Developers plan senior-living campus in Steamboat
Peddie, Gold exploring demand for housing development near Casey’s Pond campus site
June 20, 2010
Steamboat Springs — The same developers who are under contract to sell 6-plus acres to Colorado Senior Residences for a new senior living campus on Steamboat's south side now are contemplating a compatible development of their own.
Ken Gold and Jon Peddie, of Casey's Pond LLC, confirmed last week that they have begun exploring community demand for a housing development that could accommodate aging baby boomers, including relatives of seniors living in assisted living housing on the senior campus next door.
"There's a real opportunity for a companion project," Gold said.
Gold and Peddie retained half of their 12.13-acre parcel on Walton Creek Road when they agreed to sell a portion of their parcel just east of Casey's Pond and U.S. Highway 40 in the spring.
"We always intended to develop that site ourselves," Gold said. Colorado Senior Residences developer "Pearl Living contacted us to suggest something compatible."
Four years ago, Peddie and Gold were proposing resort housing on the 12-acre site. Now, Peddie said, the strengths of identifying a development opportunity that doesn't rely on second-home sales are readily apparent.
"If we can differentiate ourselves for resort developments, hopefully, we can give ourselves some competitive advantage," Peddie said. "We want to find out if there is a market for it."
Gold said he already has surveyed his colleagues at Prudential Steamboat Realty to take their temperature on the concept and received a favorable response. He expects to continue with some smaller focus groups similar to those conducted by Pearl Senior Living when it was consulting with Yampa Valley Medical Center on its tentative plans for a senior living campus that would permit the relocation of the Doak Walker Care Center off the hospital campus.
Since then, Pearl has formed a business relationship with YVMC and will lead development of the project. The anticipation is that some site preparation work could take place in the fall to allow pursuit of a full development permit during winter and vertical construction as soon as spring 2011.
The new development would combine the skilled nursing rooms of the Doak with independent senior living, assisted living and memory care services on one site.
Gold said he and his partner would like to have a conceptual design to present to senior campus clients and their families when that project is nearing completion to take advantage of the initial demand curve. However, they also want to gather the housing preferences of potential buyers.
"We don't want to get left behind," he said, "but we also need to know, are they looking for single-level condos, townhomes or small-footprint houses?"
Gold said he envisions a generation of Steamboat residents who arrived in their early to mid-twenties during the latter half of the 1970s and spent their careers here as likely customers for his project. They are people who are ready to downsize and don't want to sever ties with Steamboat but don't necessarily want to spend entire winters here, he said.
"This represents a transition from the resort market and really is a different type of buyer," Gold said. "Everyone here has to know two, three or four people who fit this criteria."
They could include boomers who want to move elderly parents to Steamboat, or spouses of people who are in the Doak.
Realistically, Peddie said, they may not be able to deliver finished product for a year or more after the senior campus is complete, because of the length of the development process. He said he would like to be in position to break ground as the senior campus nears opening.
Peddie confirmed that the ability to move forward would depend on pre-sales, and the level of pre-sales that might be required by lending institutions in coming years is unknown.
Casey's Pond LLC's contract with Colorado Senior Residences is predicated on the ability of the latter to obtain all city permits for the project.
Casey's Pond LLC is committed to sharing the cost of building an internal city road linking Walton Creek Road with Owl Hoot Trail in Wildhorse Meadows.