More Housing Projects coming up in Wichita
The fall of housing interest rates in the Wichita area has hardly had any impact on the demand for independent retirement housing. This, despite the fact that Wichita is still far from being over-populated. Housing in the Wichita area is meant for those who are 55 and older. It is expected that this age group, which is a rapidly growing age group in US, will make up a quarter of the population in 2010.
Seniors prefer the Wichita area because of the active adult community around and the hassle-free opportunity to own their homes. To help sustain their interests long after 75, features such as banks, theatres, beauty salons, business centres, cafes, spas and wellness centres, have been introduced. Thus, focus on services for the seniors have been given its due importance.
In recent months the demand has not been steady. However, it is expected, that markets in the area will continue to grow for the next two decades. The CEO of Larksfield Place, Valerie McGhee, said that even markets with more demands are facing a tough time.
Tim Buchanan, president and CEO of Legend Senior Living, is quite optimistic. He believes that the requirement for independent type of living complex will again pick up as the present generation of baby boomers approaches their retirement age.
Legend Senior Living is constructing a $17 million independent living complex close to the 21st and Webb Road. The first apartments in the 115-unit project will be opened within a couple of weeks. Likewise in June, Larksfield's $12 million expansion will get its first residents.
Resort Style Living at Reflection Ridge, built to the northwest of Wichita, is 80 percent occupied. Ken Rice, director of marketing expects full in occupancy by summer. Five of the eight town homes scheduled to open this summer at the Reserve at Hamilton Estates have been sold. They're the first of the 60 units in the senior living project.
The phase two of the Shepherd's Crossing project will be started shortly. In this phase, 34 units will be added to the existing 22 units. Built by Via Christi Senior Services and the Catholic Care Centre, Shepherd's Crossing will have 134 units.
Though recession has taken its toll, the demand for housing for seniors in Wichita is expected to bounce back as predicted by the area developers.
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