Land: River View at Las Palmas, Monterey County
|Property Type::||Land for Senior Living Facility|
|Project Type::||Continuum Care Residential Community (CCRC)|
|Location:||Las Palmas Ranch, Monterey County, CA|
|Land Area:||15.67 Gross Acres|
|Zoning::||MDR / 2.86 U/A, Speciic Plan for Las Palmas Ranch, Phase I|
|Project Description:||26 Independent Living Units - 42 Beds|
|40 Assisted Living Units - 50 Beds|
|39 Memory Care Units - 48 Beds|
|Delivery Condition:||Subject to CUP Approval by Monterey County Supervisors|
|Demographics (10 Mile Radius):||Total Population 2015 (Estimate) >Age 65 - 23,572|
|(Nielsen):||Total Population 2020 (Estimate) >Age 65 - 27,797|
|Why Senior Living Care?:||By 2020, 12 million older Americans will require long-term care services, while the U.S. senior housing sector currently only consists of approximately 2.9 million units/beds.|
|Monterey County CUP Application:||PLN150372|
|Supporting Documents & Studies:||1. Project Application/Plans 2. Monterey County General Plan 3. Toro Area Plan Land Use Plan 4. Title 20/21 of the Monterey County Code (Zoning Ordinance) 5. CEQA Air Quality Guidelines, Monterey Bay Unified Air Pollution Control District, Revised February 2008 6. Las Palmas Ranch Specific Plan and EIR. 7. Biology - Las Palmas Ranch Specific Plan EIR; Supplemental Site Inspections and Reports (Regan, December 2011, October 2013) 8. Geology � Las Palmas Ranch Specific Plan EIR; Geologic Hazards Report and Soil Engineering Feasibility Study (Landset, 2014) 9. Traffic - Las Palmas Ranch Specific Plan EIR; Project Specific Trip Generation Studies and Analysis (Hatch, Mott, McDonald December 2013, March 2014, April 2016) 10. Water Supply - Las Palmas Ranch Specific Plan EIR; California Water Service Can and Will Serve letter August, 2015 11. Waste Water Disposal � Las Palmas Ranch Specific Plan EIR; California American Water Company Can and Will Serve letter November, 2015 12. Ferrini Ranch EIR|
|Market Evaluation: :||Although there are 5 operating senior facilities within the 10-12 mile radius of River View at Las Palmas, the competition was not deemed significant by our market study consultant. Historically, the local senior facilities have been operated a near full capacity. Given the current senior living facilities capacity of 670 beds and a Monterey County population of 433,000, the ratio of 1.5 beds/1,000 population is significantly less than the national average 4.0 beds/1,000 population based on 1,233,690 beds and 308 Million population per an AARP study of the year 2010.|
|Comments:||The River View at Las Palmas Senior Living facility will be a vibrant community for Monterey County seniors. Our community will create jobs, support local businesses, increase tax revenue for the Salinas Valley, and strengthen Monterey County by working together with local civic, health, and business organizations.|
River View at Las Palmas Description
This independent, assisted, and memory care proposed facility located in Las Palmas Ranch is located within the prestigious Hwy 68 corridor within close proximity to the Monterey Peninsula. This project is located next to some of Monterey Peninsula’s premier residential neighborhoods, such as Las Palmas Ranch, Markham Ranch, Monterra, Pasadera, Tehama, Hidden Hills, Corral de Tierra, San Benancio and Toro Estates. The amenities in the main buildings include lounge, theater, bistro, wellness, beauty, and dining areas. Details of this project are:
Main Buildings (Living Area)
Assisted Living Facility: 43,384SF
Memory Care Facility: 38,708SF
Total: 82,090SF in the main buildings
Assisted Living Casitas: 27,993SF
Total Project Living Area: 110,085SF
26 unit assisted living casitas
40 unit assisted living care building
39 unit memory care facility
TOTAL PARKING PROPOSED (OPEN+GARAGE) = 106
Project entitlements are scheduled for completion Fall 2016.
MARKET STUDY COMMENTS
As you can see from the marketing study, they did not use a 5 mile radius for their evaluation. It is more reasonable to look at a 10 mile radius given the traffic patterns of this community. There is a significant amount of cross-traffic between the Monterey Peninsula and the City of Salinas, along the HWY 68 corridor.
There are approximately 17,000 people living in the Hwy 68 corridor, which is about 10 miles long. This primary area has the following demographics:
PRIMARY MARKET AREA
Median Age: 48
Average Age 43
Age >65 22%
Pop by Education 83% Some college,No degree of more
45% Bachelor and/or Advanced Degree
HH Income Average: $148K
HH Income Median: $121K
Housing Value Median: $735K
HOUSEHOLDS IN THE PRIMARY MARKET AREA BY MLS AREAS (Source: MetroScan)
75: Laguna Seca/Pasadera/Bay Ridge/Baronet Estates/Hidden Hills 1247
76: San Benancio 976
77: Toro 237
78: Indian Springs/Pine Canyon 559
98: Corral de Tierra 2045
99: Las Palmas 1304
138: Spreckels 214
139 Monterra Ranch 158
166: Tahema/Carmel Valley 1090
168: Hidden Hills/Los Laureles 261
SECONDARY MARKET AREA
The Monterey Peninsula has a population of approximately 105,000.
SECONDARY MARKET AREA:
The City of Salinas has a population of approximately 150,000.
The Monterey Peninsula and Salinas are connected by Hwy 68, which is one of primary area for jobs and is a primary access to those jobs located in Ryan Ranch Business Park, Garden Road Business Park and Laguna Seca Office Park.
Per the marketing study there are three existing senior care facilities on the Monterey Peninsula (Sunrise, The Park Lane and The Cottages of Carmel) and one in currently in construction at Irish Canyon adjacent to Del Monte Mall. There are two existing senior care facilities in Salinas (Villa Serra and Brookdale Senior Living) and no projects in construction.
The total bed count for the existing senior living facilities, not including home based businesses) is 671 beds. Based on a combined population of Hwy 68, Monterey Peninsula and the City of Salinas, that is a ratio of 2.5 beds/1,000 population, or 12 beds/1,000 population of +65 years of age, assuming a 20% consort.
The uniqueness of this opportunity has been created by the multiple high barriers to entry constraints that exist on the Monterey Peninsula and along the Hwy 68, include the following constraints, such as, lack of water and developable land, traffic impacts, significant public resistance to development, etc..