The Beginning of a new Assisted Living Brand
The quality of service and the number of providers in the assisted living industry constantly fluctuates. Our competitive edge is attracting and retaining new residents through the construction of new continually evolving building designs, thereby offering cutting edge senior housing to the communities in which they are located. MDC launched its new assisted living brand in 2011 with two new projects under construction in the Southeast and three other facilities in various development stages. Although typical assisted living residents are not brand specific, we hope that by introducing more of these communities in the next two years, our brand and properties will come to be regarded as the facilities of choice in the marketplace. An existing example can be seen in Cumming, GA.
The Canterfield brand allows the resident to age in place, a luxury many communities do not offer. The standard assisted living community only offers “standard “care services and are therefore not tailored to the client. As the resident's needs increase, the resident may become a detractor to the facility as new residents’ adult children will be hesitant to put their parents in a facility where the current residents are well beyond the same stage of aging. Canterfield offers a “neighborhood” concept with different wings that offer higher levels of care by segregating patients based upon need. In the Canterfield model, there will be a higher acuity wing on the first floor as well as a secured memory care section. As the residents age, they will be able to stay in Canterfield as their needs change without becoming a detriment to recruiting new residents.
Additionally, the Canterfield model was based upon construction efficiency.The Canterfield building will have 91 units and 93 residents. The low construction pricing and high unit count gives the building an operating efficiency over competition and allows the Canterfield model to outperform other assisted living facilities. Additionally, MDC’s past model has been to approach hospitals for minority partnership interests in the communities we are considering targeting. MDC has accomplished this partnership in Oak Ridge, TN with Methodist Medical Center through Covenant Health Care and in Ocala, Florida with Monroe Regional Medical Center. It is Medical Development Corps’s desire to continue this business model in order to generate a competitive advantage.
New construction typically becomes the facility of choice versus older senior housing properties. By building new construction, we will fill up and stabilize faster than the existing community competition.
Neighborhood Style Assisted Living
Neighborhood communities allow residents to age in place without the community becoming an undesirable place to live for new residents.
The Canterfield model is designed with construction pricing efficiency in mind. MDC can build a wood framed Canterfield model for around 11 million dollars including all fees, taxes, and construction. Its design incorporates lessons learned in the hospitality world. Future maintenance cost reduction is also a primary focus of initial building design.
The needs and wants of today's seniors are not the same as those of seniors 10 years ago. Canterfield is a modern assisted living community designed with today's seniors in mind.