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Thursday, May 17, 2012
Feature: August 2006
No Boomer is an Island
Retirees embrace suburban and urban alternatives to adult communities
Story by Michael P. Scott
Free-spirited retirees armed with vast reservoirs of disposable income may represent the region’s next major gold — or shall we say silver? — rush.
It’s hard to overlook the growing influence of this cohort in light of the fact that, by 2011, the number of retirees over the age of 65 is expected to rise faster than the population as a whole in each of the 50 states.
In the Capital Region, the 65-and-older population is projected to increase from 11 percent of total population in 2000 to 20 percent in 2030, according to the Sacramento Area Council of Governments, and nearly half of projected household growth in the region is expected in households headed by persons aged 65 and older.
Developers are finding a growing demand for living alternatives to traditional retirement communities that allow retirees to become integrated into a diverse community. This trend is supported by a study conducted by insurance company MetLife and the American Association of Retired Persons that found that individuals at or near retirement age (50 to 65 years old) ranked living in adult communities second to remaining in their own homes. Maintenance-free living scored high, as did living near family and friends.
“It is becoming quite evident that older adults want to live confidently in their homes and stay active in their communities,” says Joan Twiss, executive director of the nonprofit Center for Civic Partnerships. In June, the Center released a publication to assist civic leaders in preparing for the huge growth in the 65-plus population. It includes case studies, plans and policies that have been implemented to make cities more livable for older adults.
“Homes that are designed or easily modified to accommodate people with varying abilities are an important part of aging in place,” says Twiss. “But just as important are neighborhoods and community infrastructure that provide a variety of transportation options, supportive services and opportunities for employment and civic participation.”
Joy Loverde, author of “The Complete Eldercare Planner,” says slowing down is the last thing on many retirees’ minds. “Retirees of today are quickly getting the message that they need to think about their social, health, family and spiritual needs in a brand-new way,” says Loverde. “Many of them are seeking the type of lifestyle which will allow them to be vital, autonomous and independent in their retirement.”
She believes this change in the societal landscape will require innovative solutions. “Developers must remain open-minded to the many creative thought processes at hand in order to effectively address the needs of retirees.”
Traditionally, retirees have been attracted to residential communities in suburban areas that offer them the comforts of low crime and a slower pace of life. But that seems to be changing.
“The smart-growth movement that has been widely talked about in the region dovetails nicely with the needs of today’s retirement population,” says Marty Tuttle, vice president of New Faze Development, a firm that specializes in the development of affordable homes. “We are finding that retirees are increasingly attracted to walkable communities where they don’t have to rely on a car and [are] in close proximity to many cultural, service and social amenities.”
Many retirees have become bored with suburban living and want to embrace the advantages of living in an urban environment. This lines up well with the proliferation of new high-rises sprouting up in downtown Sacramento.
The Capitol Grand Tower, a proposed 54-story high-rise nestled at 12th and J streets, would include around 280 luxury condominiums for buyers interested in settling near the epicenter of the city. This structure is part of a rapidly growing list of new downtown housing options, which include the 54-story towers developer John Saca is spearheading at Capitol Mall and Third Street, as well as the Aura Condos, a 38-story, 265-condo high-rise at Sixth and Capitol Mall being designed by world-renowned architect Daniel Libeskind and developed by Craig Nassi.
Many see these changes as evidence of Sacramento’s growing effort to appeal to retirees and other residents as an urban housing center, just as Miami, Indianapolis, Cleveland, Portland and other cities have done.
“We have definitely seen some interest on the part of retirees who are intrigued with the idea of downtown living,” says Sherryl Fleeman, condo sales specialist with Aura Condos, a building that will offer panoramic views of Sacramento’s rapidly evolving downtown. “This, we believe, will create a ripple effect in attracting restaurants, retail establishments and other amenities to the area.”
Lofts, typically known for being popular with the 20-something crowd, are also getting a close look by retirees who prefer living in an integrated setting to living in a community that caters only to older people.
