The senior population in Prior Lake has increased by 78% over the past decade. This increase has led to high demand for senior housing. We are helping the community and providing opportunities with this long-term trend.
PRIOR LAKE, Minn. (PRWEB) April 03, 2020
Vincent Development and Vincent Real Estate, subsidiaries of Eden Prairie-based Vincent Companies, has announced that it has received approval from the City of Prior Lake, MN, to move forward on its new Summers Ridge Senior Living at 4285 Fountain Hills Drive NE. Comprising 40 units of assisted living and memory care, the construction will be one single-story building managed by Plymouth-based Great Lakes Management. Prior Lake is located in Scott County, 20 miles southwest of Minneapolis. Summers Ridge is one of eight developments the company has slated for 2020. The various projects range from 40 units to over 200 units in size.
The building was carefully designed as a better alternative for people who require high acuity care. With a plan that incorporates an ideal nurse staffing ratio, the building is a more comfortable size for residents and their families who can no longer be supported in a private home or who find that a large assisted living and memory care facility is overwhelming due to its size and low staffing levels. Summers Ridge will provide 24-hour support, private bedrooms, and bathrooms, home-cooked nutritious meals, physical and mental exercises, outings and activities as well as housekeeping and laundry services.
The City of Prior Lake is one of the fastest-growing, yet still classically charming towns in the Twin Cities metro. It’s a place where people stay and put down family roots, with both a good stock of starter homes as well as grand estates around the lake. Prior Lake-Savage Area Schools are highly regarded, with Prior Lake High School ranked 33rd in Minnesota, with a 95% graduation rate, according to U.S. News & World Report. Boating and fishing are part of the fabric of life, as well as golf with several public courses and premier private country clubs.
“The Prior Lake area has been a preferred target of our for years, but the right opportunity didn't present itself, so we continued to develop projects in most of the other Twin Cities suburbs,” said Dale Creed Francis, co-founder and Managing Partner of Vincent Companies. “Now here we are, once again proving that patience often pays huge dividends. This project is perfect for the area and perfect for us and our investors. Thanks to the city officials and great neighbors, this much-needed property is coming to their community.”
“This Prior Lake project is part of a new series of projects we are rolling out that consist of a lower overall unit size and smaller footprint,” said Ryan Litfin, co-founder and Managing Partner of Vincent Companies. “We see a huge gap needing to be filled by those individuals who need a higher level of care but desire a smaller footprint and a more intimate setting.”
Before proposing Summers Ridge to the city of Prior Lake, Vincent Development conducted a full market study. Included in this initial assessment are demand calculations for market-rate assisted living and memory care housing. Potential demand is calculated based on analysis of the income/asset-qualified target market for senior housing and the supply of competitive senior housing units serving the primary market area. The ability of the subject development to capture unmet market area demand is discussed in this assessment and preliminary recommendations on monthly achievable rents are provided for the market rate housing types. Between 2019 and 2024, all senior age groups above 60 in the area are projected to experience growth. The age group 75+ is projected to add 1,154 seniors between 2019 and 2024 (+44.2%). This growth should lead to increased demand for senior housing.