ProMatura study: Residences at Reuten Park to help fulfill unmet demand for senior housing

Closter, NJ Market research presented to the Closter Zoning Board of Adjustments confirmed that The Residences at Reuten Park–a proposed 195-unit senior housing development–is necessary to help meet growing demand for independent, assisted living and memory care housing.

During testimony on the project’s application, Bryon Cohron, vice president of market analysis and business development of ProMatura, an Oxford, Miss.-based market research firm, told board members that The Residences at Reuten Park will fulfill an unmet need for senior housing in the area and surrounding Bergen County communities.

Property owner Reuten Associates and developer Metropolis Property Group are planning to build The Residences at Reuten Park on an approximately six-acre tract at Reuten Corporate Park, located at 231 and 239 Herbert Ave. The development will transform post-WWII-era industrial buildings into a modern, housing community for senior residents.

The Residences at Reuten Park project will offer all-inclusive rental units with studio, one- and two-bedroom apartments on landscaped grounds with private outdoor social spaces, outdoor and indoor dining areas, a café, an outdoor swimming pool and other amenities. The project is expected to be completed in 14 to 16 months, pending the board’s approval.

ProMatura’s analysis is partly based on its evaluation of existing senior housing communities, and those under construction, within a seven-mile region. This area currently has a total of 11 comparable senior living communities. However, the need for senior housing is projected to grow by 878 households, or 9%, in the next five years. The area currently doesn’t have a senior housing community that includes independent living, assisted living, and memory care.

The study also reviewed data including the number of seniors living in the area, income levels, home prices, and other demographic data of seniors and their adult children who could offer financial support.

“Our report concluded that the current level of senior living housing stock doesn’t adequately accommodate the existing senior population, nor will there be enough senior living housing to support the future needs of this growing market over the next several years,” Cohron said. “The strong demographic trends in this market fully support a development like The Residences at Reuten Park.”

Mike Reuten, owner and managing partner of Reuten Associates, said, “With The Residences at Reuten Park, Closter’s senior population won’t have to seek housing and vital services outside of the community. It will enable them to remain close to their families and friends and continue to enjoy the many benefits of living in his town.”