS THAT HAVE BEEN INCLUDED HERE. AVERAGE LIFE EXPECTANCY, 79 NOW. OF COURSE, WE KNOW PEOPLE WILL LIVE WELL INTO THEIR 90S, IN THEIR 100S. THE WEATHER GUY ON THE TODAY SHOW USED TO READ THE PEOPLE'S NAMES WHO ARE RETURNING 100, THAT YOU WOULD HAVE TO DEVOTE TO A 24-HOUR PROGRAMMING, I THINK TODAY FOR THE NUMBER OF FOLKS THAT ARE TURNING 100. TODAY, PEOPLE MAY SPEND 20 TO 30 YEARS IN RETIREMENT OR MORE. THAT'S CERTAINLY WHEN YOU COMPARE IT TO WHEN I FIRST STARTED IN THIS BUSINESS 30 YEARS AGO, THAT IS A HUGE, HUGE DIFFERENCE. BECAUSE PEOPLE ARE LIVING LONGER, MORE AND MORE PEOPLE ARE BEING DIAGNOSED WITH ALZHEIMER'S, DEMENTIA RELATED ILLNESSES.
NEARLY $7 MILLION, CURRENTLY $7 MILLION AMERICANS ARE CURRENTLY LIVING WITH ALZHEIMER'S TODAY. ALL OF OUR COMMUNITIES, THEY HAVE SPECIAL MEMORY SUPPORT FACILITIES AND SERVICES AVAILABLE THAT ARE SECURE. IN INDIANA ITSELF, MORE THAN 120,000 PEOPLE ARE LIVING WITH ALZHEIMER'S. YOU CAN SEE THE NUMBER OF CARE HOURS THAT UNPAID PROVIDERS ARE ENGAGED IN CURRENTLY. SENIOR LIVING IS NOT WHAT IT USED TO BE. YOU KNOW, WHEN I FIRST STARTED THIS BUSINESS, SENIOR LIVING MEANT A NURSING HOME STAY, TYPICALLY A LONG NURSING HOME STAY IF YOU NEEDED CARE. YOU HAD BIBLE STUDY, BINGO. THAT'S VERY DIFFERENT FROM THE WAY OUR COMMUNITIES LOOK AND OPERATE TODAY. PEOPLE THAT ARE LOOKING FOR MEANINGFUL SOCIAL CONNECTIONS. THEY'RE LOOKING FOR SAFETY AND SECURITY WITHOUT SACRIFICING THEIR FREEDOM. THEY CERTAINLY WANT LIFELONG LEARNING PURPOSE AND ENGAGEMENT. OUR RESIDENTS WANT TRAVEL PROGRAMS. THEY'RE CONCERNED ABOUT SUSTAINABILITY. THEY WANT TO PARTICIPATE IN THINGS LIKE RECYCLING PROGRAMS. THEY'RE PRESSURING ME ALL THE TIME TO GET SOLAR PANELS. IT'S DEFINITELY A DIFFERENT WORLD THAN WE USED TO HAVE. CERTAINLY THERE'S GROWING DEMAND AT THE BARRINGTON OF CARMEL. WE HAVE A VARIETY OF FLOOR PLANS TO CHOOSE FROM. WE HAVE MODERN AMENITIES.
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AS I MENTIONED BEFORE, I THINK THE MOST IMPORTANT ASPECT IS THEY CAN ACCESS THESE ALL UNDER ONE ROOF. WE ARE ALSO NOT FOR PROFIT, WE'RE MISSION DRIVEN. OUR PROFITS, ANY WE HAVE ARE REINVESTED INTO THAT COMMUNITY ITSELF. IT IS INVESTED INTO OUR EMPLOYEES AND THEIR EDUCATION. IT'S INVESTED INTO PROGRAMMING.THINGS THAT ARE GOING TO DIRECTLY BENEFIT OUR RESIDENTS.
WE ARE ALSO GOVERNED BY A VOLUNTEER BOARD. WE HAVE SOME DIFFERENCES THAT WE HAVE WITH SOME OF OUR FOR PROFIT COUNTERPOINTS, OUR COUNTERPARTS. CERTAINLY THERE'S A GROWING DEMAND, AS I MENTIONED EARLIER. WE CURRENTLY HAVE A WAIT LIST OF 80 PEOPLE. THERE ARE A LOT OF FOLKS THAT ARE LOOKING TO MOVE INTO THE FACILITIES LIKE OURS OR THE COMMUNITIES LIKE OURS. IN THE CARMEL AREA, THERE ARE NEARLY 20,000 FOLKS AGE 70 OR OLDER WITH THE HOUSEHOLD INCOME OF $150,000 OR MORE. THOSE ARE THE KIND OF FOLKS THAT WILL TYPICALLY MOVE INTO A COMMUNITY LIKE OURS. BEYOND THAT BECAUSE THERE ARE LIMITED SERVICES AVAILABLE IN FACILITIES IN THE CARMEL AREA. WE HAVE HUNDREDS OF RESIDENTS WHO ARE FROM CARMEL ZIP CODES. I WOULD SAY OUT OF THE HUNDREDS OF APPLICATIONS THAT WE CURRENTLY HAVE ON HAND, PROBABLY HALF OF THOSE ARE CURRENT CARMEL RESIDENTS AS WELL. I'M SURE YOU WOULD LIKE OPPORTUNITIES FOR FOLKS TO STAY AT HOME. WE DO CURRENTLY HAVE A PROPOSED EXPANSION THAT WE ARE EXPLORING AT CARMEL THAT WILL ADD SOME DINING VENUES, A NICE BAR, AS WELL AS SOME ADDITIONAL APARTMENTS. THIS SHOWS AN OPEN AREA THAT IS AVAILABLE FOR THAT EXPANSION. THERE'S AN OVERHEAD THAT PROBABLY BETTER DEMONSTRATES THAT SPACE WHERE WE WOULD LIKE TO PUT THAT EXPANSION. THERE IS ANOTHER RENDERING. THOSE WILL SHOW THE EXISTING APARTMENTS, THE NEW APARTMENTS, SOME OF THE OTHER ADDITIONS. BEYOND THE BARRINGTON OF CARMEL, WE WOULD CERTAINLY LIKE TO HAVE OTHER OPPORTUNITIES TO INTRODUCE ADDITIONAL UNITS OR SERVICES TO FOLKS IN THE CARMEL AREA. YOU KNOW, WE CERTAINLY ARE LOOKING AT THE OPPORTUNITIES TO POTENTIALLY HAVE MORE OF AN URBAN BASED TYPE OF SETTING, SO WE COULD OCCUPY INDEPENDENT LIVING IN A BUILDING. MORE OF AN APARTMENT-STYLE TYPE OF RESIDENCE, WHERE THOSE FOLKS WOULD HAVE PRIORITY ACCESS TO OUR CONTINUUM OF CARE AT THE BARRINGTON, SO THEY COULD LIVE INDEPENDENTLY IN AN EXCLUSIVELY INDEPENDENT ENVIRONMENT. BUT WHEN THEY DO MEET THAT ADDITIONAL CARE OPTION, THEY HAVE ONE NOT VERY FAR AWAY. IT WOULD BE WITH AN ORGANIZATION THAT IS ALREADY FAMILIAR WITH THOSE INDIVIDUALS. IT'S A POPULAR PRODUCT FOR FOLKS RIGHT NOW. CERTAINLY SOME OF THE DIFFICULTIES IN TERMS OF ANY FUTURE DEVELOPMENT WE'LL BE LOOKING AT HAD THOSE THINGS LISTED THERE. THEY'RE NOT GOING TO BE UNUSUAL COMPARED TO OTHER DEVELOPMENTS THAT WANT TO MOVE FORWARD, BUT CERTAINLY THE COST OF LAND WOULD BE A BIG BARRIER FOR US. ESCALATING CONSTRUCTION COSTS, CERTAINLY ARE THINGS WE WILL LOOK AT, THAT WE WOULD LOOK AT, FINANCING, BUT WE'VE DONE LARGE PROJECTS BEFORE. WE'VE BEEN ABLE TO PUT THOSE THINGS TOGETHER WITH A LOT OF SUCCESS.
SO I THINK THAT WRAPS UP BASICALLY ALL THE INFORMATION
THAT I HAVE. >> QUESTIONS FOR JOHN?
>> I DID HAVE A REAL QUICK STATEMENT FIRST. I REMEMBER WHEN THE BARRINGTON OPENED. IT WAS REALLY THE FIRST OF ITS KIND IN OUR COMMUNITY. VERY EXCITED YOU GUYS TOOK OVER THE MANAGEMENT.
