Cushman & Wakefield of Arizona, Inc.
Golden opportunities abound when it comes to lifestyle trends of the “Baby Boomer” generation and its impact on real estate development.
That was the message delivered at Valley Partnership’s May breakfast before another sold-out audience at the Phoenix Country Club.
Jeff Chaves of The Weitz Company served as moderator. The panel featured three experts on the 50+ market: Nick Taratsas, Senior Vice President and General Manager of Verrado ARC, DMB Associates; Margaret Wylde, President and CEO, ProMatura Group; and Brendan Morrow, Director, Senior Living, The Weitz Company.
The Mayor’s Minute featured Christian Price from the City of Maricopa. Mayor Price shared recent successes including a new city hall, a new sport and recreation complex, and a new business park. Referred to as the “foreclosure capital of the world” during the recession, Maricopa is once again spoken about in favorable terms, he said. And there is plenty of room for growth,
Over the next decade, thousands of middle-age transplants will move to Arizona to begin second careers and improve their quality of life. Wylde’s micro view of this trend provided some interesting findings and conclusions from research conducted by ProMatura.
This included statistics on buying practices of “Boomers,” caregiver ratio, and motivation for moving. According to Wylde, Arizona is a strong draw and has “stickiness.”
“You can learn what the customer wants,” she said.
Taratsas followed by presenting stats that were eye opening, to say the least. In five years, nationally there will be 78 million people 55 and older. Communities such as Victory at Verrado will become attractive and cater to this demographic.
“It’s all about what makes Baby Boomers tick,” Taratsas said. “Age isolation is no longer important. Boomers want to be connected and belong. Boomers want nature, a built environment, and community engagement.”
Nationally, Weitz has built more than $3 billion in senior living projects in the past 50 years. This includes more than 16,393 independent living units and more than 24,629 senior living units in 37 states.
Locally, Weitz has built upscale senior living facilities including Sagewood and Maravilla. And these are not your father’s retirement home. Far from it, in fact.
What do they look like?
“A blend of resorts with multi-family amenities,” Morrow said. “Trends include urban settings, light rail accessibility, healthcare on site, technology, tele-medicine … and choices.”
All golden opportunities.
