Twin Cities suburban trend: Silver-lined home market

Elder Care Expo 2008 sponsor, Presbyterian Homes, featured in Star Tribune story today about senior housing in the Twin Cities suburbs:

[23 April 2008 - Star Tribune] In a suburban housing market chilled by recession and mortgage woes, one segment of housing is still hot: independent housing for seniors. In the development pipeline are almost 600 units in Bloomington, more than 700 units in Edina, and about 145 units in Richfield. Roseville's first housing development proposal in three years is a 93-unit senior co-op that would be the sister to a successful co-op built a few years ago. Demand is highest for ownership and rental units aimed at middle-income seniors. But in suburbs where open land is limited and the population skews older -- places like Edina, Richfield, Roseville and Bloomington, where at least a quarter and sometimes more than a third of single-family homes are owned by people 65 and older -- how much senior housing should be developed? "That's what a lot of communities are wondering about," said Ron Rankin, Minnetonka's community development director. ...

The State Demographer's Office predicts that by 2035, the Twin Cities' 65-and-over population will increase by 145 percent. Historically, about 60 percent of housing here has been single-family homes, according to the Metropolitan Council. The council has suggested that half of all new housing added by 2030 be "attached housing" like condos, townhouses or apartments. With senior housing targeting people from ages 55 to 90, developments range from maintenance-free townhouses and co-ops for active residents to assisted-living and memory-care units. Presbyterian Homes & Services alone has recently opened or is planning suburban Twin Cities developments that include about 800 units for independent seniors. Ecumen, another large nonprofit specializing in senior housing and services, is doing a condo conversion in Cannon Falls that will include 40 senior apartments, and also is planning a senior development in Maple Grove with 96 apartments for active seniors. Eventually townhomes will be added. More