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|Articles - September 2012|
|Monday, August 27, 2012|
Page 1 of 2
BY LINDA BAKER
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.
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.
Wednesday, February 18, 2015
BY JACOB PALMER | OB DIGITAL NEWS EDITOR
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Thursday, March 19, 2015
BY APRIL STREETER
How the private sector can ride the next transit revolution.
Thursday, March 26, 2015
Cycling to work is all the rage. But not everyone wants to arrive at the office messy, sweaty — and unfashionable.
Friday, March 20, 2015
BY OB STAFF
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Friday, February 20, 2015
BY JACOB PALMER | OB DIGITAL NEWS EDITOR
The ongoing labor disputes at the Port of Portland came to a head two weeks ago when Hanjin, the container port's largest client, notified its customers it would be ending its direct route to Oregon.
Tuesday, February 24, 2015
BY LINDA BAKER | OB EDITOR
At Oregon State University, a 21st century version of the bad dream — nuclear terrorism — is alive and well. This winter, the Department of Nuclear Physics and Radiation Health Physics created a new interdisciplinary graduate emphasis in nuclear forensics, a Sherlock Holmes-sounding program that aims to identify how and where confiscated nuclear and radiological materials were created.
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