FROM MERRILL LYNCH REVEALS HOW BABY BOOMERS WILL TRANSFORM RETIREMENT
Houston, Texas (PRWEB) March 18, 2008
The first Del Webb community in the Greater Houston Area will bring many of the traditional positive aspects of growth and avoid many of the undesirable aspects of expansion to the city of Richmond and Fort Bend County.
"Del Webb provides a unique opportunity to bring economic strength to the Houston market and specifically the city of Richmond," said Kimberly Paulus, Director of Del Webb Operations in Houston. "The active adult consumer uses less municipal services and they are good citizens. They pay the same kinds of taxes and contribute to the community in terms of volunteer time and money."
Project economics for Del Webb Houston include:
- Estimated $350 million in home value at project completion
- Estimated $7.7 million in property tax revenue generated annually
Active adult communities historically have less impact on municipalities than their counterparts while still contributing positively to the local economy and its residents. The average demand levels for active adult communities compared to general residential master-planned communities:1
- Street maintenance is 36% of the comparable rate
- Traffic volume is one-third of the comparable rate
- Water consumption is 66% of the comparable rate
- Police services is 25% of the comparable rate
- Household waste generation is 50% of the comparable rate
As an age restricted community, there is no added burden on the local schools. However, local schools are likely to see a benefit due to an increase in volunteer availability. Nearly 50% of Del Webb residents indicated they volunteer regularly in a recent survey. In fact, Del Webb residents have volunteered over 1 million hours in one Phoenix, Ariz.-area community alone.
Today, one in four Americans are ages 55 and better, and as the average lifespan increases, the percentage of active adults choosing to remain in the workforce is also growing. As reported by Merrill Lynch, 76% of baby boomers have no intention of seeking traditional retirement. Instead, baby boomers look forward to creating a whole new life stage that includes a balance of work and active living.1
The community's primary focus is on just that, active living. Preliminary plans include a 28,000 square foot amenity facility where residents will be able to enjoy a large indoor lap pool including a hot tub, 7,000 square foot fitness facility with an aerobic rooms, indoor walking track, and large multi-purpose room in addition to many smaller rooms for lounging and leisurely activities designed by the residents. This amenity facility is all in addition to extensive outdoor recreation including over 50 acres of water features with a total of 84 acres of open space, 5 miles of walking trails and much more.
"It's truly a community where the lifestyle is fully integrated into the community, allowing the residents to enjoy a wide variety of activities - fitness, social gatherings, coordinated trips to the local theater or sporting event," said Paulus. "All of these activities are not readily available in a traditional community."
In addition to the positive impact active adult residents bring to the city; they are the fastest-growing segment in the United States. Americans ages 55 and better will increase to 98 million by 2020 as forecasted by Economy.com. The growth in this segment of the market is largely driven by the aging "Baby Boomer," born between 1946-64, turning 50 every 7 seconds.
In partnership with longstanding Houston developer, Caldwell Companies, Del Webb plans to locate in Richmond, just past Sugar Land on US-59 and Thompson's Road. Paulus expects presales to occur in early 2009 and encourages people who have an interest in this community to join the VIP list by calling (866) 232 6072. For more information about Del Webb communities, please visit http://www.delwebb.com
1 Economic benefit analyses of Sun City Grand prepared by ESI Corp., Phoenix
2 Erik Hendrickson, ""THE NEW RETIMREMENT SURVEY" FROM MERRILL LYNCH REVEALS HOW BABY BOOMERS WILL TRANSFORM RETIREMENT," Merrill Lynch & Co., Inc., February 22, 2005.
About Del Webb
Award-winning Del Webb active adult communities provide a vibrant, facilitated lifestyle for individuals age 55 and better throughout America. The Del Webb concept began in 1960 in Phoenix and has grown to include more than 50 communities currently open for sale in 20 states. Pulte Homes, Inc., which acquired Del Webb in 2001, has been building homes since 1950 and currently operates in 51 markets and 26 states.
Websites: http://www.delwebb.com; http://www.pulte.com
About Caldwell Companies
Founded in 1991, Caldwell Companies is a fully-integrated real estate services and development firm providing commercial and residential development, brokerage and property management. The firm is committed to the practice of doing business with a true sense of purpose - building community. Caldwell Companies is privately owned by Fred Caldwell and managed by senior managing partners. The goal of the company is to serve the commercial real estate needs of corporations and private equity investors by capitalizing on our market experience to gain distinct competitive advantages. Caldwell Companies and related investment ventures own, manage and market nearly six million square feet of office and office/flex space. Caldwell Companies' growing residential development team specializes in high amenity resort communities for a new style of residential living.
Websites: http://www.caldwellcos.com, http://www.townelaketexas.com, http://www.remingtonsquare.com.