Roseville developers see profitable future in assisted-living sector
11/12/2013 12:00 AM
11/12/2013 10:00 AM
Over the last five years, opportunities in the real estate market have looked negative to Roseville developers Chris Miller and Neil Richardson – until now.
They will break ground Nov. 20 on the first of 25 new construction projects that they expect to provide better-than-average returns for decades to come, Miller told me Monday. His FCM Capital Partners is aggressively investing in assisted-living and memory-care facilities, the first of which is SummerPlace Living at 7411 Fair Oaks Blvd. in Carmichael.
“There are something like 10,000 seniors a day turning 65,” Miller said. “We’ve done market studies that show that if you built one center a day, you couldn’t meet the demand in five years.”
Each facility will cost upward of $20 million to build. The financing for the project is being handled by PDC Capital Group of Costa Mesa, which is recruiting foreign investors who want to reduce the amount of time they must wait for a visa or green card to enter the United States.
“If you’re in a country like, say, China or India or Dubai, and you would like to immigrate to the United States, and you don’t want to wait the five to seven years it takes to get a visa or a green card, you can make a $500,000 investment in real estate in … targeted employment areas,” Miller said. “… And by doing that, it doesn’t change the process that you have to go through with the U.S. … immigration service, but it changes your priority and puts you on top of the stack and allows you to get approved for your visa or green card in nine to 12 months instead of five to seven years.”
At the same time, he said, this investment creates jobs in areas where the unemployment rate is higher than the national average.
Many developers are jumping into the senior services space, but Betsy Donovan, chief operating officer at Eskaton, said there will be plenty of potential customers to go around. In fact, she said, because the anticipated need is likely to outstrip availability, Eskaton is now focusing on providing services that will allow people to live safely in their homes for longer.
If you travel this holiday season, chances are you’ll encounter the seemingly inescapable question: “Where’s Sacramento?”
Valley Vision’s Christine Ault is betting that, if people across the region brainstorm together, they can come up with an answer that will satisfy most residents and put the Sacramento region on the map with people we all meet.
That’s the idea behind the Sacramento Brand-a-Thon, an event that will bring together hundreds of people from Placerville to Davis, from Woodland to Elk Grove, from Rocklin to Folsom. They will meet for four hours this Friday afternoon, breaking into small groups to describe the region’s assets and dream up catchy taglines that encompass their ideas. Then they’ll pitch their ideas and see which ones gain currency.
Want to join them? Ault would be glad to have you. Register at www.eventbrite.com and be sure to wear comfortable clothes to the event because it will be hard work.
Ault is one of this event’s facilitators because she’s the Valley Vision staff member who helps to keep the Next Economy economic initiative on track.
“The Next Economy plan is generally focused on job-creating activities … but it was recognized that if our region had a stronger identity … that would not just be a marketing tactic but also an economic development tactic,” Ault said.
She chaired a recent study mission to Philadelphia where participants learned how three states and 11 counties had rallied round a three-letter symbol for their region.
“They decided that their airport code was what was recognizable most around the world,” Ault explained. “You see it on terminal displays if you’re in the airport or in train terminals or bus terminals, the PHL is what people know, and … we are constantly having this discussion here locally about, ‘Well, do you brand Sacramento, or do you brand the Sacramento region and how do you do that? Is it the Sacramento region that encompasses Folsom, Elk Grove, Roseville and Davis?”
In Philadelphia, Ault said, PHL was embraced by everyone and yet owned by no one. That point struck every member of the study mission, no matter where they lived in the Sacramento region.
It’s Dutch love
Eight Dutch Bros. Coffee shops have opened around the Sacramento region over the last four years, and the growth isn’t likely to slow down now that new franchisees are planted here.
“We only franchise with our existing employees,” said Dan Buck, director of public relations for Dutch Bros. “We don’t sell franchises to outsiders and so it takes a little while. The curve is kind of slow to grow, but once our franchisees get their feet settled where they are, it makes it easy for them to open new shops.”
Jeremy and Heather Mauel will be opening a new Dutch Bros. location Friday at 3450 Sunset Blvd. in Rocklin. From 5 a.m. to 10 p.m. on that first day, all 16-ounce drinks will cost only $1, and all proceeds will benefit sober grad nights at Rocklin and Whitney high schools. The Mauels opened an Auburn location back in 2009.
Dutch Bros., founded in Grants Pass, Ore., in 1992, has a strategy of expanding out from its core, so it took a little while to reach Sacramento.
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