Market research study presented at Closter’s Zoning Board this week confirms the supply of existing and planned senior living communities are insufficient as the population ages
CLOSTER, NJ – Sept. 10, 2021 – Market research presented to the Closter Zoning Board of Adjustments last night confirmed that The Residences at Reuten Park – a proposed 195-unit luxury senior housing development – is necessary to help meet growing demand for independent, assisted living and memory care housing.
During testimony on the project’s application, Bryon Cohron, vice president of market analysis and business development of ProMatura, an Oxford, Miss.-based market research firm, told board members that The Residences at Reuten Park will fulfill an unmet need for senior housing in Closter and surrounding Bergen County communities.
Property owner Reuten Associates and developer Metropolis Property Group are planning to build The Residences at Reuten Park on an approximately six-acre tract at Reuten Corporate Park, located at 231 and 239 Herbert Avenue in downtown Closter. The development will transform post-WW II-era industrial buildings into a modern, state-of-the-art housing community for senior residents.
The Residences at Reuten Park project will offer all-inclusive rental units with studio, one-and two-bedroom apartments on beautifully landscaped grounds along with private outdoor social spaces, outdoor and indoor dining areas, a café, an outdoor swimming pool and a host of other upscale amenities. The project is expected to be completed in approximately 14 to 16 months, pending the board’s approval.
ProMatura’s analysis is partly based on its evaluation of existing senior housing communities, and those under construction, within a seven-mile region that includes Closter. This area currently has a total of 11 comparable senior living communities. However, the need for senior housing is projected to grow by 878 households, or 9 percent, in the next five years. Closter currently doesn’t have a senior housing community that includes independent living, assisted living, and memory care.
The study also reviewed data including the number of seniors living in the area, income levels, home prices, and other demographic data of seniors and their adult children who could offer financial support.
“Our report concluded that the current level of senior living housing stock doesn’t adequately accommodate the existing senior population, nor will there be enough senior living housing to support the future needs of this growing market over the next several years,” Cohron said. “The strong demographic trends in this market fully support a development like The Residences at Reuten Park.”
Mike Reuten, owner and managing partner of Reuten Associates, said: “With The Residences at Reuten Park, Closter’s senior population won’t have to seek housing and vital services outside of the community. It will enable them to remain close to their families and friends and continue to enjoy the many benefits of living in his town.”
Additional Project Benefits
In addition to meeting demand for a local senior living community, here are the project’s supplemental benefits:
• Weekday rush-hour traffic on Herbert Avenue would be considerably less with the proposed development than other permitted uses, according to a traffic study conducted by New York-based engineering consulting firm Stonefield Design and Engineering, which is planned to testify before the zoning board on the application. In fact, according to the study, traffic entering and leaving Reuten Corporate Park is more than twice the amount that the senior living community will generate. The development will produce less car and truck traffic on Herbert Avenue, which will create a safer and quieter neighborhood, less air pollution and noise in the area.
• Create hundreds of jobs during the project’s construction and 90 full-time positions at the senior living facility.
• Promote pedestrian foot traffic in the downtown, which would bring more business for local retailers, restaurants and other small businesses.
• Increase the borough’s tax base by an estimated $1 million each year, which includes $700,000 for the Closter Public Schools, nearly 10 times the amount the school district currently receives in tax revenues from the property.
• The community will be age restricted with no school-aged children. This requirement means that the housing community will not add any students to the borough’s school district.
• Rezoning the site for residential development will beautify the Herbert Avenue neighborhood.
Background on Reuten Associates
For nearly 80 years, the Reuten family has been closely tied to the Closter community. In 1945, Michael “Fred” Reuten purchased the property for his gutter manufacturing business and grew the company into a national manufacturer of doors and windows. His son Fred Reuten later turned the site into Reuten Corporate Park, leasing buildings to several manufacturing companies. His spouse Pat Reuten and his children Michael Reuten and Laura Reuten Kessler, who now own and manage the property, envision the proposed Residences at Reuten Park to fulfill an unmet need for senior housing in Closter.
About Metropolis Property Group (MPG)
Metropolis Property Group is a privately owned full-service real estate investment, development, and management company that also provides consulting and brokerage services. It has offices in Rhode Island and New Jersey. In 2012 the company began to provide consulting and brokerage services to real estate development and investment companies working in the NYC Metro area.MPG focuses on the acquisition and development of senior housing communities as well as multifamily, industrial, and hospitality. To learn more about MPG, visit: https://www.metropolispropertygroup.com/
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