Liberty at Shoal Creek, a $25.8 million luxury senior rental housing development concept developed by Rainen Companies, recently opened in the Northland. Located on six acres at NE 82nd Terrace and Farley Avenue in Kansas City, Mo., the community is geared to active Baby Boomers and seniors. Longtime Kansas City developer Mike Rainen recently sat down with MetroWireMedia to share more about the project.
MWM: What inspired you to develop this lifestyle concept?
MR: We wanted to provide a business solution to the Baby Boomers that are historically a moving wave. It wasn’t a surprise that this age group and demographic is growing, but the anomaly was the fact that they are maybe seeking different housing solutions. In 2013, we saw there was an age bubble or wave coming through, and we wanted to ride the wave. So we teamed up with Carl Yaeger and Yaeger Architecture to bring this concept to reality.
MWM: Tell us more about the trends that informed your design decisions?
MR: We conducted years of research as to what this group would desire and need. We secured a trademark for the term ‘55 AND BETTER’ to clearly define our target market and then we worked to provide features that are specific to the needs, lifestyle and life stage of that market segment. The result is a product that meets requirements of seniors pretty much in lockstep, but then we’ve taken our own little twist on what we think this group wants.
MWM: Describe what differentiates Liberty at Shoal Creek from other senior housing products on the market?
MR: Along with Yaeger Architecture, we have created amenity-rich community for active Boomers and seniors, with features such as a putting green, movie theater with luxury seating, outdoor living spaces, indoor/outdoor pool and hot tub, fitness center and business center, all of which are specific to the needs of that market segment.
MWM: Clearly you’re expecting strong demand for amenity-rich senior housing geared to active lifestyles. How competitive is that market?
MR: People are excited about what we are doing. Most competitors in senior housing are changing up their product to respond to this active market, so our main competition is people choosing to stay in their existing homes.
MWM: Are you planning to expand Liberty at Shoal Creek? What about additional locations?
MR: The property includes land for a planned second phase, which would add additional parking and 60 new units, for a total of 245 apartments. We are in the process of replicating the concept, both in the Kansas City area and outside the region. We have locations under contract, but we aren’t releasing details just yet.
Liberty at Shoal Creek is the seventh area development owned or co-owned by Michael Rainen, a native Kansas Citian, businessman and real estate developer.
Check out a slideshow of Liberty at Shoal Creek below or click here for additional photos.