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Haskell
Community Developers Presentation to the Key West City
Commission on the development of an Assisted Care Facility
for the Florida Keys Assisted Care Coalition - January
18, 2006
Phase One Activity Review
Conduct Independent Market Study (Dixon Hughes LLC)
Review Local & State Regulatory Requirements
Conduct Preliminary Site Massing
Prepare Preliminary Construction Cost Budget
Prepare Preliminary Financial Proforma
Examine Funding Options
Prepare Executive Summary of Findings
Phase One Results (Highlights)
Primary Market Area (PMA) begins north of Seven Mile Bridge,
extends southward to Key West
Estimated 80%+ of future residents will reside in the PMA
Very attractive penetration rates for age & income qualified
individuals
Recommend the construction of 100 Independent Living Units (ILU)-
lower level of care, still many services and conveniences
ILU count (100) is between Market Study demand estimates of
100-110 units
Recommend the construction of 40 Assisted Living Units (ALU)-
higher level of care, assistance with activities of daily
living
ALU count (40) is between Market Study demand estimates of
40-50 units
Site Study- 40% coverage max, 30’ heights, ~70,000 sq. ft of
“footprint”
Will include plenty of green areas, architecturally
sensitive to Key West
Initial estimates of 140,000 sq. ft of gross space (2
levels) Able to build 150+ units, not including building for
other services (common areas, respite care, employee
housing, etc.)
Key
Cost Drivers:
Category Five Hurricane Code
Subcontractor market for project location
Staging challenges on a “tight” site
Uncertain project scope and definition at this time
Many opportunities for Value Engineering and Cost Reduction
Land Donation is critical equity base for project financing
Non-profit Sponsor status favors low-cost revenue bonds
Project appears financially feasible at this stage
Need to further verify market acceptance and financial
assumptions
Next
Steps …
Haskell Phases II and III, which includes:
Focus Groups
Written surveys to possible residents
Begin to define services, amenities
Design work on site and project
Refine construction budget
Refine financial feasibility and assumptions
Develop preliminary project timeline and project team
Follow/Pursue Master Planning status and efforts with City
and LRA - stay involved and leverage off Haskell
Assess rezoning possibilities to maximize site planning
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