Baby Boomers Creating Giant Senior Housing Demand
Every day 10,000 people turn 65. It’s an incredible demographic driving the need for more senior housing than ever before. For Silverstone Development Co, it’s an opportunity to meet the needs of a booming population and it’s just one more reason we’re excited to bring you the DFW Senior Housing development boom event on Sept. 24 at the Hyatt Regency Dallas.
Silverstone Development president Tom Dwyer tells us the firm has four senior housing communities under construction with a fifth to start next year. Among the locations: Southlake, North Plano, Park Cities and two in Florida: Palm Beach Gardens and Palm Beach. The average size is 120 units with 140 beds serving a mix of assisted living to memory care. The first facility in Plano opens in Q1. The goal is to create a community that is safe, wellness-based and a place where people feel comfortable, secure and can develop relationships. There are plenty of daily activities, and a variety of dining venues; it’s like a mixed-use community for seniors, he says.
Tom says it can take years to get a site entitled, have the site plan approved, get the designs done, etc. So, now’s the time to act as the population is aging and people are living longer. Tom sees many types of clients, the elder who needs care and, often, a spouse who is healthy but unable to care for their loved one. So, one spouse needs independent living, while the other may require cognitive care memory care and/or more assisted living. Silverstone incorporates all the care aspects into its communities to keep these couples together. It’s a large market to serve. Location also plays an important role, so there’s a lot of homework that goes into the site selection to make sure the demographics support what you’re building, Tom tells us. Silverstone provided luxury senior housing and contracts with Harbor Retirement Associates for facility operation.
Silverstone came together in 2013 with a partnership of five, chairman Denny Alberts, president/COO Rick Sheppard, managing director Chris Porter, Tom and John Goff. (Pictured: Silverstone principals Tom, VP Roseanne McAdam, Denny, Rick and Chris.) Tom says the group has been colleagues for many years and all had some connection to senior care from having a family member who required services or a family member with Alzheimer's. And, with their real estate and development background, this company seemed like a natural fit. Silverstone plans to be long-term owners.