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Balfour Marks Project's Start
$20M Lodge at Balfour to Feature Units for Healthy Seniors
The Daily Camera
Balfour Senior Care will celebrate the start of its $20 million independent living complex today, even though construction really began two months ago.
The Lodge at Balfour, which will offer 95 rental apartments and eight cottages, is the final offering of what the company considers to be a complete menu of senior housing and care services.
Michael Schonbrun started Balfour near South Boulder Road and Colo. 42 in Louisville four years ago.
Through construction and a building acquisition, the company built a strategy offering services for people with assisted living, skilled nursing or memory-impaired care needs. A section for healthy, mobile seniors was the remaining piece, which the 150,000-sqaure-foot Lodge at Balfour will provide.
By featuring all four elements, residents have the ability to move within the community as their needs change.
"We want to create a full continuum of care for seniors," Schonbrun said.
About $7.5 million of the lodge was funded through 55 private investors, most of whom live in Colorado. The balance, including construction costs, was financed by FirstBank of Colorado.
Rent, including utilities, cable, activities and breakfast, we well as lunch or dinner, starts at $2,000 a month and runs up to $5,000 a month. Unlike some senior complexes, Balfour doesn't require an upfront deposit, instead operating on a "pay-as-you-go" system, Schonbrun said.
Lodge at Balfour has already received commitments on between 10 and 15 units, he said. The complex is expected to open next year on Labor Day.
As baby boomers continue aging, demand for senior living centers of all types is expected to grow. The Boulder County Aging Services Division says the number of licensed assisted living centers in the county, for instance, has nearly quadrupled since 1997.