IT'S BEEN VERY SUCCESSFUL. I'VE BEEN OVER THERE A NUMBER OF TIMES, SO I APPRECIATE YOU'RE A PART OF OUR COMMUNITY.
>> I APPRECIATE THE COMMENT. WE'RE VERY EXCITED TO BE A PART
OF CARMEL. >> -- THEY ARE ALWAYS, ALWAYS VERY HAPPY WITH THEM, SO I'VE BEEN VERY FAMILIAR WITH YOUR FACILITIES FOR A LONG TIME. I'M REALLY CONCERNED ABOUT THE COST OF CARE. WE SEE THAT GOING SO HIGH ALL THE TIME. WHAT ARE YOU
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DOING TO TRY TO KEEP THOSE COSTS DOWN FOR FAMILIES? BECAUSE THEY'RE LIMITED INCOME. HOW MANY FAMILIES HAVE TO LEAVE BECAUSE THEY DON'T HAVE THE MONEY? YOU'RE TOTALLY PRIVATEPAY, RIGHT? >> THAT IS CORRECT, WE ARE,
ABSOLUTELY. >> SURPRISINGLY TO A LOT OF PEOPLE, WE HAVE A LOT OF FOLKS WHO ARE JUST GOOD PLANNERS WHO WILL LIVE WITH US. THEY'RE TEACHERS, THEY'RE ENGINEERS.
THEY ARE ANY NUMBER OF PROFESSIONS THAT ARE REPRESENTED AT OUR COMMUNITIES. PEOPLE WHO DON'T WANT THEIR CHILDREN TO HAVE TO MAKE THOSE DECISIONS FOR THEM LATER. BUT IN RELATIONS TO YOUR QUESTIONS ABOUT HOW ARE WE CONTROLLING COSTS, WE ARE ALWAYS LOOKING AS PART OF OUR BUDGETING PROCESS TO MAKE SURE WE ARE KEEPING ANY OF OUR INCREASES IN CHECK, AS MUCH AS WE CAN. ONE OTHER REASONS WE INTRODUCED THE CERTIFIED HOME HEALTH SERVICES IS THAT PEOPLE CAN STAY IN THEIR CURRENT LEVEL OF CARE FOR A LONGER PERIOD OF TIME. AS THEY DO MOVE THROUGH OUR CONTINUUM AND GO TO HIGHER LEVELS OF CARE. THOSE MONTHLY PRICES, AS YOU WOULD IMAGINE, INCREASE. SO IF WE COULD PROVIDE THEM CARE THROUGH THAT CERTIFIED HOME HEALTH AGENCY THROUGH COVERAGES THAT THEY HAVE THROUGH MEDICARE, OTHER INSURANCE. THAT IS AN OPPORTUNITY OF SAVINGS FOR THEM. SO WE TRY TO DO THINGS THAT WAY.
WE'RE ALSO LOOKING FOR PREVENTIVE IT TYPES OF WELLNESS PROVISIONS, SO WE CAN DELAY, THE ONSET OF A LOT OF THOSE PROBLEMS, WHICH ULTIMATELY CAN DECREASE THOSE COSTS OVER THE COURSE OF A LIFETIME. BUT YOU KNOW, IT'S DIFFICULT. ALL LEVELS APPEAR EXTREMELY EXPENSIVE. IT'S INCREDIBLY DIFFICULT TO NAVIGATE THAT, THAT MEDICAL LANDSCAPE. AND THEN CERTAINLY, YOU KNOW, IN THIS ERA OF RUNAWAY INFLATION WE'VE BEEN A PART OF OVER THE LAST SEVERAL YEARS HAS BECOME HARDER AND HARDER. BUT YOU KNOW, WE ARE ALWAYS LOOKING. ANY OTHER
QUESTIONS? >> I KNOW YOU'VE INCREASED A NUMBER OF INDEPENDENT OR SEPARATE HOMES DOWN IN HOOSIER VILLAGE. ARE THOSE AT HIGH DEMAND? I'M SURE THEY ARE, AND YOU'RE BUILDING MORE, ARE YOU BUILDING MORE DOWN THERE?
>> WE ARE BUILDING MORE CURRENTLY, YES. THERE'S INCREDIBLY HIGH DEMAND. EVERY PROVIDER IS STRETCHED TO BE ABLE TO -- YOU KNOW, WE HAVE A SIX-YEAR WAIT LIST AT HOOSIER VILLAGE. SOME FOLKS WHO APPLY TO MOVE IN DON'T END UP HAVING THE OPPORTUNITY TO MOVE IN BECAUSE THEIR CARE NEEDS BECOME MORE SIGNIFICANT AS THEY WAIT ON THE WAIT LIST. SO WE CERTAINLY PLAN TO BUILD MORE. WE'D LIKE TO BUILD MORE IN CARMEL. WE'D LIKE TO EXPAND EVERYWHERE BECAUSE WE KNOW THE OPPORTUNITY EXISTS, AND WE KNOW SENIORS NEED TO BE SERVED.
>> YOU NOTED SOME STATISTICS AND 19,689 CARMEL RESIDENTS WHO ARE 70 PLUS WITH AN INCOME OF $150,000 OR MORE. I WOULD LOVE TO DIVE INTO SOME OF THAT DATA AT SOME POINT WITH OUR HOUSING TASK FORCE, OUR STAFF HERE TO DETERMINE HOW MANY OF THOSE ARE IN SINGLE-FAMILY HOMES. HOW MANY OF THOSE WHERE THOSE RESIDENTS ARE WE ACTUALLY AT RISK TO LOSING TO OTHER COMMUNITIES BECAUSE WE DON'T HAVE THE OPTIONS AVAILABLE FOR THEM TO STAY IN CARMEL. THAT'S A REAL CONCERN OF MINE. I KNOW IT'S A CONCERN OF THIS COMMITTEE'S, AND WOULD LIKE TO DIVE IN AND ADDRESS THAT CHALLENGE HEAD ON. I THINK WHEN WE GET THROUGH THE PRESENTATIONS, WE WOULD LIKE TO HAVE EACH OF YOU UP HERE TALK BECAUSE WE WOULD LIKE TO TALK ABOUT GENERAL GAPS, DEMANDS IN OUR COMMUNITY, MAYBE SOME RECOMMENDED SOLUTIONS. YOU GUYS MIGHT BE ABLE TO OFFER. BUT JOHN, I APPRECIATE YOU COMING HERE TODAY AND PRESENTING TO US, SO WE LOOK FORWARD TO FURTHER
DISCUSSION HERE. >> REGARDING SOME OF THE MARKET STUDY DATA THAT WE HAVE, AND SHARE SOME OF THAT WITH YOU, SO YOU HAVE A BETTER UNDERSTANDING OF WHERE THE NEED MIGHT BE.
>> LET'S DO IT. >> ALL RIGHT, THANK YOU, SIR.
>> THANK YOU. >> NEXT UP WE HAVE REX. THEY'RE DEVELOPING SOME PRODUCT TYPE SURROUNDING OUR COMMUNITY HERE, AND WANTED TO TALK ABOUT SOME OF THEIR OFFERINGS AS WELL, ANOTHER PIECE OF THE PUZZLE. REX, WE'LL TAKE A MOMENT WHILE REX GETS
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CONNECTED TO THE SCREENS. >> OKAY, WHILE THAT'S CONNECTING HERE, VERY NICE TO SEE YOU ALL AND THANK YOU FOR HAVING US AGAIN. SOME OF THE INFORMATION VERY SIMILAR TO SOME OF THESE OTHER GENTLEMEN THAT SPOKE, KIND OF ABOUT THE STATUS OF AGING SENIORS WITHIN OUR COMMUNITY. WHAT I WOULD SAY IS WE'RE A LITTLE BIT BEFORE, YOU KNOW, WHERE THOSE FOLKS THAT THAT ARE MOVING INTO THESE TYPES OF FACILITIES. HOPEFULLY WE'LL BE ABLE TO TIE THE KNOT HERE BETWEEN THE ENTIRE AGE BRACKET.
