Ep. 118: University-Based Retirement Communities

Mark Beggs and Kent Devereaux discuss Edenwald Senior Living and Goucher College's partnership to create a university-based retirement community.

In this episode, Mark Beggs and Kent Devereaux discuss the origin and development of the partnership between Edenwald Senior Living and Goucher College to create a new university-based retirement community. They also discuss the lifelong learning opportunities of their partnership, the opportunities that this partnership brings to both students and residents and the planning/integration process.

Origin And Development Of The Partnership Between Edenwald And Goucher College [5:02]
Mark expressed his excitement when he joined Edenwald because the campus was adjacent to the Goucher College campus. Collaborative discussions between the two organizations started almost immediately after Kent’s arrival at Goucher.

Missions And Values Of The Partnership [08:34]
Kent and Mark discuss their collaboration to diversify their program offerings at a senior living community. Kent shares his familiarity with similar communities linked to universities, emphasizing the importance of lifelong learning initiatives. Mark mentions the lengthy negotiation process that is needed to establish their partnership. They aim to finalize their agreement by the end of July 2024 to kickstart their plans for expansion and construction.

They also share how the partnership makes sense because colleges are awaiting a “demographic cliff” where there is a declining number of children being born today which will result in fewer young adults seeking a college education in the future. Meanwhile, senior living is experiencing the opposite population trend, where 10,000 people are turning 65 every day in the United States, and people are living longer. These trends present the perfect opportunity for these two sectors to work together for mutual benefit.

Resident's Integration and Lifelong Opportunities [12:14]
Mark and Kent discuss the details of their land lease agreement and plans for expanding their partnership. Mark explains the construction plans for additional towers and amenities on the leased land. Kent highlights the innovative programs they aim to implement, including study tours abroad, arts events, and shared gardening activities. They both express excitement about their organizations' potential for collaboration and experimentation.

[16:33] Mark talks about how great it's been working with Goucher. He's happy to see Goucher's teachers excited about their plans. He shares how residents and Goucher students started their own informal mentoring program without any formal planning or structure.

Research Results & Its Impact on the Partnership Design [17:54]
Edenwald and Goucher conducted a survey of Goucher alumni and current Goucher students and Edenwald residents. They found that many alumni living far away are interested in returning to be part of Goucher again. Mark and Kent believe they can fill up their expansion with local residents even if no alumni return, but they're excited about the alumni interest. Kent emphasizes the importance of planning everything carefully for the long term, especially in terms of accessibility and meeting the needs of future residents. They're encouraged that many things people seek to align with what the college can provide.

Assuring Sustainability and Long-Term Success of UBRC [24:24]
Kent discusses the importance of sustainability and long-term planning for their community, emphasizing the need for expansion to ensure affordability and viability in the future. He highlights the uniqueness of their university-based retirement community compared to others in the area.

[26:22] Mark adds that the collaboration with the college brings financial benefits through a land lease agreement and enhances the value proposition for potential residents without increasing costs. They plan to evaluate and evolve shared services over time, aiming to understand the market better and expand their offerings in the future.

Edenwald and Goucher Innovation in URBC [29:05]
Mark emphasizes the importance of international travel programs and the creation of an organic farm in collaboration with the college. He also mentions adopting a model similar to LaSalle Village, where residents earn credits through engagement.

[30:45] Kent agrees that the proximity of the organic farm and the emphasis on global initiatives will set them apart. Kent states that Goucher aims to offer innovative classes tailored to their diverse population, setting them apart from other retirement communities.

Advice for Other UBRC Partnerships [32:35]
Mark emphasizes the need for colleges to understand the changing demographics and opportunities to serve aging populations. Kent acknowledges Mark's efforts in educating their community about aging trends and the importance of finding a trustworthy partner for successful collaboration.

They both highlight the benefits of their partnership, including access to quality healthcare and vibrant city life and stress the importance of long-term trust and commitment in such collaborations.

Follow Mark Beggs and Edenwald at:
Linkedin | Website | Email
Follow Kent Devereaux and Goucher College at:
Linkedin | Website | Email

About Our Guest:

Mark Beggs is the president and CEO of Edenwald, a Maryland senior living organization. He has over 38 years of experience in senior living and holds a Bachelor of Social Work degree and a Master of Business Administration.

Kent Devereaux joined Goucher College in 2019 as its 12th president. He has a Bachelor of Fine Arts in music composition and a Master of Fine Arts in art and technology.

About the Show:

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