Thursday, March 8, 2007

Condo builder targets seniors

Fort Washington project is marketed to middle-income demographic

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Bryan Haynes⁄The Star
‘‘It’s really a self-contained community in one building,” says Martin Poretsky of Chestnut Oaks, his company’s new condominium project for middle-income seniors in Fort Washington.
Builder Martin Poretsky is answering the growing need for affordable housing for moderate-income seniors with a new condominium development in Fort Washington set to open in the spring.

Chestnut Oaks has 150 units averaging between 950 and 1,000 square feet. The four-story building comprises mostly two-bedroom units, with some one- and three-bedroom condos, Poretsky said.

Units for the 62-and-over crowd run from $185,000 to $250,000, and about 25 percent have been sold, he said.

Amenities are designed for older residents, such as an exercise facility with trainers and classes tailored to seniors, a business center, card room, library, beauty parlor and movie theater. If someone calls 911 for an emergency, the management company and next of kin are automatically notified that a call was placed, Poretsky said.

Programs related to health, education and Bible study will be scheduled throughout the week, Poretsky said.

His team found that people in the Fort Washington area have an active affiliation with their congregations, so they worked with religious centers in the area to see how interested older members were in downsizing their homes and moving closer to the congregation, he said. Chestnut Oaks building will provide shuttle service to some of these religious centers.

‘‘It’s really a self-contained community in one building,” Poretsky said.

Many builders are focusing on either wealthier or less affluent seniors, said Leslie Marks, principle of Marks Collaborative, a Gaithersburg consulting firm for builders targeting the older market. Marks also led the 50+ Housing Council at the National Association of Homebuilders for eight years.

There is a lack of affordable housing for purchase by moderate-income seniors, agreed Gloria G. Lawlah, secretary of the Maryland Department of Aging.

‘‘There’s a shortage of that everywhere, not just here in Prince George’s County,” said Lawlah, a former state senator from the county.

‘‘It is a challenge that we are seeing across the state,” she said. ‘‘The middle-income senior will not qualify for the many programs and services that the lower-income seniors will qualify for.”

Very few residential projects offer the combination that Poretsky put together – ownership with a wide array of amenities, said Marks, who also worked on the project. This development targets the senior who maybe owns a home but doesn’t want to take care of it any more, she said.

Poretsky, founder and president of the Poretsky Building Group of Washington, D.C., is a third-generation builder who grew up in the Washington metropolitan area and now lives just south of Annapolis. His family has been building in the region for more than six decades, and he has won more than 25 industry awards.

He is a past president of the Maryland National Capital Building Industry Association, a 20-year member of the state of Maryland Building Association and past Executive Committee member of the National Association of Home Builders.

He has built about 3,000 homes in more than 30 years, and Chestnut Oaks is his first project for seniors only.

Poretsky became interested in working on an affordable housing for this market because he saw there was an unmet need.

‘‘My interest is in giving back to the community,” he said. ‘‘It’s really providing a community service.”

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