WE'LL GO OVER DEMOGRAPHICS AND HOUSING, OPTIONS WE HAVE AVAILABLE TO US, THEN WE HAVE ONE CURRENT COMMUNITY THAT WE WANTED TO HIGHLIGHT AS WELL. SO ONE THING I WANT TO POINT OUT IS ON JULY 10, MADE A PRESENTATION TO THE TASK FORCE. I WOULD HIGHLY, HIGHLY RECOMMEND YOU GET A COPY OF THAT IF YOU HAVEN'T ALREADY. WATCH THE VIDEOS, GET A COPY OF THE PRESENTATION. LOTS OF AWESOME INFORMATION IN THERE. SO IF YOU'RE KIND OF A NERD LIKE ME OR YOU LIKE TO KNOW DATA, IT IS EYE OPENING. SO WE INDEPENDENTLY DID OUR OWN ANALYSIS. SOME OF THE INFORMATION ON THE SCREEN ABOUT POPULATION, THE PERCENTAGE OF THE ADULT POPULATION. TOTAL HOUSEHOLD COUNTS, THE ACTIVE ADULT HOUSEHOLD COUNTS, THEN KIND OF THE PROJECTIONS. SO I THINK MY KIDS SAID, YOU KNOW, THAT 5% 8% GROWTH IN THE NEXT FEW YEARS, WE ADDED ABOUT 6.5%, 6.6% GROWTH OF THE PROJECTED HOUSING COUNTS FOR ACTIVE ADULTS. SO I THINK WE'RE ALL KIND OF RIGHT IN THAT SAME BALLPARK. AND THEN OVERALL, I THINK THERE IS JUST A STRONG DEMAND FOR SALE HOUSING FOR AGING SENIORS OR ACTIVE ADULTS. YOU'LL NEED A FACILITY TYPE OF CARE. BUT OVERALL, VERY STRONG, GROWING DEMAND IN THE MARKETPLACE. SO THIS IS JUST KIND OF A RANKING, WHICH JUST BASICALLY SHOWS CARMEL IS THIRD IN THE ENTIRE INDIANAPOLIS AREA, AS FAR AS THE NUMBER OF 55 AND BETTER HOUSEHOLDS THAT EXIST WITHIN THE COMMUNITY. INDIANAPOLIS IS OBVIOUSLY VERY LARGE. LAWRENCE IS ANOTHER GROWING OR AGING PART OF INDIANAPOLIS, AND THEN CARMEL'S RANKING THIRD THERE AS WELL.
KIND OF A LOOK BACK AT THE LAST FOUR YEARS OF RESALE HOUSING IN THE MARKET. YOU CAN SEE THE DARKER BLUE IS THE RANCHES, THE LIGHTER BLUE IS THE TWO STORIES, WHICH IS NOT SHOCKING TO US IN CARMEL BECAUSE WE'RE A GROWING COMMUNITY. BUT MAKE NO MISTAKE, SINGLE-FAMILY HOMES OR RANCH-STYLE HOMES ARE 25% TO 35% OF THOSE SALES, SO IT'S DEFINITELY SOMETHING THAT'S NEEDED. WE KIND OF WANTED TO TALK ABOUT AFFORDABILITY A LITTLE BIT OR AT LEAST THAT'S ONE OF THE CONVERSATION TOPICS THAT WERE BROUGHT UP. SO THIS INFORMATION, THIS DATA THAT WE SHARED WITH ME IS VERY, VERY SHOCKING, AS FAR AS THE LISTING PRICE AND THE CLOSING PRICES OF HOMES WITHIN THE CARMEL COMMUNITY. I THINK WE CAN ATTRIBUTE THIS TO SOME HIGH-QUALITY DEVELOPMENTS, YOU KNOW, I'LL LOOK TO JACKSON'S GRANT AS SOME OF THE REASONS MAYBE WHY WE'RE SEEING INFLATED NUMBERS. BUT MAKE NO MISTAKE, JOHN TOUCHED ON IT TOO. LAND COSTS ARE EXPENSIVE, CONSTRUCTION COSTS ARE EXPENSIVE. IT EVENTUALLY FLOWS ALL THE WAY THROUGH. SO VERY, VERY EXPENSIVE TO PROVIDE HOUSING OF ANY KIND IN THE MARKETPLACE TODAY. THIS IS A LITTLE BIT OF AN INVENTORY OF TOTAL UNITS AND THEN REMAINING UNITS WITHIN A HANDFUL OF PROJECTS THAT ARE OUT THERE. YOU SEE SOME OF THEM ACTIVE, A FEW OF THEM UPCOMING THAT HAVEN'T NECESSARILY PROVIDED ALL THE LOT TYPES YET. MEADOW STONE IS A COMMUNITY NEAR 146TH AND GREY RROAD. ON THE WEST SIDE OF CARMEL. AND THEN FLORA, DOING KIND OF DOWN NEAR 465 IN ILLINOIS. IT'S A PART OF THE PROJECT AS WELL. SO KIND OF THE PRODUCT HERE, THE SUPPLY OF RANCH-STYLE HOMES WITHIN THE CITY IS DWINDLING. I THINK WE'RE ALL TRYING TO TACKLE THE SAME QUESTION OR CONCERNS AT THE SAME TIME. JUST DOING IT IN A DIFFERENT WAY. SO JUST A FEW THINGS THAT I WANTED TO HIGHLIGHT AS FAR AS WHAT WE HAVE IN OUR PORTFOLIO. WE HAVE SINGLE-FAMILY DETACHED HOMES. WE HAVE DUPLEXES. WE HAVE SOME TOWN HOMES. THE REASON WHY I MENTION THAT, WE DO HAVE MASTERS ON THE MAIN FLOOR, AND THEN WE HAVE CONDOS OR FLATS, WHICH ARE ESSENTIALLY MULTI-UNIT BUILDINGS WITH AN ELEVATOR. RICH, DO YOU NEED TO MAKE SURE THIS IS
RECORDING? >> WE NEED TO MAKE SURE THE
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RECORDING WON'T END AT 6:30. WE'RE GOOD.>> OKAY. THEN NOT ONLY ARE THE UNIT TYPES AND THE ACTUAL STRUCTURES WE BUILD, BUT JUST A COUPLE OF DIFFERENT BRANDS UNDERNEATH THE GROUP UMBRELLA THAT WE HAVE AS WELL. THERE'S A BRAND THAT IS NON-AGE RESTRICTED, AND THEN THE BRAND WE'RE ALL PROBABLY ACCUSTOMED TO, THE AGE RESTRICTED COMPONENT, WHICH IS MORE OF THE PREMIUM BRAND FOR SENIOR HOUSING ACROSS THE COUNTRY. SO WE HAVE THREE DIFFERENT HOME SERIES OF SINGLE-FAMILY DETACHED HOMES THAT ARE ALL SINGLE-STORY OR RANCH-STYLE HOMES. THESE ARE GEARED TOWARDS THE EMPTY NESTER BUYER. WE CAN RANGE IN SQUARE FOOTAGE OF ABOUT 1,500 SQUARE FEET UP TO NORTH OF 2,700 SQUARE FEET. WE CAN STILL GET THIRD-CAR GARAGES FOR THOSE MOVING DOWN OUT OF MAYBE A LARGER HOUSE WITHIN THE CITY OF CARMEL. AND I THINK THIS WAS MENTIONED DURING MIKE'S PRESENTATION, MAYBE BY RICH. THIS CYCLE, THE HOUSING CYCLE, HOW WE'RE GOING TO TACKLE THAT, I THINK, IS ONE OF THE THINGS WE'RE LOOKING AT, TRYING TO BE ABLE TO PROVIDE FOR THIS STYLE OF HOUSE FOR FOLKS TO MOVE OUT OF THE HOME THAT MAYBE THEY GREW UP IN, RAISED THEIR FAMILY IN, KIDS HAVE GONE OFF TO COLLEGE. NOW THEY'RE NOT MOVING BACK HOME. WHAT AM I DOING WITH MY 4,000, 5,000-SQUARE FOOT HOUSE? I WOULD RATHER HAVE A MANAGEABLE 2,500-SQUARE FEET, BUT STAY WITHIN THE CITY OF CARMEL, STAY WITHIN MY BUBBLE, MY FRIENDS, MY CHURCH, MY
GROCERY STORE, ALL THAT. >> REX, IS SOME OF THIS PLANNED AT 146TH AND GRAY, IS THAT CORRECT?
>> CORRECT. OF THE IMAGES ON THE SCREEN, IT WOULD BE THE TOP LEFT AND THE BOTTOM, I'M SORRY, THE TOP RIGHT. I DO HAVE A QUICK SLIDE ON THAT CLOSER TO THE END, BUT YES, THAT IS THE ONE COMMUNITY THAT WE DO HAVE ACTIVE TODAY. WE HAVE MULTIPLE DIFFERENT TOWN HOME COMPONENTS. THERE'S A THREE-STORY TOWN HOME, A TWO-STORY TOWN HOME. WE CAN HAVE THEM FRONT-LOADED GARAGES, WE CAN HAVE THE GARAGES IN THE REAR OFF OF AN ALLEY, DEPENDING ON THE STREET SCAPE OR HOW VISIBLE THEY ARE. THESE ARE TRADITIONALLY LESS INTERESTING FOR SENIORS, BUT WE DO HAVE A 30-FOOT WIDE TOWNHOME THAT HAS A MASTER ON THE MAIN. THAT'S THE REASON WHY I WANTED TO BRING THAT UP AS WELL. SO YOU KNOW, THERE MAY BE A PLACE WITHIN THE COMMUNITY WHERE HEY, WE STILL WANT FOR SALE HOUSING HERE. THAT COULD BE AN ALTERNATIVE TO NEEDING SOMETHING THAT IS MAYBE HIGHER DENSITY OR NEEDING AN ALTERNATIVE HOUSING TYPE WITHIN THE MARKET.
