Five Questions With: Craig Evans

CRAIG EVANS, executive director of Laurelmead, a retirement cooperative in Providence, in which the residents purchase their units and own the facility as a cooperative. / COURTESY LAURELMEAD
CRAIG EVANS, executive director of Laurelmead, a retirement cooperative in Providence, in which the residents purchase their units and own the facility as a cooperative. / COURTESY LAURELMEAD

Laurelmead is a retirement cooperative on the East Side of Providence in which the residents purchase their units and own the facility as a cooperative. Executive Director Craig Evans explains the concept of a retirement co-op, which is unusual in Rhode Island, but starting to branch out from the Midwest.

PBN: Laurelmead is the state’s only retirement community that is a cooperative, meaning resident-owned and operated. How does this make it different than a condominium association?
EVANS:
Residents of a cooperative are shareholders who possess an interest in the entire building (not just their apartment) and have a voice in its entire operation through a board of directors and numerous policy committees. Someone interested in purchasing an apartment in a cooperative must apply and be accepted by the membership committee. Most co-ops do not allow renting, so owner occupancy is high and resident participation in the management of the property can be significant.

PBN: Where else has the co-op model been used in retirement communities, and is it something you see coming to Rhode Island in greater numbers?
EVANS:
Most senior retirement cooperatives (there are around 100 nationwide) are in the midwest with the majority in Minnesota. There are two senior co-ops in Massachusetts. As baby boomers become retirees I do expect the co-op option for living to begin to grow. It can be a desirable style of communal living for many seniors. It’s all about options.

PBN: Does the building have any apartments that are available for residents who need nursing services? If residents eventually need these services, i.e. assisted living, do they have to sell their unit?
EVANS:
Laurelmead cooperative is a senior community that was designed to support the aging-in-place of its residents. After 20 years of operation we have seen residents desiring to stay in their apartments as long as possible. With a nurse on staff and the variety of home health care options available in Rhode Island, most residents are able to delay a move to assisted living.

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PBN: What are the price ranges for apartments and how are the sales completed under a cooperative?
EVANS:
The asking prices for our one-bedroom apartments start around $150,000 and two-bedroom units start below $300,000. There are monthly fees as well that cover the cost of all our lifestyle/hospitality services and the facility costs of property taxes, utilities, insurances and maintenance.

PBN: What are the benefits of a cooperative for older residents?
EVANS:
A senior cooperative like Laurelmead offers its residents an array of lifestyle services designed for seniors by seniors. That is the nature of a senior co-op. Socialization, through on-site restaurants, activities and fitness classes, and safe/supportive aging are just a few of the benefits. Having a say in what goes on at Laurelmead is also a huge benefit our resident-shareholders value.

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