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Proposed Friends Center City Retirement Community at the National Site
Outline of Plans, Timeline and Next Steps
Friends Center City Retirement Community is a Quaker-affiliated, non-profit organization, working to create a unique retirement option in Center City Philadelphia. We envision a diverse community where residents can live together in a supportive environment while enjoying the vibrancy, variety, and convenience of city living. We will provide access to a continuum of health care so that residents will receive the care they need throughout their lives. We also remain committed to economic diversity, a green building, and maintaining Quaker values in our operation. Over the last four plus years, a committed Board of Directors has been working hard - along with your help - to realize this vision.
The major obstacle we have encountered is the cost of such a complex. All the other sites we have looked at require construction of a new high-rise building. A well-researched financial model developed this past October by outside consultants with expertise in retirement communities indicated this type of building to be very expensive – small apartments with entrance fees of $600,000 and monthly carrying charges over $3,000.
We found this very discouraging news … until we were introduced to the National site located at 2nd & Arch Streets in “Old City,” adjacent to historic Elfreth’s Alley, near the Delaware River waterfront. We were taken by the site and the neighborhood, and the fact that while still expensive, this site would be considerably less than projected by the financial model. We do not expect to find any site in the future that will offer the economic advantages of the National site.
The site is currently owned by a developer who has been marketing it for condos, but is interested in selling it to FCCRC. The site is quite large and would consist of several new buildings, including a six-story building on 2nd Street, a ten-story building on Arch Street, and nine townhouses, which would be developed in stages. This plan affords us the opportunity to accommodate FCCRC community members over a period of several years in response to various levels of readiness to move as the community is developed. The buildings will be built on top of a private, underground parking garage, and clustered around a central landscaped courtyard. Three-quarters of the units in the first building will have a balcony or ground floor terrace, and some will have sweeping views of the city or the river. The site is located in an attractive, lively neighborhood with lots of restaurants, shops, art and theater opportunities, and with six buses and the subway within one block of the site, there is easy access to other parts of Center City.
Health Care and Dining Services We are committed to providing lifetime care for everyone, and our goal is for each resident to remain independent as long as possible. We will design all apartments to accommodate the needs of an aging population and we plan to use state of the art technology and home health care staff to allow residents to remain in their apartments for their entire life (as long as it is safely possible) and receive the necessary health care services. On-site staff will coordinate care, provide 24/7 emergency response and provide fitness and nutrition services.
All residents will need to have Medicare, including part D and Medigap insurance (or comparable health care insurance if they do not yet qualify for Medicare). In addition, residents will need to participate in a FCCRC long-term care plan (insurance) or enroll in a comparable home health plan.
Members will be able to choose a variety of dining options, with a minimum of one meal per day in a common area on site. We are currently exploring possibilities for alternative dining experiences, including partnerships with local restaurants and food service vendors. Timeline and Next Steps
One of the challenges of the National site is that we would need to move very quickly if we are to gain control of the site. This means that we will need to determine if we can find enough buyers for the first and second phases of the development. We will need to conduct market research, obtain financing, and identify a group of people who are interested and ready to put their deposits down. Over the next few months, details about specific services, amenities and costs will also be clarified. We are not offering apartments at this time. We are asking for your feedback as to whether you think this site - given estimated costs and location - is appropriate for you personally and for our community. And, if so, we would take the next steps.
Come to our next membership event on Sunday, November 23 from 2-4pm at Joe's Peking Duck at 108 Chestnut Street. Parking is available at the 4th and Arch Street Meetinghouse. Hope to see you there!
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If you have specific questions, you can email us at . |
