Ebenezer was recently featured in LeadingAge, highlighting our commitment to developing innovative housing solutions for older adults, including housing cooperatives. We are excited to share the details of this important initiative with you and provide more information about our upcoming projects.
As a leader in senior living, we’re proud to carry forward our legacy of pioneering approaches with the development of housing cooperatives, a solution for middle-market living options that meets the needs of a new generation of older adults.
A Strong Foundation in Cooperative Housing
Almost 50 years ago, Ebenezer developed the country’s first age-restricted cooperative housing community at 7500 York in Edina, MN. This innovative approach has since flourished, with Ebenezer managing over 60 co-ops across the upper Midwest. But the need for affordable, community-driven housing for adults aged 62 and above is more pressing than ever, prompting Ebenezer to return to development with Estoria Cooperatives.
Meeting Demand with Affordable Ownership and Shared Responsibility
At the heart of cooperative housing is the ability for residents to have ownership stakes in their community. Through the co-op model, each resident buys a share in the nonprofit corporation that owns the property, offering them a say in community decisions and freedom from the upkeep of home maintenance. This model is designed to promote autonomy, choice, and community, values that resonate deeply with older adults today.
Co-ops are built to be affordable, with reasonable share prices starting at $46,212 at 7500 York, and a monthly fee that covers everything from mortgage costs to maintenance. These housing options allow residents to invest in their future while living in a secure, supportive environment.
Estoria Cooperatives: The Next Step
In 2022, Ebenezer launched Estoria Cooperatives to meet the growing demand for middle-market housing. Our first two communities, Estoria Cooperative Lakeville and Estoria Oak Cooperative Oak Marsh, are currently under development and are designed to serve active adults aged 62 and above. These new communities reflect our commitment to providing innovative, affordable living options that promote aging in place and a sense of community.
Estoria is not just about housing, it’s about creating environments where residents can thrive. The communities are designed for barrier-free living, allowing members to remain in their homes longer as they age. Plus, with connections to our broader health services network through Fairview Health Services, residents will have access to healthcare and support services as needed.
A Game-Changer for Future Generations
As Brett K. Anderson, President and CEO of Ebenezer, shared, “Older adults are seeking choice, community, and control. While the economics of traditional senior housing have become more challenging, the real motivator was responding to what older adults are asking for … and Ebenezer has the experience to bring more of these desirable options to market.”
He continued, “This newer generation of older adults want to live in their own homes. This cooperative is purpose-designed for aging, built around a community of like-minded people, and you’re still in a position to be self-determined about your future. We see this as a big part of the future and a game-changer, to meet demand and serve people how they want to be served.”
At Ebenezer, we're excited to continue setting trends and bringing innovative solutions to the forefront of senior living. Through Estoria Cooperatives, we’re paving the way for a new era of housing that aligns with the needs and values of future generations of older adults.