Altus Feasibility Study (pdf) - Maison Senior Living

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4904 ‐ 4920 Elbow Drive, Calgary, AB Milliken Developments October 28, 2010 4 TABLE OF CONTENTS EXECUTIVE SUMMARY ................................................................................................................................1 BACKGROUND.......................................................................................................................................... 1 PRIMARY MARKET AREA [PMA] .................................................................................................................... 1 DEMOGRAPHIC PROFILE ............................................................................................................................. 2 SUPPLY & DEMAND .................................................................................................................................. 2 DEMAND COVERAGE RATIO [DCR]................................................................................................................. 2 OPERATING ASSUMPTIONS ......................................................................................................................... 2 INTRODUCTION ........................................................................................................................................ 3 SCOPE OF INVESTIGATIONS ......................................................................................................................... 3 ASSUMPTIONS & LIMITING CONDITIONS......................................................................................................... 4 EXTRAORDINARY ASSUMPTIONS .................................................................................................................. 4 ECONOMIC OVERVIEW ................................................................................................................................5 SENIORS MARKET EVOLUTION & HISTORIC OVERVIEW......................................................................................11 REGIONAL & CITY DESCRIPTION ..................................................................................................................21 MARKET AREA DEMOGRAPHIC PROFILE........................................................................................................ 28 MARKET SUPPLY ANALYSIS .......................................................................................................................51 DEMAND ANALYSIS................................................................................................................................. 56 DEMAND COVERAGE RATIO....................................................................................................................... 59 CERTIFICATION....................................................................................................................................... 61 QUALIFICATIONS .................................................................................................................................... 62
4904 ‐ 4920 Elbow Drive, Calgary, AB Milliken Developments October 28, 2010 Background EXECUTIVE SUMMARY We researched the retirement home market in Calgary to determine if the freestanding mixed AL/ALZ concept is feasible and whether the operator’s proposed average rents and staffing ratios are reasonable and achievable. In order to test demand, we prepared a market feasibility based on our model which takes into consideration family types, income and need. Outside of the government funded care model, ALZ is uncommon in the private pay market and does not exist in the high end format in Calgary as proposed by Milliken. Moreover, the only comparable model in the country is operated by Sunrise <strong>Senior</strong> <strong>Living</strong>, a US based developer of mansion style residences in Ontario, BC and Quebec. Primary Market Area [PMA] The PMA encompasses the south‐westerly portion of the City of Calgary, south of the 17 th Avenue, east of Crowchild Trail/37 th Street SW, north of Fish Creek/Canyon Meadows Drive SE, and west of Queen Elizabeth Highway/Blackfoot Trail/McLeod Trail. The subject property is located in the northerly portion of the PMA on the boundary between two neighbourhoods; Elboya to the east and Britannia to the west. It is an established inner city community located approximately 3 kilometres from downtown Calgary. 1
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Altus Feasibility Study (pdf) - Maison Senior Living

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