EXCELSIOR, Minn. - On Monday night, the Excelsior City Council considered whether or not to move forward with a proposed senior living community.
The planning commission had previously rejected the project because of its height. The developer, The Waters Senior Living LLC, had originally proposed a 4 or 4.5-story building at 723 Water Street--the western gateway to Excelsior. Now, The Waters is proposing either a 3.5 or 4-story building with 94 to 110 units.
On Monday, the council voted down the 4-story option, but asked the applicant for more time to review the 3.5-story option.
According to The Waters, it would be Excelsior's first independent senior living community.
Between now and 2030, the number of adults ages 65 and older is expected to double, according to the Minnesota State Demographic Center. By then, more than 1 in 5 Minnesotans will be an older adult, including all the Baby Boomers.
"We're finding a very strong demand for senior housing in that part of the metro area," said Tom Melchior, director of market research for CliftonLarsonAllen in Minneapolis. The firm did the market study for The Waters of Excelsior.
"It's sort of a third-ring, suburban area... we're seeing the demand now really starting to increase in these areas throughout the Twin Cities because of the aging of the population, as well as younger folks moving their parents to be closer to them," Melchior said.
According to Melchior, there are currently more than 4,000 projects in the works in the Twin Cities for senior housing.
"Because there are so many projects out there in the planning stages, if they were all to be built there is the danger of overbuilding occurring," Melchior said.
Melchior said demand for assisted living and memory care communities is slowing down while independent living is still very strong.