A Cross College Multi-Disciplinary Course in Senior

Housing Design and Development

A Cross College Multi-Disciplinary Course in Senior

Housing Design and Development

Susanne Ethridge CannonAssociate Professor of Finance and

Douglas and Cynthia Crocker Endowed DirectorThe Real Estate Center

DePaul University

Susanne Ethridge CannonAssociate Professor of Finance and

Douglas and Cynthia Crocker Endowed DirectorThe Real Estate Center

DePaul University

Faculty MembersFaculty Members• Susanne Cannon, Associate Professor of Finance and

Director of the Real Estate Center, DePaul University, Chicago, Illinois

• Thomas Gentry, Assistant Professor, College of Architecture, Illinois Institute of Technology, Chicago, Illinois

• David Middleton, Associate Professor, School of Visual Communication Design, Kent State University, Kent, Ohio.

• Susanne Cannon, Associate Professor of Finance and Director of the Real Estate Center, DePaul University, Chicago, Illinois

• Thomas Gentry, Assistant Professor, College of Architecture, Illinois Institute of Technology, Chicago, Illinois

• David Middleton, Associate Professor, School of Visual Communication Design, Kent State University, Kent, Ohio.

Course DetailsCourse Details

• Three Universities• Three Disciplines• Three Separate Courses• Shared Expertise• Teleconferenced• Web Based discussion and course

materials

• Three Universities• Three Disciplines• Three Separate Courses• Shared Expertise• Teleconferenced• Web Based discussion and course

materials

The ProjectThe Project

• One site, 8 teams, 3 disciplines• Senior affordable housing• Urban/Mixed use

• One site, 8 teams, 3 disciplines• Senior affordable housing• Urban/Mixed use

Schedule Week 1-3Schedule Week 1-3• Week 1 Introduction to Building Systems and

Housing Design; TV lecture from IIT

• Week 2 Market Analysis/Demographics, Introduction to UrbanPlan Project; TV lecture from DePaul (Guest Lecturer: Alan Plush, Healthtrust.)

• Weekend Kent trip to Chicago, Environmental Design studio visit

• Group Meeting 1: UrbanPlan Project Workshop; DePaul University

• Architecture visitations

• Week 3 Introduction to finance, plus Guest Lecture on Stateway Gardens

• Week 1 Introduction to Building Systems and Housing Design; TV lecture from IIT

• Week 2 Market Analysis/Demographics, Introduction to UrbanPlan Project; TV lecture from DePaul (Guest Lecturer: Alan Plush, Healthtrust.)

• Weekend Kent trip to Chicago, Environmental Design studio visit

• Group Meeting 1: UrbanPlan Project Workshop; DePaul University

• Architecture visitations

• Week 3 Introduction to finance, plus Guest Lecture on Stateway Gardens

Schedule Week 4-7Schedule Week 4-7• Week 4 Client meeting; The Davis Group

Presentation on Senior Housing Finance; TV lecture from DePaul University

• Week 5 Design Programming; TV lecture from Illinois Institute of Technology

• Week 6 Schematic Design; TV lecture from Illinois Institute of Technology

• Week 7 Marketing/Finance issues, Guest Lecture Jerry Finis, Pathway Senior Living

• Week 4 Client meeting; The Davis Group Presentation on Senior Housing Finance; TV lecture from DePaul University

• Week 5 Design Programming; TV lecture from Illinois Institute of Technology

• Week 6 Schematic Design; TV lecture from Illinois Institute of Technology

• Week 7 Marketing/Finance issues, Guest Lecture Jerry Finis, Pathway Senior Living

Schedule Week 8-10Schedule Week 8-10• Week 8 Branding/Identity; Guest TV lecture from

Kent State University

• Week 9 Way-finding; TV lecture from Kent State University, Guest

Lecturer Kelly Kolar

• Weekend Group Meeting 2: Project All Day Workshop; Illinois Institute of Technology

• Week 10 Finance review, plus Construction management, Guest Lecturers Jim Keledjian, Pathway Senior Living, and Michael Faron, O’Neill Construction. TV lecture from DePaul

• Week 8 Branding/Identity; Guest TV lecture from Kent State University

• Week 9 Way-finding; TV lecture from Kent State University, Guest

Lecturer Kelly Kolar

• Weekend Group Meeting 2: Project All Day Workshop; Illinois Institute of Technology

• Week 10 Finance review, plus Construction management, Guest Lecturers Jim Keledjian, Pathway Senior Living, and Michael Faron, O’Neill Construction. TV lecture from DePaul

MBA Student EvaluationMBA Student Evaluation

• Urban Plan• Urban Plan

MBA Evaluation (part 2)MBA Evaluation (part 2)

• Memos (do 5 of 8)• Market Research and Analysis Demographics and trade area

issues; Demand analysis; Supply analysis

• Developing the Firm’s Strategy Market segmentation ; Branding and identity; The value proposition

• Site Selection and Entitlements What makes a good location?; Site acquisition strategies; Zoning and otherpublic policy

issues; Building code issues

• Financial Feasibility What makes a project feasible?; Operating cost and margins; Revenue and expense per

resident; NOI growth and variability; Operating deficit analysis and sensitivity; Capital expenditures; Financial leverage/operating leverage; Regulatory issues: development and operations; Valuation:

Discounted cash flow analysis – NPV/IRR

• Memos (do 5 of 8)• Market Research and Analysis Demographics and trade area

issues; Demand analysis; Supply analysis

• Developing the Firm’s Strategy Market segmentation ; Branding and identity; The value proposition

• Site Selection and Entitlements What makes a good location?; Site acquisition strategies; Zoning and otherpublic policy

issues; Building code issues

• Financial Feasibility What makes a project feasible?; Operating cost and margins; Revenue and expense per

resident; NOI growth and variability; Operating deficit analysis and sensitivity; Capital expenditures; Financial leverage/operating leverage; Regulatory issues: development and operations; Valuation:

Discounted cash flow analysis – NPV/IRR

More memosMore memos• Senior Housing Design Issues Design Theory and design

reality; Design materials; Sustainable

design/Life cycle cost;

• Way-finding• Project Financing Equity Sources: private, venture

capital/opportunity funds, public; Deal

Structure; Debt Sources; Construction and Permanent Financing;

Underwriting and credit risk issues; Role of bridge and

mezzanine loans

• Construction Process Types of construction agreements, alignment

• Senior Housing Design Issues Design Theory and design reality; Design materials;

Sustainable design/Life cycle cost;

• Way-finding• Project Financing Equity Sources: private, venture

capital/opportunity funds, public; Deal

Structure; Debt Sources; Construction and Permanent Financing;

Underwriting and credit risk issues; Role of bridge and

mezzanine loans

• Construction Process Types of construction agreements, alignment

Project DeliverablesProject Deliverables• Market analysis and demographics • Site selection• Zoning and other public policy constraints• Financial feasibility• Capital sources • Architectural design• Construction process• Marketing and branding• Wayfinding

• Market analysis and demographics • Site selection• Zoning and other public policy constraints• Financial feasibility• Capital sources • Architectural design• Construction process• Marketing and branding• Wayfinding

Professional EngagementProfessional Engagement

• Guest speakers• Juried Competition

• Guest speakers• Juried Competition

PresentationsPresentations

• Template• Boards• Video

• Template• Boards• Video