University-based Retirement Community
The major attraction of continuing care retirement communities is spelled out in their name. If a resident enters a ccrc being able to live essentially on her own (independent living) but later needs more intensive support she can receive it without moving elsewhere or paying a higher monthly fee. Now, however, ccrcs are adding another selling point to their appeal as they locate near college campuses, creating university-based retirement communities
And Andrew Carle, a George Mason University professor, notes that while the residents of ubrcs are the most obvious beneficiaries of this arrangement, thriving in the intellectual-stimulation that permeates college towns, these communities also represent a boon to developers.
‘If you’re a developer, by affiliating with a university, you’re going to attract people who became loyal to the product years ago, and who send their children and grandchildren to the institution,” Dr. Carle said. ”You can’t buy that kind of marketing—which is available essentially for free—even with hundreds of thousands of dollars. And the loyalty never ends. “
Dr. Paula Panchuck, meanwhile, explains that partnering with a college allows a ccrc to strike bargains by having the same contractors who work for the college also work for the community. And a college town can benefit from having the residents of a UBRC in their midst. Often, these seniors pay taxes but demand few services, while providing service sector jobs or becoming a volunteer base, Dr. Panchuck, Vice President for Lasell Village at the Massachusetts-based Lasell College, said.
Dr. Carle notes that ubrcs already exist adjacent to more than 60 campuses nationwide. And he expects that figure will continue increasing until by the 2030s at least a tenth of the country’s 4,000 colleges and universities are linked with a ccrc.
This post is an excerpt from Rounding the Circle of Love: Growing Up As She Grows Old. This volume can be purchased at Amazon.
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