{"id":539,"date":"2015-11-17T04:22:15","date_gmt":"2015-11-17T04:22:15","guid":{"rendered":"http:\/\/www.developco.com\/development\/?p=539"},"modified":"2015-11-17T15:29:29","modified_gmt":"2015-11-17T15:29:29","slug":"sooper-cu","status":"publish","type":"post","link":"https:\/\/www.developco.com\/development\/sooper-cu\/","title":{"rendered":"Sooper Credit Union"},"content":{"rendered":"<p>Sooper CU hired Developco to determine the development possibilities for a 5.77 acre site that was zoned office and sell the property for the highest possible selling price.<\/p>\n<h3>Assignment Highlights<\/h3>\n<ul>\n<li>Undertook a campaign that included a highest and best use study, architectural planning, civil planning, municipal investigation, senior housing market research, neighborhood meetings.<\/li>\n<li>Identified and interviewed senior housing developers who might have an interest in the site.<\/li>\n<li>Selected MacKenzie House for the acquisition and development of a 100+ unit (100,000 SF) assisted living project operated by Morningstar.<\/li>\n<li>Although the land was zoned for a future office building, Advisors quickly assessed that this was a poor future office site.<\/li>\n<li>Collaborated with two senior housing architects for ideas on the site\u2019s possibility for multi-family housing.<\/li>\n<li>Determined, after considerable investigation, that the property\u2019s Highest and Best Use was for senior housing. The initial market investigation suggested that the demographics were very strong and that there was no competition in the immediate trade area.<\/li>\n<li>Envisioned a senior housing project and completed the project definition, financial modeling, and proforma analysis.<\/li>\n<\/ul>\n<h3>Results<\/h3>\n<ul>\n<li>Negotiated a price that far exceeded what value would have been as an office site.<\/li>\n<li>Client believed that the proposed senior housing project (assisted living with some alzheimer units) had little risk and therefore contributed all of his equity as a joint venture partner with the opportunity for future income and profit upon the project\u2019s completed sale.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>SCU desired to create a new retail credit union facility on land that it owned to serve area customers, but also to create a prototype for planned expansion to other locations. <a class=\"more-link\" href=\"https:\/\/www.developco.com\/development\/sooper-cu\/\">&nbsp;Read More.<\/a><\/p>\n","protected":false},"author":3,"featured_media":546,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":{"0":"post-539","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-projects","8":"entry"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - 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