'Retrofit by attrition': an effective strategy to finance your capital projects
In our last e-newsletter, Jim Moore, president of Moore Diversified Services, presented five key capital improvement projects for "aging" communities.
Moore recommends that communities create a master plan to finance these projects, with an eye on changing pricing and service delivery policies as necessary.
 He identifies "retrofit by attrition" — upgrading vacant units to the "new look/new amenities plan" as residents move out — as an effective strategy.
"Upgrading units as they become vacant minimizes the impact on existing residents. It also creates an opportunity to implement a two-tiered pricing strategy as the newly enhanced living units are made available to future residents," explains Moore.
Moore also advises senior-care decision-makers to implement the community improvement plan in two phases:
• First, improve common/public spaces — Get the biggest bang for the buck at a nominal cost per resident.
• Second, upgrade living units — at least on an attrition basis as units turn over.
"Properly planned, incremental campus improvements may present short-run challenges," says Moore, "but they will result in substantial long-run benefits."
Plan, design and execute your campus capital improvements with Horst's Design/Build process. We share your project vision and have excellent references in occupied space renovation. We will work together as a team from initial concept to project completion to ensure that your goals are achieved. |