>> QUICK QUESTION. ARE THERE ELEVATOR OPTION UPGRADES?
>> IT IN OUR TOWNHOMES, THERE ARE NOT, BUT WE'LL GET TO AN OPTION THAT DOES HAVE THAT. SOMETHING WE DON'T CURRENTLY BUILD HERE IN THIS MARKET, WE BUILD IT KIND OF OUT EAST AS WE HAVE STACKED TOWN HOMES, SO IT IS STILL A THREE-STORY BUILDING, BUT KIND OF ONE AND A HALF FLOORS OVER ONE AND A HALF FLOORS, SO THE TENANTS WOULD SHARE THAT SECOND LEVEL, FRONT TO BACK. AGAIN, IT PROVIDES FOR A DIFFERENT ALTERNATIVE TO MOVING OUT OF THE BIG HOUSE, YOU KNOW, THESE WOULD BE IN PLACES WHERE THEY ARE MORE WALKABLE TO CERTAIN AMENITIES, MAYBE CLOSER TO THE ARTS DISTRICT. THAT'S WHERE YOU MIGHT FIND, YOU KNOW, A STACKED TOWN HOME LIKE THIS. AND THEN LAST, BUT NOT LEAST.
THESE ARE SOME CONDOS OR FLATS THAT WE HAVE. THERE'S VARIOUS SIZES OF THE BUILDINGS. THERE'S 36-UNIT BUILDINGS, 50-UNIT BUILDING, ONE UNIT IN BETWEEN, I BELIEVE. THESE BUILDINGS DO HAVE ELEVATORS. THEY DO HAVE PARKING OR AT LEAST ONE OF THEM IS DESIGNED TO HAVE PARKING ON THE FIRST FLOOR UNDERNEATH THE FOOTPRINT OF THE BUILDING. THERE'S A RANGE OF SQUARE FOOTAGE, SOME OF THESE FOLKS MIGHT HAVE SECOND HOMES ELSEWHERE IN THE COUNTRY, BUT THEY STILL WANT TO MAINTAIN THE RESIDENTS HERE IN CARMEL, SO THEY MIGHT NOT NEED EVERYDAY LARGER SQUARE FOOTAGE. BUT VERY UNIQUE. WE LOVE TO FIND A PLACE WITHIN THE PARTICULAR CARMEL OF THE INDIANAPOLIS AREA, WHERE SOMETHING LIKE THIS COULD BE UTILIZED BECAUSE WE THINK IT'S A CREATIVE WAY TO PROVIDE HOUSING FOR THE AGING
POPULATION. >> CAN I ASK ONE MORE QUICK
>> YOU MENTIONED FIRST LEVEL PARKING. HAS IT EVER BEEN DISCUSSED TO HAVE TWO, THREE TIERS OF PARKING? I DON'T KNOW.
>> THIS IS RELATIVELY NEWER FOR US HERE. WE CAN CERTAINLY CONSULT WITH OUR FOLKS OUT EAST. BUT MY GUESS, JUST BASED ON WHAT I KNOW ABOUT THE STRUCTURES THEMSELVES IS THAT THEY'RE TYPCALLY THE FIRST FLOOR. NOW, NOT TO SAY THIS COULDN'T BE DONE, YOU KNOW, MAYBE ON A PODIUM OR SOMETHING AS PART OF A BIGGER MIXED USE DEVELOPMENT OR SOMETHING. THAT'S MAYBE AN OPTION. BUT WE COULD CERTAINLY LOOK INTO THAT AND COME BACK AT A FUTURE MEETING. I JUST WANTED TO HAVE A FEW SLIDES HERE. MOST ARE FAMILIAR WITH THE BRAND. SOME ARE NOT, SO I WANTED TO RUN
[01:00:01]
THROUGH THAT QUICKLY. IT IS MORE ABOUT THE LIFESTYLE. SO MIKE TALKED ABOUT, YOU KNOW, THE PROGRAM FOR AVENUE'S DEVELOPMENTS. I WOULD SAY THIS IS MORE CLOSELY TIED TO THAT, HOWEVER, IT IS STILL ACHIEVED WITH A SINGLE-FAMILY DETACHED HOME. SO THERE'S -- IT EVOLVES FROM THE CITY ACROSS THE COUNTRY, AND THEN WE NOW HAVE OUR FIFTH THAT WE JUST OPENED IN NOBLESVILLE. FIRST ONE WAS 10, 12 YEARS AGO. SO THEY CAN BE AGE RESTRICTED. THAT IS SOMETHING WE COULD DO THROUGH THE OLDER PERSONS ACT, SO THERE IS A LEGAL WAY TO GO ABOUT DOING THAT. AND THEY'RE HIGHLY, HIGHLY, HIGHLY AMENTIZED L. SO WE WOULD LOVE TO FIND A PLACE. NOW WE UNDERSTOOD CARMEL HAS LESS LAND AVAILABLE, BUT THERE ARE SOME CREATIVE WAYS THAT MAYBE WE COULD STILL PROVIDE IT THIS TYPE OF COMMUNITY WITHIN THE CITY, SO WE WOULD LOVE TO BE ABLE TO FIND A WAY TO DO THAT WITHIN CARMEL'S BOUNDARIES. BENEFITS OF DEL WEBB, AVERAGE AGE, OURS IS 64.8.NOW, THAT VARIES FROM COMMUNITY TO COMMUNITY, SO WE'RE 55 AND OLDER. SO PEOPLE ARE GOING TO AGE INTO THAT AVERAGE. YOU KNOW, IF YOU TOOK A PULSE, WE'RE STILL ACTIVELY SELLING HOMES IN THAT COMMUNITY. PROBABLY A LITTLE LOWER THAN 64, BUT IT DEFINITELY PROVIDES A WAY FOR PEOPLE TO AGE OUT OF THEIR TWO-STORY HOME, MOVE DOWN, HAVE A LIFESTYLE, GET INTO THE SOCIALIZATION ASPECT, AND BE HERE FOR 10, 15, MAYBE EVEN 20 YEARS BEFORE THEY'RE STARTING TO NEED THAT EXTRA CARE AND MAYBE SIZE DOWN TO GET INTO A TRADITIONAL APARTMENT-STYLE LIVING DEVELOPMENT. 55% OF THE PEOPLE, DEL WEBB VOLUNTEER IN THE COMMUNITY. THAT'S HUGE. THEY GENERATE LESS TRAFFIC. THEY SUPPORT ALL OF OUR RETAIL AND DINING ESTABLISHMENTS ON OFF-PEAK HOURS, WHICH IS CERTAINLY NICE FOR THE OVERALL COMMERCE OF THE COMMUNITY. AND THEN CONTRARY TO WHAT SOME MIGHT BELIEVE, OUR RESIDENTS ARE ACTIVE ADULTS. THEY'RE NOT IN A RETIREMENT COMMUNITY. SO THEY STILL NEED LESS POLICE FIRE, EMS RUNS BASTER HAD ACTIVE, TRAILS ARE CRAZY. YOU WOULDN'T BELIEVE THE AMOUNT OF PICKLEBALL DEMAND THAT THERE IS. WE CAN'T SERVE THE PICKLEBALL DEMAND IN OUR DEL WEBB COMMUNITIES ENOUGH.
>> THEY MIGHT NOT HAVE EMS CALLS, BUT THE ORTHOPEDIC
SURGEONS LOVE PICKLEBALL. >> IF YOU'RE A KNEE REPLACEMENT DOCTOR, I WOULD FIND AN OFFICE NEAR A DEL WEBB. NO, I'M JUST
KIDDING. >> QUICK QUESTION. YOU SAID ACTIVE SENIORS. WHEN YOU LOOK AT YOUR MARKETING OR DATA RESULTS, WHAT DO YOU AGE? WHAT IS THE BOOKENDS FOR ACTIVE SENIORS? HAD IT SOUNDS LIKE YOU SAID 64 TO ABOUT 81?
