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Financial feasibility study for senior living development

May 31, 2017 Case Study 1 min read
Wexner Heritage Village moves forward with Creekside development following financial study and market research.

 Image of team giving high five

The client

Wexner Heritage Village in central Ohio provides senior living healthcare services and housing services.

The challenge

While Wexner Heritage Village (WHV) was effectively serving the lower income community with two HUD-subsidized buildings, they were not serving the needs of the affluent community. The Creekside project at HCV was the potential senior housing project to fill this gap. One of the biggest challenges was ensuring that is was a viable project. They needed help to make a “go” or “no-go” decision in developing this senior housing community.

The solution

We were hired to help them make that decision. Our team began with a financial feasibility study – looking at the big picture first to see if this project made sense. As more information was received, we were able to form a specific model. More thorough market research was done to test the validity of this endeavor as well as determining the right financing for this project.

The benefit

As a result, Creekside is a reality at Wexner Heritage Village that includes an 82-apartment independent living community that pampers residents with an array of services and amenities. From fine dining to housekeeping services to valet parking, it’s no wonder that Creekside pre-sold 90 percent of its units months before construction was complete.

 

"Plante & Moran assured me that Creekside was the right product and the right size for the market. That's all proven to be the case. We're very pleased with the outcome."
— Richard Lamden, President & CEO,Wexner Heritage Village

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