Paye A7
MAY 13,1998
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Stadium Station Apartments
Open Near MAX
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L eft to Right Doug L eading o f Key Bank a n d Noell W ebb Portland D evelo p m en t C o m m issio n e r
Photo by Time Je w e tt
through Cascade Management Co.
On the second floor plaza o f the
apartments there. “This location o f
I ri-Mct isoffering free transit passes
new Stadium Station Apartments,
housing next to light rail will make
for the month o f May to all new
Doug Leading o f Key Bank joins
good use o f our transit inv estment
Portland Developm ent C om m is
residents. Ground-level retail spaces
and should cut down on the need to
sioner Noell W ebb during the offi
drive automobiles," said PDC Com
will be occupied by G alluzzo’s
cial grand opening o f the building
missioner Webb. The 115-unit com
Pasta-Bella and a con venienee store/
on April 25. The building occupies
plex developed by Grayeo Resources.
coffee shop.
a triangle at SW 17th and Yamhill at
The Stadium Station apartments
Inc., and Brian MeC'arl & Co. fea
the MAX Civic Stadium Station
tures affordable studio and one- and
are among 6,700 housing units be
site; the G oose Hollow light rail
two-bedroom apartments. About halt
ing built around Westside MAX sta
tions
committee originated the idea for
the untis are occupied; leasing is
S enior H ousíncj E xperts Discuss
D eve I opment of AffoRchblE Assisrcc) L ívínq
In one first forums o f its kind in
the region, health care professionals,
bankers and real estate developers
joined forces today with representa
tives from government and health
service agencies to explore ways to
develop sen io r housing options
within the financial reach o f the ma
jority o f the region’s aging popula
tion. Nearly 150 professionals in
volved in the booming assisted liv
ing sector attended the forum, held at
the Boston-based law firm Brown,
Rudniek, Freed & Gesmer, to dis
cuss the need for integrated solutions
to what is quickly becoming an acute
problem: how to finance, develop
and operate an adequate supply o f
affordable assisted living options to
meet soaring demand.
“O ne o f the worst situations to
find yourself in today is to be over the
age o f 65 and in failing health be
cause unless you are among the very
rich or the very poor, there are few
affordable options for a continuum
ofcare,” said Lynne Sweet o f Brown,
Rudniek's Senior Housing Strategies
Group. “The demographic trends no
longer can be ignored. More people
are living longer and they need greater
access to care without leaving them
selves and their families financially
destitute.”
One in eight Americans today is
65 or older, according to the U.S.
Census Bureau. This segment o f the
population is growing much more
rapidly than the total population,
outnumbering teenagers by two to
one. However, it is those over the age
o f 85 who represent the fastest grow
ing demographic segment. Accord
ing to the Census, the population
over the age o f 85 will grow 39
percent during the 1990s and 33 per
cent in the following decade. In the
next 50 years, the number o f people
over 85 will have grown by 180 per
cent. More than 70 percent will live
with one or more chronic conditions
that require daily living assistance.
As the population ages and as hos
pitals, nursing homes and other cost
lier medical facilities remain under
pressure to discharge patients sooner,
the demand for assisted living facili
ties is grow ing at a phenomenal rate.
By the year 2000, analysts predict
are subjugated to the treatment of their
disease. The lack ofa clear definition of
the role assisted living plays within the
health care continuum, however, makes
developingand operating these facilities
highly complex and expensive.
that the $13 billion assisted living
market will swell to over $30 bi I lion.
The philosophy of assisted living
makes it different from traditional mod
els o f health care, in which individuals
areconsidered patients whoseother needs
.- ___
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