>> OUR AVERAGE AGE IS 64. THAT'S ACROSS THE COUNTRY, YOU KNOW, SO CERTAINLY DOWN IN FLORIDA, ARIZONA, IT JUST KIND OF DEPENDS ON THE STAGE. PEOPLE CAN LIVE LONGER, THE MORE ACTIVE THEY ARE OR IF THEY STAY HERE BEFORE THEY NEED MORE CARE. SO I WOULD SAY IT'S 55 TO 70 IS PROBABLY OUR RANGE, GIVE OR
TAKE. >> OKAY. SO IT SOUNDS LIKE THE BUSINESS MODEL WOULD BE PEOPLE COME THERE FOR 10, 15, 20 YEARS, LIKE YOU SAID, THEN THEY WOULD GO TO SOMEWHERE LIKE THE
BARRINGTON, RIGHT? >> VERY POSSIBLE, YES.
>> THAT'S A WAY FOR ALL OF US, AT THE TABLE, TO ADDRESS THE GLARING NEED. WE CAN FILL A MOMENT IN THAT TIME AND THAT LIFE CYCLE. THEY WILL GET ACCUSTOMED TO THESE TYPES OF LIFESTYLES, THEN BOOM, HERE IS MIKE, AND THEY DON'T HAVE TO GO VERY FAR, RIGHT? IF WE FOUND A PLACE WITHIN THE CITY OF CARMEL.
WE ARE ALL DOING A GREAT JOB TRYING TO SERVE IT THIS NEED, AND THERE IS DEFINITELY A WAY FOR US TO CO-EXIST.
>> IS THERE A PROBLEM WHEN THEY WOULD GO TO RESELL THEIR
[01:05:04]
>> YEAH. >> DO THEY RESELL VERY QUICKLY?
>> TYPICALLY, YES, BECAUSE ABOUT THIS, AND I'M NOT TRYING TO MISLEAD YOU. BUT YES, AMENITY CENTERS ARE HUGE. THEY'RE 14,000, 15,000 SQUARE FEET WITH INDOOR POOLS, OUTDOOR POOLS, PICKLEBALL, BOCCE BALL, INDOOR FITNESS. THERE'S YOGA STUDIOS AND MOVIE STUDIOS. YOU CAN TAKE CLASSES, ALL WITHIN, YOU KNOW, THE MAIN CLUBHOUSE AREA. SO IN ADDITION TO THAT, THESE PEOPLE ARE STILL ACTIVE, THEY'RE STILL WANTING TO GET OUT, YOU KNOW, THERE'S THE MEN'S BREAKFAST CLUB, AND THERE'S 130 PEOPLE, AND THEY CLAIM THEY OVERFILLED THE ROOM, RIGHT? NOW THEY NEED TWO. THERE'S THE WINE GROUP, THERE'S OVER 100 CLUBS. YOU NAME IT, THEY HAVE IT, SO THESE FOLKS ARE DEFINITELY ENGAGED.
THEY WANT THE SOCIALIZATION, AS WE HEARD EARLIER. THEY'RE JUST DOING SO IN A DIFFERENT LIVING STYLE. SO YES. WHEN A HOUSE DOES BECOME FOR SALE, IT GENERALLY DOES NOT LAST VERY LONG BECAUSE OF THAT LIFESTYLE. AND THEN JUST TO WRAP UP HERE REAL QUICK. THE ONE COMMUNITY HAD WE'RE GOING TO BE OPENING HERE VERY QUICKLY IS CALLED MEADOWSTONE. THIS IS AT THE SOUTHWEST CORNER. IF YOU'RE ALL FAMILIAR WITH THE LANDSCAPING BUSINESS, WE'RE IMMEDIATELY TO THE EAST OF THAT. SO THAT IS THE SITE PLAN. AS RICH ASKED EARLIER, IT'S FOR THE LARGEST RANCH-STYLE HOME.
THEIR WIDE PLANS, THERE'S 30 LOTS WITHIN THIS COMMUNITY.
STRATEGICALLY TRYING TO PLACE AMENITIES BECAUSE WE HAD AN OVERHEAD POWER LINE EASEMENT TO DEAL WITH. THAT'S THE DARKER GREEN LINE HERE. SO THERE IS GOING TO BE A DOG PARK, SOME COMMUNITY GARDEN SPACES, AND THEN A SEATING AREA DOWN BY THE DETENTION BOND IN THE SOUTHEAST CORNER. SO TRYING TO GIVE, YOU KNOW, VARIOUS AMENITY OPTIONS, DESPITE THE FACT IT WILL BE A SMALL, VERY TIGHT KNIT COMMUNITY.
>> WHAT IS THE PRICE RANGE? >> THIS IS JEFF, OUR VICE PRESIDENT OF SALES. WE'RE GOING TO SAY IT IS ANYWHERE FROM $750 TO $900. I TRY NOT TO OVERSHOOT WHEN I ANSWER THIS QUESTION.
>> FROM AN HOA PERSPECTIVE, IS THIS GOING TO BE BY USE OR JUST A FLAT BUCKET RATE? SO FOR EXAMPLE, I BREAK MY KNEE, SO I DON'T REALLY WANT TO PLAY PICKLEBALL FOR A WHILE, RIGHT? DO I GET TO SCALE BACK THAT HOA FEE OR HOW DOES THIS WORK?
>> WELL, THIS ONE IS KIND OF A ONE-OFF INDEPENDENT COMMUNITY.
THIS WOULD BE NO DIFFERENT THAN ANY OTHER NEIGHBORHOOD THAT SOMEONE WOULD LIVE WITH WITHIN THE CITY OF CARMEL. IT'S ALL RANCHES, IN A SINGLE COMMUNITY. SO FOR THIS TYPE OF HOA, YOU WOULD BE PAYING FOR THE COMMON AREA, MAINTENANCE. IN THE COMMUNITY, ANYTHING NEEDED FOR THE DOG PARK AND THE COMMUNITY GARDEN TO THE COMMUNITY FUNCTION. AND THEN TYPICALLY IN THESE COMMUNITIES, WE HAVE LAWN CARE MAINTENANCE AND SNOW REMOVAL PACKAGES THAT PEOPLE CAN OPT INTO. THOSE ARE VERY COMMON.
SOMETIMES IT'S FORCED, SOMETIMES IT'S NOT. BUT YEAH, THAT'S WHERE YOUR HOA COST WOULD COME FROM FOR THIS
PARTICULAR. >> I WAS THINKING MORE ABOUT THE SLIDE PRIOR, WHERE YOU HAD 25 BULLETS OF COOL STUFF TO DO.
YEAH, THAT ONE RIGHT THERE. >> YEAH, THOSE HOA FEES ARE ALL DRIVEN BASED ON THE COST TO MAINTAIN THE LIFESTYLE THAT'S THERE. ARE YOU ASKING IF YOU HAVE AN INJURY AND YOU CAN'T
UTILIZE THIS? >> I MEANT IT AS A JOKE. IF I MOVE IN, IS THERE A FLAT HOA OR BASED ON HOW I PARTICIPATE IN
THESE ACTIVITIES? >> IT IS A PER MONTH. EVERYONE PAYS THE SAME RATE. NOW, THAT CHANGES BASED ON THE HOUSING
>> YOU'RE AT THE BIGGER HOUSE, THE BIGGER LOT, THERE IS AN ADDITIONAL COST FOR THE YARD, ALL THAT MAINTENANCE.
>> OKAY. >> IT'S PRETTY TIGHT.
>> QUESTIONS FOR REX? I DO WANT TO GIVE A SHOUT OUT TO THE MAYOR, AND WE HAVE COUNCIL MEMBER HERE WHO IS ON THE PLANNING COMMISSION AND OUR LAND USE COMMITTEE. THIS PROJECT, WE WORK CLOSELY WITH THEM TO ENSURE THERE IS A CONCENTRATION OF SINGLE-STORY AND RANCH-STYLE FIRST FLOOR MASTERS. ALSO ALONG WITH THE PROJECT AT 146TH AND TOWN. LAND USE DID A GREAT JOB OF NEGOTIATING WITH THAT DEVELOPER TO ENSURE WE INCLUDE A NUMBER OF RANCH-STYLE HOMES. THAT'S A BIG FOCUS OF THIS COUNCIL AND ADMINISTRATION TO PROVIDE THAT TYPE OF HOUSING.
APPRECIATE THIS PROJECT AND YOUR PRESENTATION TODAY, REX.
