Sponsored by Lane Powell

Changing care

| Print |  Email
Articles - September 2012
Monday, August 27, 2012

 BY LINDA BAKER

0912 Tactics 01
Brian McLemore, president and CEO of Pacific Retirement Services in Medford.
//Photos by George Rubaloff
0912 Tactics 02

The timing couldn’t have been worse. In 2008 Pacific Retirement Services, a Medford-based senior-living nonprofit, opened the Mirabella, a luxury continuing-care retirement facility in downtown Seattle. Two years later, a second Mirabella opened in Portland’s South Waterfront district. “We hit the middle of the housing collapse,” says PRS president and CEO Brian McLemore.

Today the Mirabella facilities are about 80% occupied — not bad given that most residents have to sell their homes in order to pay the communities’ hefty entry fees, which average around the high $500,000s. But if the Mirabellas are weathering the economic storm, the collapse of the housing market did compel PRS to change its business strategy. From the late 1990s through 2008, the nonprofit was an aggressive developer of new senior-living projects. When the financial markets crashed, the organization moved away from startup development and toward expansion of existing facilities as well as managing and consulting for nonprofits that operate their own retirement communities.

“We had to change with the world,” says McLemore. “What we’re doing a lot of now is expanding existing campuses or repositioning older campuses that need to be remodeled or upgraded.”

In keeping with the times, PRS also aims to invest more resources in affordable and midmarket housing, part of a larger effort to meet the varied demands of the baby boom retiree market. “What we’re seeing is a wave of seniors coming who have different interests, wants and economic circumstances than the current seniors we’re dealing with,” McLemore says.

Pacific Retirement Services
President and CEO: Brian McLemore
Founded: 1991
Employees: 3,200 
Factoid: PRS serves 6,000 residents in five states

Founded in 1991, PRS today is the 12th-largest nonprofit provider of senior-living services in the nation, according to a 2011 ranking conducted by LeadingAge Ziegler. The nonprofit, which grossed about $188 million in 2011, up from about $135 million in 2009, employs 3,200 people and provides housing and services to about 6,000 residents in more than 35 communities around the country. Although much of the nonprofit’s income boost stems from the opening of the Mirabellas, the organization’s growth also reflects its expanding focus on consulting and property management.



 

More Articles

5 things to know about veterans in the workforce

The Latest
Wednesday, July 01, 2015
070215-vetsthumbBY JACOB PALMER | DIGITAL NEWS EDITOR

There are more than 10 million former military members working in the United States.


Read more...

Change at the pump?

The Latest
Tuesday, May 26, 2015
001thumbBY JASON E. KAPLAN | STAFF PHOTOGRAPHER

New Jersey and Oregon are the only two states in the U.S. that ban self serve gas stations. But these two holdouts may be ready to give up the game. New Jersey is considering legislation that would lift the state's ban on pumping your own gas. Oregon is considering smaller scale changes.


Read more...

Marijuana law ushers in new business age

The Latest
Tuesday, June 23, 2015
062315panelthumbBY KIM MOORE | RESEARCH EDITOR

Oregon’s new marijuana law is expected to lead to a bevy of new business opportunities for the state. And not just for growers. Law firms, HR consultants, energy efficiency companies and many others are expected to benefit from the decriminalization of pot, according to panelists at an Oregon Business breakfast meeting on Tuesday.


Read more...

The 5 highest revenue-generating parks in Oregon

The Latest
Thursday, June 11, 2015
parksthumbBY JACOB PALMER | DIGITAL NEWS EDITOR

In 2014, total revenue for camping and day use in Oregon State Parks was a little more than $17 million. That figure may even higher this year "because we've had exceptionally nice weather," Hughes says.


Read more...

The Green Paradox

June 2015
Friday, May 22, 2015
BY EMILY LIEDEL

Inside the topsy-turvy world of corporate sustainability rankings.


Read more...

100 Best Green Workplaces announced

News
Wednesday, May 27, 2015
OBM-100-best-Green-logo-2015-1000pxwBY LINDA BAKER | EDITOR

More than 250 people turned out today for Oregon Business magazine’s seventh annual celebration of the 100 Best Green Companies to Work For in Oregon.


Read more...

Green workplace 2.0

Linda Baker
Thursday, May 28, 2015
IMG 2808BY LINDA BAKER | EDITOR

Reinventing capitalism. Office dumpster divers. Handprints versus carbon footprints.


Read more...
Oregon Business magazinetitle-sponsored-links-02
SPONSORED LINKS