Senior Housing: Is senior housing market all tapped out?
By STEFANIE SCOTT for Wauwatosa Now
A request to change a planned condominium complex at 62nd and State streets into senior apartments has tapped into an issue much larger than this one building: How much senior housing is needed in Wauwatosa?
Developer David Israel wants to amend the Stone Pointe plans, which called for the construction of three buildings containing condominium units, so he can use one structure for senior apartments. Brian Randall, an attorney representing Israel, said the condo market has tanked but a market study commissioned by the developer shows a strong demand for affordable senior housing.
The new proposal calls for 82 independent-living units in a three-story building with an elevator. The facility would offer “a la carte services” like laundry, housekeeping and medication management, the fees for which would be added onto a tenant’s rent if they desire to use those services.
Panel supports change
Alderwoman Linda Nikcevich serves as the council’s liaison to the Senior Commission. Compared with other southeastern Wisconsin communities, Wauwatosa has a high senior population and “they want housing,” she told her fellow Community Development Committee members last week.
Senior Commission Chairwoman Judi Parmeter verified that statement, adding that residents are looking for affordable housing options that will allow them to stay in Wauwatosa. In 2000, 25.8 percent of Wauwatosa’s population was 55 or older, compared with 20.4 percent in Milwaukee County and 21.6 percent statewide.
“They have their ties here,” Parmeter said. “They are an asset to our community.”
Israel plans to apply for tax credits so he can provide subsidized housing and, if approved, units would rent for $650 to $925 per month. Nikcevich said that the low rates would not jeopardize the quality of the project.
In Wauwatosa, many seniors remain in their houses, single-family homes that could be attractive real estate if the older owners had a place to relocate, Nikcevich said.
“Loosening that grip seniors have on the housing stock could bring new families into the city,” she said.
Not all seniors interested
Housing turnover is unlikely in a poor economy, unless owners are facing serious health concerns, said Beth Anderson, executive vice president of the Laureate Group that owns and operates Hart Park Square.
During an interview, she used the term “aging in place” to describe what most seniors want when looking for a retirement facility. Many people have lived in their home for decades, so they don’t want to move again until they have to go into a nursing home or medical facility, Anderson said.
Places like Hart Park Square offer independent-living housing and assisted-living options so as mental or physical health issues arise, residents can remain on the same campus.
That led to another point made by several city officials and residents: the different definitions of who “seniors” are.
There are people in their 50s, 60s and 70s who are extremely active but want to downsize simply because they find themselves with too much room after their kids leave the nest. Others would rather travel than spend time and money on home maintenance.
Those people may be interested in condominiums, of which there are few of in Wauwatosa.
“They still want to own property in Wauwatosa, and this (change to apartments) does nothing to address that,” Alderman Dennis McBride said.
Senior-living already there
Then there are the seniors, typically in their mid-70s to 90s, who have health issues, can no longer care for a house or want a new social network because a spouse has died or their friends have moved out of their neighborhood.
Anderson believes the Wauwatosa housing market for those seniors already is pretty full. Because some seniors stay in their homes and because of the turnover in senior apartments – about 25 percent of Hart Park Square’s independent-living units and 40 percent to 50 percent of its assisted-living units open up each year – it’s not necessary for the city to have a senior-housing apartment for every senior in the community.
“There is not pent up demand in Wauwatosa,” she said. “If another facility is built, someone will carry the vacancies.”
With facilities like Hart Park Square, Harwood Place, Luther Manor and St. Camillus in the city, the senior housing market already is well served, several residents told the CDC.
“It just feels like a desperate attempt to get something built,” resident Jane Wagner said.
The city assessor’s office was not able to provide a count of senior housing units in Wauwatosa by NOW’s deadline.
Next Step
WHAT: Wauwatosa Community Development Committee will discuss proposed changes to the Stone Pointe development
WHERE: City Hall, 7725 W. North Ave.
WHEN: 8 p.m. Tuesday