>> WE ARE HAPPY TO BE A PARTNER OF THE COMMUNITY, AND WE APPRECIATE YOUR TIME. MAKE YOURSELF AVAILABLE FOR ANYTHING
YOU MIGHT NEED. >> I JUST HAD ONE QUESTION FOR ALL OF YOU, I GUESS. IS THERE ANY DISCUSSION ABOUT TEAR DOWNS AND REBUILDING SOME OF THE PRESENT HOMES, NEW HOMES INSIDE
[01:10:08]
CARMEL? >> MIKE, JOHN, REX, THAT WAY YOU ALL HAVE A MICROPHONE. LOVE TO TALK TO YOU GUYS MORE IF YOU WOULDN'T MIND HAVING MORE CONVERSATION WITH US ABOUT THIS.
SO CAROL'S QUESTION WAS DEMAND --
>> TEAR DOWN. LIKE TEAR DOWNS OR OLD HOMES THAT ARE IN BAD SHAPE AND TEAR DOWN AND REBUILD. IT'S NOT A BUNCH, YOU KNOW --
INAUDIBLE ] >> LIKE WHERE YOU LIVE.
>> LIKE WHERE I LIVE. THE CONTINGENCY HAS BEEN THEY ARE TORN DOWN AND THEN THEY BUILD THESE GREAT BIG HOMES. I'M THINKING TEAR DOWN, THEY WILL HAVE SMALLER ONE-STORY SENIOR CENTER KINDS OF FACILITIES, HOMES.
>> A COMMUNITY LIKE WE JUST SHOWED ON THE SCREEN, THAT'S LIKELY NOT GOING TO BE A REDEVELOPMENT TYPE OF OPPORTUNITY. WHEN WE GET INTO THE DUPLEXES, THE TOWN HOMES, ATTACHED ACCOUNT FROM, MAYBE ONE OF THOSE CONDO BUILDINGS OR SOMETHING. THOSE WOULD LEND THEMSELVES TO BE IN AREAS OF REDEVELOPMENT, WHERE YOU COULD REPLACE EXISTING HOUSING STOCK,
OLDER HOUSING STOCK. >> I'M CONSTANTLY THINKING ABOUT HOW MANY OF OUR RESIDENTS LEAVE 55 PLUS, COMMUNITY MEMBERS LEAVE CARMEL DUE TO A LACK OF OPTIONS. SO IF WE COULD HAVE JUST A BROADER DISCUSSION ABOUT IF YOU LOOK AT THE CONTINUUM OF OPTIONS FROM ACTIVE ADULT, ALL THE WAY TO ACUTE CARE AND CONTINUING CCRC, CONTINUING CARE, RETIREMENT COMMUNITY.
WHERE DO YOU GUYS SEE AS THE EXPERTS IN THIS FIELD OF WHERE ARE THE LARGE GAPS THAT CARMEL HAS FOR HOUSING TYPE, AND THEN WHAT, WHERE ARE YOU SEEING THE MOST DEMAND? OR IS IT JUST ALL
ACROSS THE BOARD? >> I WOULD SAY ALL ACROSS THE BOARD. THAT'S WHAT WE'RE ENCOUNTERING WITH FOLKS WHO COME TO US AT THE BARRINGTON. IT DOESN'T MATTER WHAT LEVEL OF
CARE, WHAT TYPE OF AMENITIES. >> I'M TRYING TO PHILOSOPHICALLY PUT THIS IN AND NOT GO TOO DEEP DURING THE RABBIT HOLE. THE DEMAND IS THERE ACROSS THE BOARD, AND IT WILL BE THERE FROM THE COMMUNITY TO THE COMMUNITY, WE'VE SEEN IT EVERYWHERE AS YOU HAVE -- I THINK THE STYLES OF LIVING. I THINK SOME PEOPLE LOOK AT OUR FACILITY AND . AS BEING A TRADE-OFF WHERE THEY WOULD LIVE AT DEL WEBB WHEN THEY MOVE IN HERE. WE'LL BE COMPETING FOR THE SAME PERSON HEAD ON. I THINK THE REALITIES OF JUST THE DIFFERENT TYPE OF PERSON.
>> PREFERENCES. >> JUST HOW THEY GREW UP, WHERE THEY LIVED, AND THE OTHER ELEMENT THAT CARMEL HAS THAT POTENTIALLY NOT A LOT OF OTHER SUBURBAN COMMUNITIES HAVE IS THEY HAVE A MUCH LARGER NET WORTH POPULATION. SO IS SOMEBODY GOING TO DOWNSIZE FROM THE 7,000-SQUARE FOOT HOUSE TO MOVE INTO OUR PLACE? PROBABLY NOT. I MEAN, THAT'S AN INCREDIBLY SITE THAT WILL MOVE. THE MEANS ARE DIFFERENT. NOT TO GO OVER THE CONTINGENT. WE SAW THIS ACTUALLY PLAY OUT. OTHER THING THEY LEARNED BY LESSONS LEARNED AND MISTAKES MADE. NOT TO COMPARE COMMUNITY, BUT THE HIGHEST INCOME COMMUNITIES IN OHIO AS NEW ALBANY OHIO, A SUBURB OUT OF COLUMBUS. WE BUILT AN INDEPENDENT LIVING FACILITY THERE WITH SKILLED NURSING, AND IT WAS A SMALLER CONTINUUM OF CARE WITH THE GROUP CALLED
>> IT WAS TERRIBLE BECAUSE WHY? EVERYBODY COULD AFFORD FIVE NURSES TO COME TO THEIR OWN HOUSE. THEY DIDN'T NEED TO GO.
SO THAT DYNAMIC HAS TO BE, YOU KNOW, TERRIBLY CONSIDERED, ESPECIALLY AS WE TALK ABOUT I'M NOT WORRIED ABOUT -- TWO THINGS THAT WORRY ME ABOUT THE ACUTE CARE LEVELS ARE THE STAFF AS YOU MENTIONED. YOU CAN'T FIND IT. YOU CAN'T PAY FOR IT. THERE'S TOO MANY OTHER COMPETING OPTIONS OUT THERE. COVID DID THAT IN THAT TERRIBLE FAVOR. THE SECOND IS THE PAY, RIGHT? AND THE COST.
THE PRICE OF ADMISSION TO GET INTO ASSISTED LIVING. WHY IS IT
[01:15:03]
SO HIGH? IN ORDER TO GET THE STAFF, YOU'VE GOT TO PAY. SO IT IS JUST A TERRIBLE KIND OF MOUSE TRAP. BUT I THINK THERE IS A PLACE FOR EVERYBODY. BACK TO YOUR COMMENT TOO ON THE ASSEMBLY ESSENTIALLY. I DO THINK THERE IS A PLACE FOR THAT. WE TRIED TO DO THAT -- THOSE HOMES IN AN ATTEMPT BACK IN 2018 TO BUILD. I BEG THEM NOT TO DO MULTI-FAMILY AND WHERE IT ENDED UP. IT DIDN'T LOOK LIKE MUCH. BUT THAT LOCATION IS PRIME FOR A MORE URBAN-STYLE SETTING OF SOME OF THE IMAGES THAT HE HAD SHOWN. ONE, TWO, THREE PODIUM WRAPPED URBAN RETAIL ON THE BOTTOM LEVEL. WALKABILITY OR DOWNTOWN. RANGE LINE PROMOTES POTENTIALLY QUITE A BIT OF AN OPPORTUNITY THERE FOR SOME OF THE OLDER LOATIONS BE SOME OF THOSE OLDER HOUSING AND KIND OF SMALLER BUSINESSES.>> JOHN, TO THE POINT ABOUT YOU MENTIONED IT, STAFF HIRING FOR NOT NECESSARILY NURSING, BUT I CAN'T REMEMBER --
>> THE COMPANION CARE. >> IS TRANSPORTATION A BARRIER FOR THAT? TRANSPORTATION TO WORK?
>> FOR THE EMPLOYEE? >> FOR YOUR EMPLOYEES.
>> TYPICALLY, NO. I MEAN, MOST OF THEM WILL HAVE ACCESS TO THEIR OWN VEHICLES, AT LEAST THE ONES THAT HAVE COME TO US TO BE HIGHER. BUT I DON'T KNOW THAT IF SOME PEOPLE JUST DON'T EVER APPLY TO US BECAUSE THEY DON'T HAVE THEIR OWN TRANSPORTATION.
TYPICALLY THAT WOULD BE REQUIRED BECAUSE THEY'RE SERVING DIFFERENT CLIENTS ON DIFFERENT DAYS AND DIFFERENT LOCATIONS.
>> I'M SORRY. >> ON EMPLOYEES, DO YOU HAVE TROUBLE GETTING EMPLOYEES BECAUSE THEY CAN'T LIVE IN IT HAD CITY BECAUSE OF THE COST HERE?
>> THAT'S WHAT I WAS GETTING AT, ABSOLUTELY.
