A Michigan-based developer of senior housing communities has big plans for new construction over the next few years—they could amount to a billion dollars in development.
Wyoming, Michigan-based Granger Group LLC is planning $1 billion worth of senior housing developments over the course of the next three years, Vice President of Development Jason Granger told SHN.
Of that $1 billion, the company has $180-$200 million in new senior housing projects planned for this year alone that will incorporate assisted living, memory care and skilled nursing as part of what Granger Group is calling “Health Care Villages” to be built around the country.
A Health Care Village offers the proximity of hospital care and also adds in other components such as medical office buildings, retail, wellness and post-acute care services, including senior living.
The arrangement of these services within a close-knit location of one another will become increasingly important, Granger Group believes, especially as more healthcare providers strive to become Accountable Care Organizations.
“That is where we see the huge growth opportunity,” Granger said.
The company says it has been analyzing various markets nationwide and has identified about 20-30 markets where there are “prime opportunities” for senior housing as it fits with the integrated Village approach.
“We’ve started to work with a number of hospitals across the country over the last few years that are looking for a health care delivery system that gives them a huge amount of brand exposure,” Granger said. “Senior living is tying into that Health Village model.”
Granger Group currently has an April groundbreaking scheduled for its latest endeavor, a $26 million senior living project called Metro Health Village located in Wyoming, MI. This 136-unit, four-story development will sit just yards away from Metro Health hospital.
To go along with the increasing opportunities for new development, the company is also in the process of launching a separate senior living management company that would operate in facilities nationwide.
This operation, however, is still in its early stages with more details to come in the following months, Granger said.
“We see growth happening significantly over the next 5-10 years because senior housing is more and more going to be an ancillary part of the whole healthcare sector,” he said.
Written by Jason Oliva