Vincent Development and Vincent Real Estate, subsidiaries of Eden Prairie-based Vincent Companies, have received approval from the City of Prior Lake, Minnesota, to move forward on its new Summers Ridge Senior Living at 4285 Fountain Hills Drive NE.
Comprising 40 units of assisted living and memory care, the construction will be one single-story building managed by Plymouth-based Great Lakes Management. Prior Lake is located in Scott County, 20 miles southwest of Minneapolis. Summers Ridge is one of eight developments the company has slated for 2020. The various projects range from 40 units to over 200 units in size.
The building was carefully designed as a better alternative for people who require high acuity care. With a plan that incorporates an ideal nurse staffing ratio, the building is a more comfortable size for residents and their families who can no longer be supported in a private home or who find that a large assisted living and memory care facility is overwhelming due to its size and low staffing levels. Summers Ridge will provide 24-hour support, private bedrooms, and bathrooms, home-cooked nutritious meals, physical and mental exercises, outings and activities as well as housekeeping and laundry services.
Before proposing Summers Ridge to the city of Prior Lake, Vincent Development conducted a full market study. Included in this initial assessment are demand calculations for market-rate assisted living and memory care housing. Potential demand is calculated based on analysis of the income/asset-qualified target market for senior housing and the supply of competitive senior housing units serving the primary market area. The ability of the subject development to capture unmet market area demand is discussed in this assessment and preliminary recommendations on monthly achievable rents are provided for the market rate housing types.
Between 2019 and 2024, all senior age groups above 60 in the area are projected to experience growth. The age group 75+ is projected to add 1,154 seniors between 2019 and 2024 (+44.2%). This growth should lead to increased demand for senior housing.