>> WE WERE TALKING ABOUT HAVING COMMUNITIES IN CARMEL. THERE AREN'T A LOT OF FOLKS IN THOSE FRONT LINE POSITIONS, ESPECIALLY CNAS ARE VERY, VERY TOUGH TO COME BY, ALMOST ALL OF THEM WHO WORK IN OUR ENVIRONMENTS ARE COMING TO US FROM ZIP CODES OUTSIDE OF THESE SPECIFIC AREAS. ABSOLUTELY, IT'S A BARRIER.
>> I REALLY ENJOY EACH AND EVERY ONE OF YOU ON THE PRESENTATION, CERTAINLY IF YOU ARE FAMILIAR --
>> I LIVE IN A DONALD PIN MANY YUM IN CARMEL. I WON'T GET INTO THAT. BUT MY MAIN CONCERN, I'M REFERRING BACK TO AN ARTICLE IN THE WALL STREET JOURNAL. AND IT'S A VERY RED LIGHT ON HOUSING NATIONALLY. IT'S GOT SOME NATIONAL FIGURES THAT WE WERE ALL AWARE OF. THE SUPPLY AND DEMAND. BUT ONE OF THE THINGS THEY THROW OUT HERE IN RESPONSE IS IF YOU HAD THE ABILITY, YOU KNOW, IT'S LOCATION. WHERE DO WE HAVE IN THE CITY LIMITS OF CARMEL? EVERYTHING YOU DO IS BEAUTIFUL.
BUT I THINK THERE IS A SIZABLE NUMBER OF RETIRED POPULATION THAT'S RETIRED. NOT NECESSARILY NEED THOSE KINDS OF THINGS. THEY HAVE FALLEN INTO IT AND THEY HAVE AN INCOME THAT'S NOT QUITE AS HIGH AS WHAT YOU'LL SEE, BUT THEY WILL LIVE INDEPENDENTLY, AND THE QUESTION IS THE GROUND AVAILABLE IN CARMEL? THEY GO OUT HERE IF YOU HAVE SEVEN ACRES, AND AS A BUILDER AND A DEVELOPER, WOULD YOU WANT TO BUILD SEVEN-FIGURE HOMES IN THAT AREA OR WOULD YOU WANT TO BUILD 230 TOWNHOUSESES? YOU WANT TO BUILD MORE OF THE FACILITY. KIND OF THINGS THAT YOU FOLKS HAVE DONE A BEAUTIFUL JOB WITH, BUT I'M JUST CURIOUS FROM THE MECHANICAL VIEW. IS THAT STILL AVAILABLE FOR US HERE IN CARMEL?
>> I WOULD SAY NO. >> AND I FIGURED THAT'S THE
ANSWER. >> BUT WHAT ABOUT HOME PLACE? LIKE THAT'S A NEW INCORPORATION INTO CARMEL, RIGHT? AND I KNOW THERE ARE SOME CONCERNS ABOUT PEOPLE WHO HAVE BEEN THERE AND THEY DON'T WANT TO LOSE THE INTEGRITY OF THAT SPACE. BUT ISN'T THAT AN AVAILABLE AREA? AREN'T THERE PEOPLE THAT ARE LOOKING TO SHIFT FROM THERE? DOES ANYBODY HAVE ANY UPDATES
[01:20:04]
FROM THAT? I'M ASKING FROM A POINT OF CURIOSITY.>> THEY'RE WORKING ON THE OVERLAY FOR THE HOME PLACE RIGHT NOW TO PROTECT THAT AS THE RESIDENTIAL AREA. THAT'S SOME OF THE MOST AFFORDABLE HOUSING STOCK IN THE COMMUNITY WITH A LOT OF RANCH-STYLE HOMES. SO I KNOW THAT WE ARE LOOKING TO SORT OF PROTECT THAT AREA AS A RESIDENTIAL, AS A RESIDENTIAL AREA, BUT WE'RE TALKING, YOU KNOW, A LOT OF PRODUCT THAT THEY ARE TALKING ABOUT IS OBVIOUSLY THE RESIDENTIAL HOUSING.
>> I GUESS THE QUESTION FOR YOU, WOULD YOU RATHER BE SELLING AT A SINGLE-FAMILY HOME WITH 4,000 SQUARE FEET OR A SINGLE WITH 2,000? I MEAN, YOU'RE THE SALESMAN.
>> I THINK WHEN WE BOTH AGREE, IT ALL DEPENDS ON THE LOCATION, YOU KNOW, IF I'M CLOSER TO SERVICES, I'M CLOSER TO WALKABILITY. THAT'S PROBABLY WHERE I'M GOING TO TARGET MY DENSITY. JUST BECAUSE THERE'S GOING TO BE MORE PEOPLE THAT ARE GOING TO WANT TO LIVE CLOSER WITHIN THE CITY. BUT IF I'M KIND OF OUT, YOU KNOW, LET'S SAY I'M FURTHER OUT -- YEAH, THAT OR WE HAVE A COMMUNIY. IT'S CLOSER TO 146TH AND TOWN ROAD. MOST OF THAT WAS MORE GEARED TOWARDS DETACHED SINGLE FAMILY. NOW, THERE'S A TOWNHOME COMPONENT THERE, BUT NOT TO THE EFFECT OF WHAT WE'RE SEEING HERE GEARED TOWARDS SENIORS.
>> BUT WHERE IS THE DEMAND? >> EVERYWHERE.
>> IT'S EVERYWHERE. >> ANY SIZE HOME?
>> CAN I ASK A QUESTION? AND THIS IS A LITTLE OFF SUBJECT.
BUT TRANSPORTATION. MOST OF YOUR FACILITIES AND YOUR AREAS. DO YOU PROVIDE ANY TRANSPORTATION TO THE ELDER? I KNOW YOU WOULD,
BUT? >> SO YES, SPECIFICALLY FOR OUR PLANNED COMMUNITY HERE. WE WOULDN'T HAVE ANYTHING DEDICATED TO THE FACILITY. IT WOULD BE SOMETHING THAT WE WOULD WORK WITH PROGRAMMING WISE AROUND THE COMMUNITY IF IT EXISTED. MORE LOW INCOME SETTINGS LIKE INNER CITY ST.
LOUIS, THEY HAVE HEAVY TRANSIT SPECIFICALLY FOR SENIORS THAT GO AND ACTUALLY COULD TAKE PEOPLE FROM OUR SENIOR COMMUNITIES AND PUT THEM ELSEWHERE OR TAKE THEM TO THE GROCERY STORE IF THEY
>> NO, NOT GENERALLY. >> AND THEY DO HAVE ASSESSABLE
>> -- THE COMMERCIAL. YOU HAVE A LOT OF USES THAT ARE SINGLE STORY, INDUSTRIAL BUILDINGS THAT COULD BE REUSED FOR HIGH DENSITY LIKE THE ELEVATOR CONDOS THAT REX SHOWED. IF YOU ASK ME WHERE THE GAP IS, THE GAP IS HIGH DENSITY HOUSING BECAUSE OF THE DENSITY, THE PRICES WILL BE LOWER, YOU KNOW, THAT THERE IS A TRANSITION FROM A SINGLE TO THAT, THEN ON TO SOMEWHERE ELSE. BUT YOU KNOW, IN CARMEL, THAT'S WHERE WE SEE. HEY, WE WANT TO BE IN CARMEL, WHAT DO YOU HAVE? MOST PEOPLE, THEY'RE LOOKING FOR IT. THEY WON'T CARE ABOUT HAVING A YARD. THEY WANT CONDOS. THEY WANT, YOU KNOW, AN ELEVATOR, SAY NOT THAT IT IS NOT SAFE HERE, BUT THEY WANT HIGH DENSITY, MORE AFFORDABLE HOUSING. SO THERE IS NOT OPEN LAND AVAILABLE FOR THAT, BUT THERE IS, THERE WILL BE REUSE, AND THAT IS THE TICKET FOR US.
