Federal Realty Breaks Ground On "The Stories"
Rockville, Maryland (PRWEB) November 17, 2014 -- Federal Realty Investment Trust (NYSE: FRT) broke ground on the construction of The Stories at Congressional Plaza, a new kind of community designed for the well-being of older, active adults. This 48 unit upscale apartment community, located in Rockville, Maryland, is part of Congressional Plaza, a 380,000 square foot shopping center anchored by The Fresh Market, The Container Store and Last Call by Neiman Marcus. Construction is expected to be complete by the fall of 2015. The Stories, created by Federal Realty and Smart Living 360, focuses on a unique combination of services, amenities and design features that enables residents to live well and write their next chapter in life.
“Our research reveals that people want to maintain control and maintain their identity at any age and stage,” according to Ryan Frederick, Founder and CEO of Smart Living 360. “It has also been proven that living a healthy lifestyle is more important than genetics for successful aging. We believe it is critical to create an environment that gives people the tools and inspiration to continue their life story.”
The older adult population is expected to grow tremendously over the next several decades. Currently, over 40 million Americans are 65 or older. This population is projected to soar to 73 million by 2030. Part of this growth is fueled by an increase in life expectancy. According to a recent Urban Land Institute report, healthy 65 year olds actually have a life expectancy of over 90.
The sheer volume of aging Americans only tells part of the story. Today’s older adults view their life course differently than prior generations. “Retirement” can include starting a new venture, joining a non-profit, embracing part-time work, traveling the globe, learning new skills and meeting new people. According to a recent study by Merrill Lynch and Age Wave, 72% of respondents want to work in retirement and today’s older adults are 2.5 times more likely to be proactive about their health than their parents’ generation. This segment of aging but active older adults is looking for new housing concepts that can meet their diverse lifestyle needs in the years ahead.
Many older adults are opting for proximity and purpose over putting greens and palm trees. According to expert John K. McIlwain, ULI Senior Resident Fellow for Housing Fellow, older adults who are able to move are often “choosing urban locations – both cities and suburban ‘town centers’ – where they can be close to grown children, friends, work, public transportation, and health care.” A changing consumer mindset has created an opportunity to build something new.
“Federal Realty and Smart Living 360 are addressing a gap in the living options offered to today’s older adults. Many wish to live in a non-age restricted environment within walking distance of great shopping, dining, entertainment and public transportation. Congressional Plaza was the perfect location to create an innovative residential option. It is in the heart of a vibrant and robust community, close to many amenities such as The Music Center at Strathmore, the Kennedy Shriver Aquatic Center, the Metro and Pike & Rose,” stated Deirdre Johnson, Director of The Stories for Federal Realty Investment Trust.
Building on its key principles of connection, access and simplicity, The Stories inspires and empowers its residents to write the next chapter of their life journey and to do so on their terms. Central to The Stories community is an onsite, high-level concierge or “Co-Author,” who provides connection to services, programs and wellness options as well as facilitates opportunities for personal interaction between neighbors and the neighborhood. The Stories’ Co-Author gets to know each resident and understand his/her story and, together, they create individual lifestyle plans that incorporate the needs and goals of each resident.
In addition, residents of The Stories will benefit from many universal design features, including low-profile step-in showers, glare-free lighting and slip-resistant tile, all of which are designed to combine modern form with practical function. The Stories will also feature a state-of-the-art fitness center, club room with a catering kitchen, flex office space and outdoor gardens with patios and grill stations. Each unit comes with high speed wireless internet access with technology upgrade options including smart thermostats and digital home entertainment products.
The Stories will begin taking priority list deposits in January and reserving apartment homes in Spring 2015. To learn more about The Stories, join Federal Realty and Smart Living 360 on December 10th at 7pm as they host a workshop, “Being Purposeful in Your Dividend Years,” at the Federal Realty headquarters in Rockville, Maryland. Additional information is available at http://www.thestories.com, or by calling 301.289.7573.
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About The Stories
The Stories is a new kind of community designed with the well-being of older adults in mind. Building on its key principles of connection, access and simplicity, The Stories inspires and empowers its residents to write the next chapter of their life journey and to do so on their terms. This 48 unit apartment community, located in Rockville, Maryland, is part of Congressional Plaza, a 380,000 square foot community shopping center anchored by The Fresh Market, The Container Store and Last Call by Neiman Marcus. Construction is scheduled to be complete in the fall of 2015. For more information, please visit http://www.thestories.com.
About Smart Living 360
Smart Living 360 is a development and operating company focused on delivering innovative living experiences with a particular focus on older adults. We believe that that many of today’s older adults wish to rewrite their life course, opting for a life different than traditional retirement. We partner with our members by designing and enabling living environments that appeal aesthetically and enhance personal well-being, deliver select services and amenities in a customized and easy to use fashion, and adapt as one’s needs change, often leveraging technology. We are presently focused on developing and operating great apartment and condominium homes tailored for older adults in walkable, intergenerational, mixed-use urban and suburban areas. For more information, please visit http://www.smartliving360.com.
About Federal Realty
Federal Realty is a recognized leader in the ownership, operation and redevelopment of high-quality retail based properties located primarily in major coastal markets from Washington, D.C. to Boston as well as San Francisco and Los Angeles. Founded in 1962, our mission is to deliver long term, sustainable growth through investing in densely populated, affluent communities where retail demand exceeds supply. Our expertise includes creating urban, mixed-use neighborhoods like Santana Row in San Jose, California, Pike & Rose in North Bethesda, Maryland and Assembly Row in Somerville, Massachusetts. These unique and vibrant environments that combine shopping, dining, living and working provide a destination experience valued by their respective communities. Federal Realty’s 89 properties include over 2,400 tenants in approximately 20.1 million square feet of retail space and 1,500 residential units.
Federal Realty has paid quarterly dividends to its shareholders continuously since its founding in 1962, and has increased its dividend rate for 47 consecutive years, the longest record in the REIT industry. Federal Realty shares are traded on the NYSE under the symbol FRT. For additional information about Federal Realty and its properties, visit http://www.FederalRealty.com.
Adrienne Peres, Abel Communications for The Stories, http://www.thestories.com, +1 410-274-8178, [email protected]
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