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CityClub Residences: ultra-luxe living alternative

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Contributed by: Judy Goldstein on 7/16/2008

CITYCLUB RESIDENCES PROVIDES ULTRA-LUXE LIVING ALTERNATIVE
FOR AFFLUENT, AGING MARKET

BOCA RATON, Fla. - The age 65 and over population in the U.S. is expected to grow from 36 million to 72 million through the year 2030 and will be the largest and most affluent older population in U.S. history, according to 2000 U.S. Census Bureau figures. One in five Americans will be 65 or older.

Furthermore, an Associated Press story published in June 2008 said a recent government report reveals that "for the first time, life expectancy in the United States has surpassed 78 years."

Other research indicates that 80% of all adults over 65 have a chronic health condition and 50% have at least two, with many requiring assistance with daily activities. In addition, an Associated Press article this past May reported that more than 5 million Americans are currently living with Alzheimer's disease. "The number is poised to skyrocket, with 16 million people forecast to have it by 2050. It already afflicts 1 in 8 people 65 and older, and nearly 1 in 2 people over 85," the article stated.

This presents serious concerns among a vibrant, aging population and the adult children of this colossal group who care about their parents. Even if aging adults have the financial resources to afford good healthcare, there are questions to be answered: Where's the best place for an aging, affluent individual or couple to live? How many times will they have to move in order to meet their changing medical needs in years to come? Is moving really necessary at all? What kind of care will be available? How do I know if it's good care? The list goes on.

It's for these reasons that Miami-based Kapital Development (dba CityClub Residences, CityClub Living) recently launched the CityClub Residences luxury brand in Boca Raton and Coral Gables, Florida and is expanding the brand nationally. Spearheaded by Howard Kaplan and Stevan Pardo, Kapital is a diversified real estate company that develops, partners and invests in real estate opportunities, including senior living, multi-family, retail, office and hotel properties.

"But, CityClub will be anything but a senior living facility," said Executive V.P. of Sales and Marketing Michael Neumann. "Nor is it a run-of-the-mill luxury condominium, no matter how spectacular and prestigious the design may be. City Club Residences fills a void in the luxury segment by offering discerning, affluent consumers age 62 and over an opportunity to reside on their own terms, with built-in peace of mind. They can age in place without ever being told to move out, and enjoy the luxury lifestyle and amenities they are accustomed to."

Using the Boca Raton location as the innovative prototype, Neumann pointed out that CityClub enables healthy, active adults to live life to the fullest while preparing for tomorrow. "Because this is a residential product with a fee-simple ownership structure, residents will enjoy the advantages of home ownership, including a tax shelter (if applicable) and the potential for price appreciation. Even more important, as they get older and if the need arises, they will have the ability to bring home healthcare, assisted living care and rehabilitative services into their residences, as well as to access other premium care options: on-site physical therapy, and memory support in a self-contained, secured memory care facility staffed by trained caregivers.

An on-site health professional will coordinate medical care. Examining rooms will be available for visiting physicians. Residences will be equipped with a 24/7 voice-to-voice emergency call system so owners can communicate with a healthcare concierge. Owners will also have 24/7 access by phone to experienced registered nurses at the Mayo Clinic, and will receive a customizable, wallet-sized DVD member card containing their medical history, physician contacts, medications and other personal information.

Luxuries will abound as well with features like granite, and Sub-Zero refrigeration, including wine coolers, in the kitchen, although residents won't have to cook unless they want to. Several on-site restaurants will meet that need.

Among other planned amenities are a fitness/wellness center with trainers and nutrition counselor, day spa and salon, theater, cocktail lounge, classrooms, overnight guest suite, art studio, and banking services. In addition, there will be 24/7 valet parking, daily housekeeping, chauffeured Mercedes-Benz scheduled transportation, car detailing, dog grooming and similar 5-Star-like services.

In Boca Raton, there will be 168 condominium residences within a 10-story, amenity- and service-rich building at 855 South Federal Highway, just one block north of Camino Real and across from the renowned Boca Raton Resort and Club. The bustling urban area is in the heart of the city, near world-class shopping, galleries and dining, and a bridge away from the ocean. Floor plans range from just under 1,000 to nearly 4,800 square feet of air-conditioned living space, with prices from the $500,000s, to over $3.5 million for lavish penthouses that will crown the building. Select residences have direct elevator access.

Anticipating needs before they occur, the landmark structure will incorporate "Smart Design" features. This purpose-built design removes barriers for some, while at the same time improves functionality for all. These elements take into consideration possible changes in vision, hearing, sense of touch, mobility and agility that can take place over time as older adults age.

Property and healthcare and management will be by a New York Stock Exchange company. "Sunrise (NYSE: SRZ), the nation's largest provider of private pay senior living services, lends tremendous credibility to CityClub Residences," Neumann said. "This company manages approximately 450 facilities throughout the U.S., Canada and Europe and employs approximately 40,000 persons worldwide."

But, as Neumann previously pointed out, CityClub won't be a "senior living facility." It will be a luxury, urban residence with a big bonus: built-in peace of mind.

For further information about CityClub Residences Boca Raton, visit www.cityclubliving.com or call 561-368-3002. For information about the Coral Springs location, call 305-774-1010.

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