Minnesota-based Ebenezer Development’s plan to return to its roots by constructing member-owned cooperatives for older adults is one step closer to reality.
The senior living operator broke ground Sept. 4 on the first of its Estoria Cooperatives. Construction on the new homes is expected to take 14 to 16 months, with more than 60 % of the homes already sold.
The name comes from the Portuguese for story or history.
“This simple, elegant term really reflects Ebenezer’s storied past as a senior living provider while honoring each member-owner as they share their own story,” Ebenezer Vice President of Business Development Susan Farr previously told McKnight’s Senior Living. “The future member-owners of the [Estoria] Lakeville cooperative community will have an opportunity to add their own stories to this rich narrative.”
Farr said at that time that the up-and-coming younger active adult market — with someone turning 62 every minute — convinced the company that it was time to delve back into the development side of the business. Members of this age group, she said, helped their parents move into senior living communities and decided they wanted something completely different.
Ebenezer developed the nation’s first senior living cooperative community in 1977. The company currently manages more than 60 member-owned cooperatives in Iowa, Nebraska and Wisconsin.
“We are happy to bring our years of experience to the development table and once again create a cooperative community that is designed around the needs of member-owners,” Development Consultant Jeff Lantto said in a statement. Lantto previously had directed Ebenezer’s cooperative housing division for more than 30 years.
Estoria Lakeville in Lakeville, MN, is the first cooperative community that Ebenezer is developing under the new brand. Geared toward active adults aged 62 or more years, the cooperative will feature 89 member-owned homes offering a variety of different floor plans.
According to Ebenezer, “cooperative communities, like Estoria, are becoming a more popular choice for seniors. Members own a share or divided interest in the cooperative corporation, which in turn owns the building and land. Members elect a board who makes decisions for the community.”
