Inside Furman is published quarterly by the Furman University Department of Marketing and Public Relations. For story ideas, e-mail John Roberts, editor.
Seven years in the making; only three away
It's 1999 at Furman. The Cherrydale Alumni House still rested on its original foundation near Stone Manufacturing. Furman had just put the finishing touches on one new academic building (Johns Hall) and was making plans for another (Hipp Hall).
But it was a proposed retirement village – not the recent expansions – that was the buzz on campus. Administrators said a new center would enhance campus life. Many of the residents would be Furman retirees, alumni or those with long-time connections to the university. They would attend recitals, plays, athletic events and volunteer in campus activities. Perhaps some would include Furman in their estate plans.
But some faculty worried that they would be besieged with retiree's requests to sit in on classes. Students said a center would cause parking problems and change the culture of campus.
Faculty members Doug Rall, Marian Strobel and handful of skeptical students visited a retirement facility near Oberlin College and came back sold on the project. Campus forums were held. By late that year – when the board of trustees created an advisory committee to begin planning for the center – many faculty, staff and students were supportive of a retirement center.
In June, 2000 Furman entered into a tentative agreement with Kendal Corp, a Pennsylvania-based firm that had established centers at Dartmouth , Cornell and Oberlin, to develop the village. Kendal said retirees could be moving in by 2004.
But deal with fell through. So did another two years later with Maryland-based Asbury Services.
“When it came down to it, neither wanted to provide the seed capital that we required,” says Mary Lou Merkt, vice president for business affairs. Uncertain economic conditions in late 2001 and early 2002 may have also dampened Asbury's enthusiasm toward the project.
Early last year, Irving, Texas-based Greystone Communities, Inc., became the third company to court Furman. According to terms of the agreement, Furman will lease 22-acres located across from the REK Center for Intercollegiate Golf and west of the railroad tracks to Upstate Senior Living, Inc., a non-profit corporation formed to own the retirement village, for 70 years. Upstate Senior Living includes a 13-member board that includes President David Shi, will oversee and help manage the project.
The $55 million Woodlands at Furman is currently designed to include 147 independent living residences, 32 assisted living apartments, 16 apartments for those with Dementia and 30 private nursing home beds. The complex, accessible from Old Roe Ford Road , will employee about 100 people. It will include a library, dinning room, barbershop, fitness center and mailroom.
A marketing study of Greenville conducted earlier this year by Greystone showed that a well-managed retirement community could thrive. Rolling Hills, located off Pelham Road , is the only “continuing care” retirement community located in Greenville . Merkt said developers of Verdae Properties are also planning to establish a retirement center near Laurens Road .
“This is an area that is really underserved,” said Larry Wainwright, senior manager for Greystone. “We are really excited about the project.”
Wainwright, who spoke to approximately 100 members of the Furman University Learning in Retirement (FULIR) group in January, said 103 units needed to be sold before construction could begin. He expects that the center could open in early 2009. Although prices vary depending on floor plans, Wainwright said the average monthly residential fees at the center will be $1,700 per person or $2,500 for a couple.
“It's designed for folks who want to lead an active independent lifestyle, but also want the added security of having on-site healthcare,” he told the FULIR group. “People are living longer today because they are more active. The more active you are the healthier you will be and the longer you will live.”
Tom Wetzel, president of the Retirement Living Information Center < www.retirementliving.com>, says 61 colleges and universities have formal links to a nearby retirement center.
“It's a growing trend and it's picking up speed,” says Wetzel.
The first of the 76 million Americans born between 1946 and 1964 will turn 60 this year. This Baby Boom Generation is wealthier, healthier and better educated than their parents. And many are finding university-linked communities to their liking.
“Baby Boomer retirees are lifelong learners,” says Wetzel. “And that want to have the ability to participate in cultural activities. Universities offer that. They are particularly popular with alumni, parents, retirees and others that share a connection with the school.”
Wetzel adds that nearby retirees spend money on campus events and activities. They also are a reliable source for fundraising and bequests. Communities, too, welcome retirement centers because residents pay taxes and do not burden the school system.
Relationships between universities and retirement centers vary. While some universities own the center, others simply have an arrangement that allow residents access to on-campus events.
According to Wetzel, the Greystone project would be the first university-linked retirement community in South Carolina . Regional university-linked retirement communities are also located near Davidson, Duke, Appalachian State, Elon , Washington and Lee , Georgia Tech and the University of Georgia .