>> I THINK IT IS IMPORTANT FOR THE CITY AS WE LOOK AT ADDRESSING THE U.S. 31 CORRIDOR. IT WAS JUST ANNOUNCED YESTERDAY THE CITY IS GOING TO PARTICIPATE WITH CNO TO MASTER PLAN THE SIX OR SEVEN ACRES. AS WE WOULD LOOK AT THESE TYPES OF REDEVELOPMENT OPPORTUNITIES, BOOMER HOUSING, 55 PLUS HOUSING, SENIOR HOUSING IS DEFINITELY A NEED. WE NEED TO -- AND I'M GOING TO FIGHT FOR TO CHAMPION IN THOSE AREAS FOR REDEVELOPMENT. SO REAL QUICK QUESTION, MAYBE NOT A QUICK QUESTION, BUT I KNOW WHEN YOU GUYS ALL LOOK AT FUTURE DEVELOPMENT OR WHEN YOU BENCHMARK YOUR CURRENT DEVELOPMENT. YOU LOOK AT THE DEMAND FOR THE PRODUCT THAT YOU HAVE RECENTLY BUILT OR YOU'RE OPERATING IN THE COMMUNITY THAT YOU ARE DEVELOPING. IF EACH OF
[01:25:01]
YOU WERE TO LOOK AT, LET'S SAY THE BARRINGTON, THAT EXACT TYPE OF USE, OR THE PRODUCT OR IF YOU WERE ABLE TO, IF YOU HAVE, THERE WAS LAND AVAILABLE, LAND WAS NOT A CONSTRAINT. WHAT IS THE SPECIFIC PRODUCT YOU PRESENTED ON TONIGHT AS A COMMUNITY? WE HAVE A MULTI-FAMILY DEVELOPER COME THROUGH RECENTLY WITH A PROJECT. YOU KNOW, THEY IDENTIFIED THEY COULD DEVELOP A THOUSAND APARTMENT UNITS A YEAR IS WHAT THEY STATED, RIGHT? THEY HAVE THAT DATA. SO WHAT IS YOUR DATA SHOW FOR YOUR SPECIFIC PRODUCT TYPE, THE BARRINGTON? THAT TYPE OF AMENITY? AND THAT HOW MANY MORE UNITS DO YOU THINK WOULD BE POSSIBLE IN THIS COMMUNITY FOR THOSE TYPES OF HOUSING?>> THAT IS A GREAT QUESTION. WE ARE NOT THE OWNER OPERATOR THAT WOULD COME TO MARKET AND POUR IN, OBVIOUSLY LIKE, YOU KNOW, WHAT I WOULD DO THE MOST HERE, SOMETHING SIMILAR TO WHAT HAS BEEN, I THINK HANDS DOWN SOME OF THE MOST SUCCESSFUL ACTIVE ADULT COMMUNITIES IN THE COUNTRY, WHICH IS THE VILLAGES DOWN IN FLORIDA, AND IT IS SIMILAR TO WHAT HE'S DEVELOPING. I MEAN, IT'S THROUGH THE ROOF. ONE OF THE MOST SUCCESSFUL THING THEY'VE BEEN THERE AND THEY CHECK ALL THE BOXES. NOW, DENSITY, IT'S NOT GREAT ON DENSITY, RIGHT? I THINK THERE IS A GOOD BLEND FOR A LOT OF THAT. SO IN TERMS OF UNITS IN THE THOUSANDS, SURE. BUT IT HAS TO BE DONE RIGHT. I MEAN, WE'VE SEEN SOME RECENT STUFF HERE EVEN IN HAMILTON COUNTY, NOT IN CARMEL, IN TERMS OF SIMILAR PRODUCT THAT WE'RE DOING. YOU HAVE TO REALLY KNOW WHAT YOU'RE GETTING INTO. IT'S A DIFFERENT CLIENTELE. CYCLE IS VERY DIFFERENT. YOU HAVE TO TOUCH AND FEEL THEM SEVEN TIMES TO MAKE SURE, YOU KNOW, THEY'RE GOING TO BE MOVING OUT OF THEIR HOUSE AND COMMITTING TO LIVING WITH YOU FOR THE NEXT SIX, EIGHT YEARS. IT'S AN INCREDIBLE CHAPTER OF THEIR LIFE. AND SO YOU CAN'T LOOK AT LIKE A MULTI-FAMILY LENS. SO I WOULD PROBABLY BUILD LESS MULTI IN THIS COMMUNITY, IF IT WEREME, ON A LOT OF THAT CNO LAND, BUT I'M SURE THERE IS ROOM MORE SOME, JUST NOT A TON.
>> YEAH, I'VE HAD THE OPPORTUNITY, LUCKILY, INTRODUCED ME TO THE OPERATORS OF THE VILLAGES, AND I'VE BEEN ABLE TO HAVE SOME CONVERSATIONS WITH THEM ABOUT, YOU KNOW, WHAT THEY'RE DOING THERE. IT'S PRETTY AMAZING.
>> IT'S ALL LIFESTYLE. THAT'S IT. IT'S JUST PLAIN AND SIMPLE.
>> REX? >> I MEAN, WE COULD PROBABLY NOT KEEP UP WITH THE DEMAND IS THE ANSWER OF THE QUESTION, AS AN EXAMPLE. YOU KNOW, WHICH IS IN WESTFIELD, NOT TOO FAR FROM THE STREET. THERE'S THREE DIFFERENT HOUSING SERIES BEING OFFERED THERE. I MEAN, WE COULD EASILY SELL 100 HOUSES A YEAR. SO IF WE WERE TALKING, AS LONG AS THERE WERE MULTIPLE HOUSING OPTIONS BECAUSE NOT EVERYBODY IS GOING TO WANT THE SAME THING OR THE SAME SIZE OF UNIT. AS LONG AS WE'RE ABLE TO HIT DIFFERENT THRESHOLDS, WE COULD EASILY SELL 100 HOUSES A YEAR OR UNITS, EVEN
IF THEY WERE ATTACHED. >> MIKE?
>> YOU KNOW, FOR US, IT WOULD BE SINGLE-FAMILY DUPLEX HOMES, 2,200, 3,000-SQUARE FEET. WE CAN'T BUILD THOSE QUICKER ENOUGH FOR SURE. SO IF LAND WERE NO OBJECT, NO PROBLEM, WE COULD DO THAT ALL DAY LONG, ESPECIALLY IF WE OFFER PRIORITY ACCESS TO SOME PLACE LIKE THE BARRINGTON, SO PEOPLE WHO HAVE HIGHER LEVELS OF NEED WOULD BE ABLE TO ACCESS THOSE. THAT TO ME WOULD BE THE
SWEET SPOT FOR US. >> OKAY. WELL, MIKE, JOHN, REX, REALLY APPRECIATE YOU GUYS BEING HERE TODAY. I WANT TO MAKE SURE THAT WE HAVE ALL HAD OUR QUESTIONS ANSWERED, AN HOUR AND A HALF WITH US FOR WHAT YOU DO. THE THANK YOU FOR THE SERVICES YOU GUYS ARE PROVIDING IN THE COMMUNITY THAT'S WELL NEEDED.
IF WE HAVE THE STATISTICS, I THINK YOU HAD, WAS 19,000
HOUSEHOLDS OF 70 PLUS IN CARMEL. >> MAYBE 16,000 TODAY.
>> THERE YOU GO. >> THERE'S OBVIOUSLY A NEED, AND IF THERE ARE 17,388 HOUSEHOLDS THAT WE CAN KEEP THOSE RESIDENTS HERE, AND IF THEY CHOOSE TO DOWNSIZE OR MOVE
[01:30:03]
OUT OF THEIR HOME, THEN, YOU KNOW, THAT'S HOW MANY THOUSANDS OF HOMES IS THAT FOR THE NEXT FAMILY, ETC., YOUNG PROFESSIONAL, ETC., THAT WANTED TO MOVE INTO OUR COMMUNITY. SO REALLY APPRECIATE THE DATA AND THE OPPORTUNITY AND THE PRESENTATIONS. THANK YOU SO MUCH. IS THERE ANY NEW BUSINESSITEMS ON THE AGENDA TODAY? >> NO.
>> IF NOT, OUR NEXT MEETING -- WE WILL BE MEETING, I BELIEVE WE'LL BE MEETING IN COUNCIL CHAMBERS AT THAT TIME. AND THEN ALSO WE DO HAVE JUST AN ANNOUNCEMENT ON THURSDAY, OCTOBER 8 AT 10:00 A.M. TO 3:00 P.M. AT THE PUBLIC LIBRARY. WE HAVE THE COMMUNITY ENGAGEMENT DAY FOR SENIORS SPONSORED BY THE MAYOR'S ADVISORY COMMISSION ON SENIOR LIVING. AND THERE, YOU'LL HIGHLIGHT ALL KINDS OF COMMUNITY RESOURCES FOR SENIORS.
EVERYTHING FROM THOSE OFFERED FROM THE CARMEL FIRE DEPARTMENT AND SOME OF OUR NON-PROFIT AND OTHER AGENCIES FOR THE COMMUNITY. SO MAKE SURE -- YOU CAN REGISTER AT CARMEL.IN.GOV.
THANK YOU, EVERYBODY. AND WITH NO OTHER ITEMS, WE'LL ADJOURN AT 7:05 P.M. THANK
* This transcript was compiled from uncorrected Closed Captioning.