A Cross College Multi-Disciplinary Course in Senior Housing Design and Development

1
A Cross College Multi-Disciplinary Course in
Senior Housing Design and Development

• Susanne Ethridge Cannon
• Associate Professor of Finance and
• Douglas and Cynthia Crocker Endowed Director
• The Real Estate Center
• DePaul University

2
Faculty Members

• Susanne Cannon, Associate Professor of Finance
  and Director of the Real Estate Center, DePaul
  University, Chicago, Illinois
• Thomas Gentry, Assistant Professor, College of
  Architecture, Illinois Institute of Technology,
  Chicago, Illinois
• David Middleton, Associate Professor, School of
  Visual Communication Design, Kent State
  University, Kent, Ohio.

3
Course Details

• Three Universities
• Three Disciplines
• Three Separate Courses
• Shared Expertise
• Teleconferenced
• Web Based discussion and course materials

4
The Project

• One site, 8 teams, 3 disciplines
• Senior affordable housing
• Urban/Mixed use

5
Schedule Week 1-3

• Week 1 Introduction to Building Systems and
  Housing Design TV lecture from IIT
• Week 2 Market Analysis/Demographics,
  Introduction to UrbanPlan Project TV lecture
  from DePaul (Guest Lecturer Alan Plush,
  Healthtrust.)
• Weekend Kent trip to Chicago, Environmental
  Design studio visit
• Group Meeting 1 UrbanPlan Project Workshop
  DePaul University
• Architecture visitations
• Week 3 Introduction to finance, plus Guest
  Lecture on Stateway Gardens

6
Schedule Week 4-7

• Week 4 Client meeting The Davis Group
  Presentation on Senior Housing Finance TV
  lecture from DePaul University
• Week 5 Design Programming TV lecture from
  Illinois Institute of Technology
• Week 6 Schematic Design TV lecture from
  Illinois Institute of Technology
• Week 7 Marketing/Finance issues, Guest Lecture
  Jerry Finis, Pathway Senior Living

7
Schedule Week 8-10

• Week 8 Branding/Identity Guest TV lecture from
  Kent State University
• Week 9 Way-finding TV lecture from Kent State
  University, Guest Lecturer Kelly Kolar
• Weekend Group Meeting 2 Project All Day
  Workshop Illinois Institute of Technology
• Week 10 Finance review, plus Construction
  management, Guest Lecturers Jim Keledjian,
  Pathway Senior Living, and Michael Faron,
  ONeill Construction. TV lecture from DePaul

8
MBA Student Evaluation

• Urban Plan

9
MBA Evaluation (part 2)

• Memos (do 5 of 8)
• Market Research and Analysis Demographics and
  trade area issues Demand analysis Supply
  analysis
• Developing the Firms Strategy Market
  segmentation Branding and identity The
  value proposition
• Site Selection and Entitlements What makes a
  good location? Site acquisition strategies
  Zoning and otherpublic policy issues
  Building code issues
• Financial Feasibility What makes a project
  feasible? Operating cost and margins
  Revenue and expense per resident NOI growth
  and variability Operating deficit analysis
  and sensitivity Capital expenditures
  Financial leverage/operating leverage
  Regulatory issues development and
  operations Valuation Discounted cash flow
  analysis NPV/IRR

10
More memos

• Senior Housing Design Issues Design Theory and
  design reality Design materials
  Sustainable design/Life cycle cost
• Way-finding
• Project Financing Equity Sources private,
  venture capital/opportunity funds,
  public Deal Structure Debt Sources
  Construction and Permanent Financing
  Underwriting and credit risk issues
  Role of bridge and mezzanine loans
• Construction Process Types of construction
  agreements, alignment

11
Project Deliverables

• Market analysis and demographics
• Site selection
• Zoning and other public policy constraints
• Financial feasibility
• Capital sources
• Architectural design
• Construction process
• Marketing and branding
• Wayfinding

12
Professional Engagement

• Guest speakers
• Juried Competition

13
Presentations

• Template
• Boards
• Video