In recent years, there has been a boom in senior living development. Investors see the growing senior population and rightly identify the opportunity. For many investors and senior living companies, building new communities from the ground up is the first idea. However, adaptive reuse is a strategy with significant potential in senior living real estate development. Read on to learn more about adaptive reuse in the senior living industry.
Adaptive Reuse and Senior Living Real Estate Development
With adaptive reuse, real estate developers repurpose existing buildings for new uses. For our purposes, that means taking property from outside our industry and converting it for senior living. We could adapt these properties for assisted living, independent senior living, or nursing home care.
This approach to senior living development offers significant benefits. It is often more cost-effective than building a new community on open land. Adaptive reuse can cut construction costs and timelines. Additionally, it promotes sustainability by reducing construction waste and preserving the character of existing buildings.
Target Properties for Senior Living Adaptive Reuse
While there is a broad range of properties to adapt for senior living, costs could be prohibitive with some structures. When looking for these investments, the idea is to find properties you can adapt easily and inexpensively. The following are properties that often hold strong potential for adaptive reuse in senior living real estate development:
- Hotels: A hotel building is an obvious choice for adaptive reuse. The existing room layout can make them a good target. They may have kitchens, dining rooms, and other facilities ideal for senior living projects.
- Apartment Buildings: An apartment building is also a prime target. It will already have individual units to serve as living spaces for residents. The only matter is converting the building for senior living and adding facilities that may not exist in a standard apartment community.
- Office Buildings: Converting office buildings into senior living spaces involves reconfiguring layouts to create residential units, common areas, and accessibility features.
- School Buildings: The large campuses of schools can provide space for community activities and amenities. The developer could convert the classrooms into living spaces. It may also benefit from having existing facilities like gyms, cafeterias, and kitchens.
Evaluating Properties
While adaptive reuse projects have many advantages, they require significant planning and forethought. A project may look good on the surface but might not be a good fit. For example, local zoning laws might pose a roadblock to the conversion. You must also be careful with cost controls and planning during construction.
Convenient Senior Living Solutions Done Right!
Canopy Senior Living is Atlanta’s most trusted, experienced, innovative senior living management company! Along with community management, we offer asset management and consulting services for investors and senior living companies. Reach out now to learn more about Canopy Senior Living.
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