A senior housing co-op recently broke ground in Oakland, California, the first of its kind in the Bay Area. Elder Village Development, a part of Alameda Elder Communities, is the developer of the $21 million project, which is being built on the site of a local restaurant that burned down in 2010. The 41-unit retirement community, appropriately named Phoenix Commons, is part of a larger objective by city officials to revitalize Oakland’s waterfront. Elder Village believes that Phoenix Commons’ design and co-op model will allow seniors to more easily interact but still maintain the privacy of living in their own home.
Each one- or two-room unit, ranging from 630 to 1,100 square feet, comes with a private kitchen and bathroom. Residents also enjoy large communal spaces—spacious kitchens, dining rooms, patios, and more—all overlooking the waterfront, along with a private dock. As part of the deal, Phoenix Commons co-op residents own a share of the building and are responsible for maintaining the property and gardens. Unit prices start at $350,000 and reach $560,000, with monthly homeowner association (HOA) fees expected to be about $450 a month. Along with those high prices, residents enjoy a sense of camaraderie and the benefit of ownership that is unique in the senior housing market.
