The Pines was contacted and David Rainey, Vice President and Director of Financial Services, was good enough to provide the below response. Plan schematic at the bottom
The Pines at Davidson
Statement Regarding 2017 Amended Master Plan
September 8, 2017
Pines at Davidson opened its doors in 1988 and is one of North Carolina's most respected continuing care retirement communities. Founded by friends and members of Davidson College Presbyterian Church, The Pines welcomes all faiths, races and nationalities. As a not-for-profit community, revenue after expenses is used to strengthen the organization and to further its mission. The Pines is financially strong -- one of only approximately 25 retirement communities nationwide that have earned a Fitch credit rating of ‘A-‘ or higher.
The Pines project started in 1986 pursuant to a special use permit issued by the Town of Davidson. The original plan approved the property for use as a continuing care retirement community including but not limited to independent living residences, nursing and assisted living units and community space to accommodate dining, activities, gathering areas and wellness and fitness programs.
A master plan for an expansion of The Pines was approved by the Town of Davidson in 2003, though a number of the nursing beds, assisted living beds, common areas and independent living residences shown on the 2003 master plan have not been constructed.
However, changing industry trends and consumer preferences since 2003 warrant some adjustments to the original plan which is why The Pines elected to amend its 2003 plan. The Pines’ amended master plan addresses the need for improvements in health care facilities, amenities and additional residential units that respond to these changing trends and preferences. It allows The Pines the ability to react to those changing demands within the scope of its mission.
The amended plan will enable The Pines to:
- Replace its existing nursing unit to provide larger nursing rooms with private showers, larger windows, more storage and include common areas with kitchens that reflect a more residential neighborhood design;
- Add additional space in the Community Center to transition from predominantly one dining venue to four dining venues to provide greater variety for our residents;
- Add additional fitness and wellness space; and
- Add new independent living residences with more modern floor plans that can be constructed incrementally over time, if at all, based upon future need.
Number of Residents
The Pines currently has approximately 400 residents. In the original 2003 master plan, we estimated The Pines could have as many as 500 residents if fully built out. In the 2017 amended master plan, we estimate, if fully built out, The Pines could have up to approximately 525 residents, a relatively small increase over the 2003 estimate but with much improved facilities.
These numbers assume single and double occupancy rates which reflect our actual experience. Dependent care residents who reside in the nursing and assisted living units are all single occupants and do not live in “residential units”.
It is important to note that any growth in residents will be incremental over time as elements of the amended master plan are constructed in separate phases over many years.
The Pines is not able to provide a cost estimate at this very early stage in our planning as we have not fully defined the scope and feasibility of exactly what the next expansion might include. We expect implementation of this amended plan to be incremental over the course of many years. In fact, it is possible some elements of the plan may never be constructed based on changing needs and requirements in the future.
Ad Valorem Taxes
The Pines’ campus is exempt from ad valorem taxes under the North Carolina General Statutes. However, The Pines makes an annual voluntary contribution to the Town of Davidson in an amount at least equal to what ad valorem taxes would be assessed on its improvements.
This practice will continue for any improvements constructed in accordance with the 2017 amended master plan.
Because we are in the very early stages of planning, there are simply too many variables for us to project a timetable.
Based upon similar projects undertaken in the past, we anticipate that it will take several years to complete the planning process and construction once a specific project scope is defined.