Formation Development Group is actively searching for quality senior living development sites in major markets in the Southeast, Mid-Atlantic, Midwest, Northeast and Texas. We prefer established suburban or inner-suburban locations with impressive demographics. We are not pursuing smaller markets, small towns, rural locations or resort areas.
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 undertake the development of new senior living projects. Formation Development Group recently closed a significant construction loan and broke ground on a $36 million project (see our "News" page). We think today's real estate environment presents good opportunities for well-capitalized firms such as ours. We are further excited that land that may have been slated for other uses may now be available for senior living.
Our primary focus is on the purchase of land for development. We will also consider joint ventures with land owners.
We appreciate your assistance in making us aware of quality development opportunities.
Product Types
Formation Development Group develops two main project types:
Independent Living and Assisted Living Campus
- Project size of 150 - 200 units
- Building size of 170,000 - 250,000 SF
- 3 - 4 stories (may go higher in certain areas)
- Typically a single building with separate entrances
- Land area of 4 - 8 acres
(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
- Project size of 80 - 150 units
- Building size of 60,000 - 200,000 SF
- 3 - 4 stories
- Land area of 2 - 4 acres (larger sites will be considered)
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 mother to live (assuming you love your mother).
Site Information
The following information is required for Formation Development Group to begin its review of any sites that may meet the above requirements:
- Address (or closest cross streets)
- Size
- Price
- Zoning (including mention of any unusual restrictions such as setbacks, height, etc)
- Survey
- Topographic survey or a description of the site (flat, hilly, etc)
- Availability of utilities
- Description of neighboring uses
- Photos (limit to 2 or 3 photos; a recent aerial photo is very helpful)
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 need to review the site information before discussing the site by phone.
Please submit site 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.
