In Houston, more than any other Texas city, developers are building up rather than building out on new senior living developments. This new trend for high-rise developments allows for smaller tracts of land in more urbanized areas. “Houston already has four or five multistory meaning mid- to high-rise senior living, which is a trend ahead of Dallas at the moment,” Dallas-based Tradition Senior Living founder and CEO Jonathan Perlman said.
In more urban areas, where land prices are more expensive, developers are opting to develop mid- to high-rise communities to justify the price of the land, said Colliers International Vice President Elena Bakina, who is speaking at the Bisnow Houston Silver Tsunami event on Sept. 27. Houston has several multistory projects in lease-up or under construction including The Village of Southampton, the Asian-focused community The Pines of Bellaire and The Tradition Buffalo Speedway. Perlman said it was more cost-effective to build Tradition Woodway as a high-rise. The 23-story tower in the Tanglewood area will be the company's first vertical development. It broke ground in July, and construction is expected to wrap up in April 2020. Previous projects by Tradition, including on Buffalo Speedway in Houston and two properties in Dallas, are all single-level properties and required more land than the Woodway location. For example, Woodway will occupy 2.5 acres while Buffalo Speedway sits on 7.5 acres. Suburban areas are often oversupplied because of the lower barrier of entry and construction cost, Perlman said. Facilities in a more densified setting also have more units than ones in the suburbs. Outside of the city, projects average about 100 units, while inside the city, the projects are often more than 200 units, Bakina said.
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