THE LIBERTY RIDGE STORY

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In 2005, SeniorLIfe Solutions partnered with Liberty Ridge Senior Living in Lexington Kentucky to plan and develop garden homes for independent seniors.  Liberty Ridge was a successful assisted living community that was situated adjacent to some undeveloped land.  Liberty Ridge contracted with SeniorLife to guide them through the process of determining the next step of growth. 

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After conducting necessary market research, SeniorLife recruited a development team consisting of a civil engineer, architect and general contractor to design and cost out duplex homes on the adjacent property.  Once it was determined that the project was financially feasible we secured a construction line of credit.  Then we procured the purchase of the necessary land, negotiating terms that allowed us to spread out the cost over ten years.

Throughout the planning process, careful attention was made to assure the homes would be safe and accessible.  The site was very hilly, so it required extra special effort to make the driveways walkable and the entrance to the homes barrier-free. The contractor was able to create a zero step entries from both the front door as well as the garage. 

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We built the community in 3 phases.  This allowed us to assess our progress and continue to tweak the pricing and home designs based on feedback we were receiving from customers.  The first phase (12 homes) was built out from 2005 to 2006 and sold out fairly quickly.  After beefing up the size of the rooms a bit, we embarked on the second phase (22 homes), building them all at once.  Initial sales were good, until the “great recession” of 2009 hit, and the housing market plunged.  Though sales slowed significantly, we were able to gradually sell out the phase by employing some creative marketing/sales strategies that allowed people to rent their new unit while awaiting the sale of their home.  We called it a “rent-to-move” option.  While other new housing develop had either stopped building or gone bankrupt, we determined to continue building.  However, in phase 3 (24 homes), with the economy still in slow motion, instead of building homes all at once, we decided to build them as we sold them.  This was more costly, but it turned out to be an effective strategy of minimizing risk while continuing the development through challenging economic times. 

As with most projects, the plan did not go exactly as foretasted, but by working through the challenges together as a team and adapting to the market as we went, everything worked out in the end.  The project is now complete, and is not only beautiful, it is also set up for long term success.  The residents are happy. The property owner/sponsor is happy, and everyone involved is still on speaking terms with the contractors. (haha – this is rare). 

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What’s your story?  Let us help you fulfill your dreams. 

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See slide show of Liberty Ridge Garden Home development.