The senior living community expansion process explained.
This is an exciting time at Edenwald. We are expanding our senior living community to meet the growing demand for the exceptional and stimulating living options we have been known for since 1881. As an increasing number of seniors seek a more meaningful retirement with an emphasis on lifelong learning and personal growth, we are stepping up to meet that demand. Our planned expansion includes spacious residences, upgraded amenities, additional wellness programs, and more.
Furthermore, our expansion represents an opportunity to join our vibrant and compassionate community, regardless of where you are in the retirement planning process. If you’ve done your due diligence and are ready to join Edenwald now or in the near future, we have residences available. If you’re at the beginning of the process and are planning a few years into the future, this is the ideal chance to launch a plan and watch it come to fruition as you move through the expansion phases.
Planning for retirement can be a thrilling experience, ripe with exciting opportunities and possibilities. Similarly, when a senior living community like ours in Towson, Maryland, decides to expand, it’s an exciting time as well. It launches a complex, multi-phase process with numerous consumer protections in place that often takes years to complete.
Much more than just new senior apartments.
At the center of the Edenwald expansion is our long-standing partnership with our neighbor, Goucher College. We’re expanding senior living in Towson onto a portion of the Goucher College campus through a long-term land lease agreement. This is a key component of our evolution to become a college-enriched senior living community. This partnership—the first of its kind in Maryland—has already started to offer all Edenwald residents access to Goucher College lectures, amenities, study abroad trips, and more.
While what gets built varies from community to community, numerous commonalities exist in the expansion process itself. At Edenwald, we’ve assembled a comprehensive development team of professionals that includes architects, engineers, contractors, lawyers, sales and marketing specialists, and other subject experts. As part of the process, the development team conducts due diligence, which includes developing project budgets and exploring financing options as well as securing necessary permits from state and local agencies. The team works closely with the Maryland Department of Aging (MDOA) throughout the project.
Time to spread the news.
With necessary approvals in place, the Edenwald marketing department springs into action. We start to get the word out about our expansion to local seniors so they can understand how it works and stay informed as the expansion process progresses.
We encourage anyone even remotely interested in our expansion to become a Priority Depositor. Priority Depositors put down a small—and by Maryland state law—fully refundable and fully insured deposit to enjoy certain benefits, including holding their place in line when the time comes to select their new residence. At most expansions, including Edenwald’s, this is not a commitment.
Throughout the priority deposit phase, the development team works together to ensure that the plans align with consumer expectations. Feedback on the sizes and types of floor plans and amenities from consumer research at the start of the phase is incorporated, and the design plans for the interior and exterior of the expansion begin to come to life. Meanwhile, the architects and engineers are working on the finer points including structural drawings, mechanical, electrical, and plumbing plans, and more.
Once plans are to the point where Priority Deposit members can reserve a specific residence and lock in pricing, and the MDOA has granted all the necessary approvals, we’re ready to launch the 10% deposit phase.
At this stage, Priority Depositors are able to select a specific residence and lock-in the lowest pricing by placing a 10% deposit. Again, this deposit is fully refundable and—in Maryland—fully insured, should your plans change.
To obtain approval to receive financing and begin construction, MDOA requires that 65% of residences are reserved with a 10% deposit. This ensures sufficient interest in the project before moving forward. This milestone is celebrated with a joyous groundbreaking celebration, and construction gets underway.
Hard hats and happy households.
Throughout construction, the development team ensures all the work adheres to the approved plans. As with similar construction projects, the local building department and fire marshal conduct regular on-site inspections.
During construction, the community hosts a number of lively social events for the 10% Depositors so they can get to know their new neighbors and make friends before they move in. It’s pretty much the exact opposite of moving into a new house and crossing your fingers you’ll get along with your neighbors.
Soon after construction begins, 10% Depositors begin the personalization process to transform the residence they’ve selected into their new home. This process includes choosing from a variety of finish options, including the color/style for kitchen cabinetry and counters as well as flooring and paint throughout the residence. Some 10% Depositors may want further customizations and can choose among available upgrades. The process of personalization is especially exciting as your new home begins its transition from a floor plan into a reality.
As construction nears completion, 10% Depositors begin the final stages of planning their move. The Edenwald team has planning sessions with local downsizing and moving experts to help make this as seamless as possible.
Finally, the big day arrives. Construction is finished, and the new residents move in. This is the point where they start an exciting new life with new friends and fellow members of Towson, Maryland’s newest senior living freshman class. Welcome home!
Becoming a Priority Depositor is a great, no-risk way to start planning for your future. You can learn more about this exciting opportunity by speaking with one of our sales counselors at 410-339-6263.
