PHILADELPHIA — If you own a piece of land that you think might be suitable for a seniors housing development, what is your best course of action to determine the feasibility of such a project? “The first step is to do a desktop study,” advises Cheri Clarke-Doyle, senior vice president of Trammell Crow Co. In other words, conduct a supply-demand analysis that projects demand based on current supply and population growth within a radius of five to seven miles, or a 15- to 20-minute drive time. If those analytics turn out to be favorable and help justify the site to the prospective operator or equity partner, proceed to the next step, urges Clarke-Doyle, who is responsible for sourcing and overseeing new healthcare, wellness and science development in the Northeast for Trammell Crow. “Once you get the results of that desktop study, I think you go into other factors relative to the site. Those factors include the size of the site: Will it support what you want to build? If you’re doing a specific prototype, will the prototype fit on that piece of land? It’s important to go through several checks on the land before you go into a more detailed study.” The …
