Provider now set to develop first seniors housing cooperative
LONDON: A long standing provider is now set to develop a new-style seniors housing co-operative.
With more than 100 years of experience managing and operating senior living communities, Ebenezer is now expanding into the development of senior housing cooperatives. The new Ebenezer-developed senior cooperatives will be branded Estoria Cooperatives.
The first Estoria Cooperative will be located in Lakeville, Minnesota.
The development of the first senior living cooperative community in the nation was the brainchild of Ebenezer’s president A. Luther “Lute” Molberg. In 1977, his idea became reality with the opening of 7500 York in Edina, Minnesota. The concept was an immediate hit and the senior cooperative housing concept has expanded across the country ever since.
As one of the largest senior living providers in Minnesota, with roots going back to 1917, Ebenezer has grown into offering vibrant communities for all stages of senior living. Today, Ebenezer is the largest managing agent of housing cooperatives in Minnesota, drawing on its background of 40-plus years of experience managing member-owned cooperatives to successfully managing more than 60 cooperatives throughout the upper Midwest.
Of Portuguese origin, the word “estoria” means “story” or “history.” It reflects Ebenezer’s background as a senior living provider and represents a new chapter in housing for seniors. Estoria Cooperatives will be a member-owned cooperative for adults 62-plus years old and is designed to cater to the active lifestyle of its member-residents.
The first Estoria Cooperative will feature 89 homes. As part of the fastest-growing community in the Twin Cities metro area, Estoria Lakeville will be located in a suburban neighborhood setting with easy access to parks, Crystal Lake, shopping, dining, the arts and downtown Lakeville. Construction is expected to take about 14 to 16 months.
Cooperative communities like Estoria are designed to fit younger seniors’ changing lifestyles. Members of these communities own a share or divided interest in the cooperative corporation, which in turn owns the building and land. Decisions are made democratically by an elected board of directors consisting entirely of community members and supported by various committees of interest, as well as through oversight from Ebenezer’s staff in the Homeowners Association Property Management division.
Member-owners also benefit from the built-in social opportunities of the cooperative lifestyle. Members are all of a similar age, often at similar places in their lives, and the community layout, shared amenity spaces and committee-planned activities help create blossoming friendships that can last a lifetime.
By reserving and purchasing their home during the developmental phase, new member-owners can personalize their home by choosing their own home finishes. Member-owners can select from various options, including quality cabinetry, hard surface countertops, appliances, lighting packages, and more to create a home that’s truly their own. The Estoria Cooperatives Information Center and Showroom is currently under construction and will be opening soon, allowing members to see samples of all the available home finishes.
