Continental East Fund IX, LLC
Renaissance Village Indio
As the third senior housing community for Continental East Development, Renaissance Village Indio will be the foremost provider of independent senior rental cottages in the Indio and Coachella Valleys. Serving the City of Indio and its surrounding communities, including Palm Springs and Palm Desert, Renaissance Village Indio is ideally situated to serve the area’s growing demand for convenient, maintenance-free, high-quality living alternatives.
Continental East Development met with the City of Indio and proposed a premier age-restricted independent community featuring duplexes and triplexes for rent with a concierge, Renaissance Village Indio. The site is located between the Del Webb Active Adult Communities in Palm Desert and Indio, both of which, at the time, substantiated a high demand for long-term senior care in these areas with over 5,000 homes and an average resident age of 75.
In September 2012, Continental East Development acquired 19 acres located at Jefferson Street and Avenue 40 in the City of Indio. Once again, CED identified this undervalued asset and recognized its ideal location for a senior project. Originally a bank-owned property that had sat on the market for several years, the site was previously entitled for commercial development with office condos and fast-food restaurants.
Changing Market Conditions
At the time of purchase, the city of Indio was in dire need of assisted living and memory care to support its growing senior population. In addition to the Renaissance Indio campus, two other Assisted Living and Memory Care communities were approved and entitled within the city near the same time. As the senior care industry continued to evolve, CED paid close attention to the wants and needs of the residents living at its other assisted living communities, Renaissance Village Murrieta and Renaissance Village Rancho Belago.
It was evident the traditional assisted living, and memory care model was becoming antiquated and experiencing new operational and compliance challenges. Add on top of the challenges brought along by COVID-19. The pandemic severely impacted the industry and Assisted Living operators nationwide were forced to take drastic, costly measures to protect their residents. Coupled with the fact that new residents were not allowed to move in, many facilities failed.
What CED is Proposing
CED allowed the entitlements to expire after three years, and rather than a petition to re-issue them, we opted to study different senior living alternatives. CED is currently compiling an entitlement submission package for a senior rental cottage product.
Renaissance Indio proposes turn-key, maintenance-free rental cottages that seniors can safely age in place. It will allow seniors to live a highly curated, care-free lifestyle where there is liberation from the burdens of homeownership such as property taxes or maintenance. Renaissance Indio proposes a universal design in which caregivers can easily maneuver and provide exceptional quality care in a resident’s own home, a stark departure from the care associated with a traditional Assisted Living facility. Additionally, an on-site concierge will be available to arrange transportation, food delivery, pet care, housekeeping, social activities, and other services tailored specifically to the community residents.
Other benefits include the ability for family members and pets to live with their parents, allotting for a much more palatable living situation than the isolation felt at traditional facilities. Furthermore, based on feedback from residents at our other properties, seniors do not want to downsize from a single-family house to an apartment. Instead, they prefer the extra space and privacy of single-family residences or cottage-style dwellings.
CED expects to have the first entitlement package submitted by early Spring 2023.
Total: 163 Homes
- Site Area: +/- 16.6 Acres (Net)
- Density: +/- 9.8 Homes/Acre
- 163 Garage Space
- 164 Guest Spaces
- Plan 1:
- 51 Homes
- +/- 1,500 sf
- 2 BR 2 BA
- Plan 2:
- 56 Homes
- +/1 1,550 sf
- 2 BR 2 BA + Den
- Plan 3
- 56 Homes
- +/- 1,600 sf
- 3 BR 2 BA