The North End Lofts, located at 14th and C streets, exemplify this type of living experience. The light-filled lofts will blend with nearby warehouses and Victorian-style homes, and in the spirit of many living arrangements in San Francisco, will provide off-street parking via a first-floor garage.
“Some retirees are naturally curious and interested in what our loft concepts have to offer,” says Fran Dixon, the real estate broker for the two-phase, 28-unit complexes. “However, it is important to keep in mind that retirees tend to place a much greater importance on location than on the style of the property. This is particularly true if they have family in the area.”
For Nelson Lucas, who retired in 1998 after 38 years with the California Employment Development Department, residing in downtown Sacramento represents an ideal match for his lifestyle.
A former resident of several suburban communities during his years at the EDD, Lucas and his partner decided in 2001 to move to an area near Southside Park that offered greater accessibility to the things that were important to them.
“I really enjoy downtown living because it has more of a neighborhood atmosphere than the suburbs,” says Lucas. “The walk to the downtown mall is very convenient, and we are only blocks away from the Crocker Museum. It is also close to where my medical provider is located, which is important.”
Lucas says that while downtown living offers many advantages, it does have a few drawbacks. “While I believe that the arrival of new eating venues and establishments in the area is generally a good thing, the activity that some of the nightclubs attract can be both a blessing and a curse. There are also some social problems, such as homelessness, that can be a nuisance at times, and I do miss some of the amenities of suburban living, such as the variety of area supermarkets.”
Warren Truitt, a Fair Oaks resident who retired five and a half years ago after a successful career in the paper and publishing industries, is wedded to suburban living. A passionate bicyclist who rides between 4,000 and 7,000 miles per year, his current residential location is appealing because of its proximity to the American River Parkway as well as to his wife’s work as a fitness instructor. His daughter and granddaughter live nearby as well.
“We played with the idea for a hot second of moving to downtown Sacramento because of its accessibility to the arts, museums, and restaurants, but Fair Oaks held too much appeal because of the bicycle access points to the parkway,” says Truitt.
When asked whether the new condos being built downtown raised any eyebrows, Truitt offers an interesting response: “Sure — that is, until we considered bicycle-storage issues as well as how we were going to get the bikes up and down from our high-rise residence. All in all, Fair Oaks is simply a better fit for us.”
Truitt believes an active lifestyle is essential to a meaningful and fulfilling existence as a retiree. “Retirees should explore ways of staying actively involved in their community,” says Truitt, who serves as vice president of the Save the American River Association, a grassroots organization dedicated to protecting the lower American River and the American River Parkway. “Paying attention to one’s health and fitness is also important because your body can begin to do some funny things if you don’t take care of it.”
Brian Strom, who retired as president and CEO of the Roseville-based Surewest in March, says that though Sacramento represents a great community for retirees, he and his wife are tied to a 70-acre ranch in Oklahoma where they breed and show quarter horses. “I suspect that if we didn’t have the horses in Oklahoma, Sacramento would be the place where my wife and I would settle down,” says Strom.
He says that if they had chosen to stay in Sacramento, downtown condo life would definitely have been of interest. “Being in close walking distance to everything would have been appealing, particularly with all of the proposed new development along the river.”
Population experts say the retirement boom will have wide-ranging housing and lifestyle implications. Boomer kids in particular are not only facing the prospect of caring for their retired elders, but are also struggling with the possibility of living with them — a possibility made easier through the advent of granny flats and other multigenerational living arrangements.
Marty Tuttle of New Faze Development believes the needs of retirees will become more diverse and varied — as will the housing developments built to accommodate them. He says that for all of the retirees attracted to the new options available downtown, there are just as many who prefer a more traditional suburban environment.
“We are focusing more of our efforts on building homes and neighborhoods that are well-suited for active seniors,” says Tuttle. “For developers, this represents an ideal time to be creative and pursue innovative ideas that truly meet the needs of today’s retirees.”
