Business Opportunity: Intergenerational Senior Living in the Heart of Academia
Broadview at Purchase College
Community at a Glance
Life Plan Community
Independent living: 220
Assisted living: 36
Memory care: 32
- Navigating New York’s complex regulatory requirements.
- Global pandemic.
- Completed regulatory requirements in 18 months.
- Showcased floor plans with virtual reality.
- Closed nearly $400 million bond November 2021.
Keeping with the mission and purpose of life-long learning, each independent living residence in Broadview will have a separate study or a dedicated study nook. The community building will contain a learning commons and other amenities, including a library, theatre, spa, health and wellness, dining venues, game rooms, social gathering spaces, marketing and sales offices, and back-of-house facilities.
In 2003, Thomas J. Schwarz, President of Purchase College, State University of New York, assembled a task force of faculty and staff to determine how to best fulfill the College’s commitment to life-long learning. The outcome was a plan to create a world-class senior living community in the heart of campus.
The transformative space at Broadview offers students unique, non-conventional opportunities for intellectual and social growth through academic, cultural, and social activities. The revenue generated from the community will fund scholarships for students and enhance the college’s ability to compete for faculty.
Creating mixed-use senior living spaces continues to gain popularity. Yet, a community dedicated to mixing generations focused on intergenerational, life-long learning was far ahead of the class.
With an unconventional use of state land, an affiliate of Purchase College selected LCS Development in 2014 to bring its unique not-for-profit vision to life and navigate New York’s strict regulatory process. A not-for-profit formed by Purchase
College was granted the ability to develop university-owned land as a senior living community through legislation called The Enabling Act. The Enabling Act allows the following:
- Ability to lease the site for 75 years
- Ability to build up to 385 residential units on the site
- Proceeds from operations must go to scholarships and additional faculty
- 20% of the residences must be affordable to those at 80% of the median income in Westchester County, with 50% of affordable residences reserved for residents of Westchester County
- All labor for construction and operations must be at a prevailing wage
The New York State Environmental Quality Review process requires review by all entities that might be significantly impacted by the project. For the Broadview project, approximately four agencies were identified, including local municipalities and
utility providers. The process requires drafting an Environmental Impact Statement that is made available to the involved agencies and the public. Public meetings are then held to receive comments. Once the comments have been addressed in the
Environmental Impact Statement, a Final Environmental Impact Statement is published, and after a comment period, becomes accepted. With the help of LCS Development, Broadview completed this complex process in approximately 18 months.
Broadview is not a Life Plan Community for consistency under New York law; instead, it is a Senior Residential Community developed under the statute that governs condominiums, co-ops and senior residential communities. To take monetary deposits from prospective residents, an Offering Plan must be filed and approved by the Real Estate Finance Bureau within the New York State Office of the Attorney General. LCS Development received the approval of the Offering Plan in March of 2019 and started taking 10% deposits in May.
Began conversions to 10% deposits
Reached 90% reserved
Partnering with Leaders who Listen
Broadview chose to partner with LCS Development because of a strong history of successfully navigating complex regulatory systems and partnering with communities. LCS Development understands the importance of active listening and knows that exceptional experiences begin when leaders listen. This became important during the COVID-19 pandemic, with many development projects placed on hold and sales slowing significantly without the ability to bring prospects on-site. Fortunately, the designs for Broadview were fully rendered in virtual reality, giving potential residents the option to have a virtual tour of the clubhouse, apartments, and other amenities. Residents could get an in-depth view of their future homes through virtual reality goggles or high-definition television. Together, LCS Development and Broadview managed to keep the project on track and sales remained strong. Broadview is scheduled to open in 2023 and over 90% of its new homes are reserved by eager future residents.
When the new community opens in 2023, Broadview will be one of only a handful of university-based retirement communities (UBRC) in the nation located on the university’s campus.
For more information about the community and to see virtual renderings and videos of the future community, visit Broadview online: broadviewseniorliving.org.
To reach out to the LCS Development team or learn more about our projects, visit lcsnet.com/development-services.