NOT YOUR FATHER'S RETIREMENT HOME
Dallas-based non-profit Senior Quality Lifestyles Corporation (SQLC) bucks the trend of postponing high-end projects: It secured $165M in financing for its Fort Worth project underway (covered here last month) and the $1.5M purchase of 17 acres for a Corpus Christi site.
Mirador in Corpus Christi is the firm’s first in a mid-market community and the one-time entry fees there will be around $200k, says SQLC VP Kristen McCaig. Corpus Christi and Fort Worth, slated to open in 2011, will join SQLC’s Dallas, Houston, and Austin locations. Think people are eager to retire? Mirador has yet to secure financing or start construction, yet it's 81% presold. Greystone Communities manages the projects, and the new communities were designed by Three Architecture and constructed by Andres.
Edgemere was the first SQLC property, opening in 2002. Company founder Charlie Brewer started the non-profit after struggling to find care for his own mother. Not just luxury, the facilities provide “life care,” from independent to assisted living, skilled nursing, and memory care all in a resort environment complete with concierge.
Speaking of, here's concierge Frank Leonard with Kristen. She says SQLC breaks senior living stereotypes. One trend is the move for younger seniors checking out their options for retirement and beyond. (Is Quidditch replacing shuffleboard?) Kristen says the ailing economy hasn’t impacted sales because the population continues to age and residents lock in rates when they move in. The new concept freezes the monthly payment despite the level of care.