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Downtown Is the New Frontier for Boomers
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The Lincoln Square Lofts in Denver has attracted young professionals and 50+ buyers. Photo: © 2007 Steve Hinds Photography |
 The first baby boomers turned 60 this year. In eight years, the last of the 77 million boomers will have turned 50. And most, according to a 2003 baby boomer study by Sun City developer Del Webb, don’t want to live in a Sun City-type community for their retirement. Only 7% chose that option in the study.
What a majority of the boomers want — 80% according to “Boomers on the Horizon” by Margaret Wylde of the ProMatura Group — is to live in a single-story, single-family detached home. But few will be able to afford that choice.
Seventy percent of boomers surveyed by Del Webb in 2005 said that affordable housing was the number one reason they would consider moving.
That gives multifamily developers a potential edge over single-family community developers. But for these multifamily communities to appeal to 50+ buyers, developers must consider meeting boomers’ other wants and needs if they are to effectively counter their desire to live in a single-family home.
Close to Public Transportation
According to “Boomers on the Horizon,” 46% said public transportation availability would influence their buying decision.
That definitely proved to be true with Trammell Crow’s Lincoln Square Lofts in Denver, a condominium community at one of the city’s newly expanded light rail stations, where the sales rate exceeded expectations.
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Lincoln Square Lofts interior. Photo: © 2007 Steve Hinds Photography. | Priced in the $200s, the community, designed by KEPHART Community.Planning.Architecture, is within walking distance of a major suburban shopping center, theaters, restaurants and medical services. It features one- and two-bedroom units from 800 square feet to 1,394 square feet, and each unit has a private balcony for outdoor living and assigned parking under the residential wings of the community.
Lincoln Square Lofts also features such amenities as a clubhouse, recreation center, swimming pool, whirlpool spa and high-speed Internet access.
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Lincoln Square Lofts. Image courtesy of KEPHART.
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50+ buyers purchased more than half the units at Lincoln Square Lofts. With its urban setting and amenities, the community also appealed to young professionals — both singles and couples. While many of the 50+ buyers were investors, about 40% live in the condominiums they purchased.
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Lincoln Square Lofts clubhouse. Photo: © 2007 Steve Hinds Photography. |
Attracted to Intergenerational Communities
As the success of Lincoln Square Lofts clearly demonstrates, 50+ buyers also are attracted to intergenerational communities — communities with residents of all ages. A study by AARP in 2005 bears this out.
According to the study, most respondents said they simply wanted to stay in their current homes as long as possible. But of those who said they would move, 85% indicated they would live in an intergenerational community or had no preference.
Del Webb has begun developing and marketing intergenerational communities under its Anthem brand. Its 6,900-home Anthem Parkside community just north of Phoenix features amenities including a water park, community park, fitness center, eateries, learning and business center, swimming pools, golf, an amphitheater, community center, conference room, fishing, lighted tennis courts, a rock climbing wall, “aquatics for all ages and levels” and more than “150 classes and activities for all ages.”
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Park Hill Village. Photo: © 2007 Steve Hinds Photography. | In the upper west side of Denver, not far from the Denver Zoo and adjacent to the Park Hill Golf Club, Del West, one of Denver’s largest condominium developers, is building Park Hill Village, a medium density, intergenerational condominium community that, like Lincoln Square Lofts, is attracting boomers and young professionals.
Full accessibility to the first floor level was a requirement for the project, so KEPHART designed three-story buildings for Del West that would accommodate and appeal to different generations. Several ground floor units were designed for one-story living to attract 50+ buyers seeking single-level living. Two-story townhouses that would appeal primarily to young professionals were stacked on top of the ground floor units.
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Park Hill Village. Photo: © 2007 Steve Hinds Photography. | The first phase of the community also includes conventional three-story townhouses for buyers seeking a private garage and increased living space, as well as a 4,000-square-foot clubhouse and pool.
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Park Hill Village ground floor. Image courtesy of KEPHART.
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Park Hill Village multi-level stacked units. Image courtesy of KEPHART.
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More residential units and a retail center with pedestrian connections to the residences are planned for the future. In addition, a public transportation stop is planned that will be able to carry passengers downtown for easy access to restaurants, entertainment and work, or to the Denver International Airport — an additional plus for boomer buyers and a bonus for the developer because, according to the 2005 Del Webb study, 65% of boomers said travel was their number one unfilled ambition.
Amenities, Activities, Access and Security
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Vallagio at Inverness. Photo: © 2007 Steve Hinds Photography. |
Vallagio at Inverness, a public transportation-oriented community in Denver developed by Metropolitan Homes, adds golf and retail to its appeal. The mixed-use condominium community is adjacent to Denver’s Inverness Golf Course and includes a variety of single-level and multi-level home choices, including single-level golf villas that overlook the golf course.
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Molinara at Vallagio. Image courtesy of KEPHART. |
KEPHART designed the community plan and all the residential units, except for the lofts above the retail in the commercial section of the community. Meeks & Partners designed those.
The best sellers so far have been the golf villas. These 2,721-square-foot to 3,030-square-foot homes essentially provide single-level living with walk-out basements. All these homes have golf course frontage.
The lofts above retail have been popular with the 50+ buyers as well and sold quickly during pre-construction.
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Vallagio lofts above retail. Photo: Courtesy of KEPHART. |
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Lofts above retail. Image courtesy of KEPHART. |
The lowest-price homes — 1,162-square-foot two-bedroom, two-bath units starting at $278,000 are in the community’s five-story podium buildings.
The buildings feature a lobby, secure parking and elevators, all features that appeal to the 50+ buyer. Three-bedroom, two-bath units in these buildings start at $404,000.
The mid-priced homes at Vallagio range from 1,997 square feet at $455,000 to 2,724 square feet at $590,000 and come in a variety of building and unit choices.
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Vallagio at Inverness. Image courtesy of KEPHART.
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Elevators were not originally planned for all the buildings, but buyer feedback during pre-sales convinced the developer to consider including elevators in all the multilevel homes. While younger buyers have been choosing the multilevel homes, the addition of elevators may attract more 50+ buyers to them.
Multifamily developers are ideally suited to satisfy the wants of 50+ buyers, with the exception of the boomers’ desire to live in single-family detached homes. But the pressure for affordability can outweigh that desire, especially when alternatives include single-level living in a vibrant, multigenerational area and convenient access to entertainment, restaurants and an active lifestyle.
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What Boomers Want |
- Mixed generations — 85%
- Single level living — 79%
- Zero maintenance — 77%
- Affordability — 70%
- A single-family detached home — 68%
- To travel — 64%
- Public transportation available — 46%
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Mike Kephart is the founder of Denver-based KEPHART community planning architecture. He has spent 30 years focusing on architecture and planning for people, their needs, hopes, dreams and aspirations. KEPHART partners with builders/developers to serve these human needs. For more information, visit www.kephart.com, or call 303-832-4474.
 Find Out What the 55+ Market Wants
“Boomers on the Horizon: Housing Preferences of the 55+ Market,” available through BuilderBooks.com, can help you better build and market homes to this age group.
Capitalize on the niches, needs and opportunities of this rapidly growing market by learning their preferences.
To view or purchase this publication online, click here, or call 800-223-2665.
 Tour Top 50+ Communities in New Orleans
Sign up for the active adult housing tour at the 2008 Boomers and Beyond: 50+ Housing Symposium in New Orleans, May 19-21.
The symposium will also feature the most innovative new community designs during the Best of 50+ Housing Awards gala.
Click here to be notified when registration opens.
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