In addition to its consulting work, Formation Development Group is actively searching for high quality senior living development sites in major markets throughout the United States. We prefer established suburban or inner-suburban locations with impressive demographics. We are not pursuing investments in smaller markets, small towns, rural locations or resort areas.
We are also pursuing the acquisition of existing senior living communities. We will consider the purchase of independent living, assisted living and Alzheimer's care communities.
Formation Development Group would also consider stepping into projects that are underway where the developer has run into financial or operational challenges. Our experience in development, finance, marketing and operations makes us well-suited to bring value to struggling projects.
The current economic situation presents challenges to financing for new projects. Many developers are having to postpone or cancel development plans. However, with our strong track record and institutional equity backing, we remain confident of our ability to selectively undertake the development of new senior living projects. Today's real estate environment presents good opportunities for well-capitalized firms such as ours. Further, land that may have been slated for other uses may now be available for senior living.
We appreciate your assistance in making us aware of quality development, acquisition and joint venture opportunities.
Product Types
Formation Development Group develops two main project types:
Independent Living and Assisted Living Campus
(Larger sites will be considered and smaller sites may work if higher density is allowed and/or if podium parking is feasible.)
Freestanding Independent Living or Assisted Living
Formation Development Group will consider the aquisition of other types of senior living projects that do not fit neatly within the above categories.
Senior Living Site Criteria
The typical senior living decision-maker is a well-educated, middle- to upper middle-income "adult child" (age 45 - 64) who is making or strongly influencing a decision on behalf of an elderly parent. The residents themselves will often move to the project from outside of the market area to be closer to their grown children. The adult child demographics are key to our site selection, but potential markets must also contain sufficient numbers of income-qualified seniors (age 75+).
Sites must appeal to the adult child as well as to the senior. Sites must be conveniently located near quality retail, office, dining, entertainment, schools, synagogues and churches. Sites need to be located in an area with significant amounts of executive housing.
Sites must be prominently located with good visibility in an area with quality neighboring uses. Sites must be in desirable areas with no adjoining negative uses (including truck yards, auto body shops, adult entertainment, funeral homes or cemeteries).
Contrary to what some may think, we are not interested in quiet or secluded sites. Our residents and their family members like sites that are "close to the action." Additionally, good site visibility is important to our marketing efforts.
The most important site criterion is the hardest to define: the site must be a place you would want your own mother to live (assuming you love your mother).
Site or Project Information
The following information is required for Formation Development Group to begin its review of any sites that may meet the above requirements:
We do not need demographic information since we run our own analyses.
Information may be sent via email, fax or regular mail. Email is preferred. Please let us know if you are the owner, broker or other party. We will execute confidentiality and non-disclosure agreements as required.
Please submit info to:
Ms. Pam Marano
Formation Development Group, LLC
1075-A Powers Place
Alpharetta, Georgia 30009
770-777-9898
678-317-2200 Fax
pmarano@formationdev.com
We'll respond and let you know if we are interested in pursuing. Thanks for your interest in Formation Development Group.