Do Seniors Prefer Downtown?

An interesting item from the 7/9/14 Plots & Ploys segment of the Wall Street Journal’s Property Report:

Will seniors want to live in a bustling downtown rather than the far-flung suburbs? A Colorado senior-housing developer and owner is betting on it.

Balfour Senior Living intends to finish construction later this year of a 205-unit senior facility in downtown Denver. Costing an estimated $77 million, the Balfour at Riverfront Park complex sits on the edge of Denver’s Commons Park and just blocks from the metro area’s redeveloped, $488 million Union Station mass-transit center.

Michael Schonbrun, chief executive of closely held Balfour, believes seniors will prefer the proximity to downtown amenities. Balfour’s other complexes, like most across the U.S., are in suburban locations.

“For people who like to be independent and to walk to a large variety of cultural, dining and sports venues, a location in the center of a vibrant downtown is hard to beat,” Mr. Schonbrun said.