Case Studies
14 Sep
Case Study | Mary's Woods
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About Mary's Woods

Founded in 2001 by the Sisters of the Holy Names of Jesus and Mary, Mary’s Woods is a caring community providing a continuum of housing, health care, and educational services. Their 37-acre campus in Lake Oswego, OR includes 233 independent living apartments, 50 independent living villas, 55 assisted living apartments, 23 memory support units, and 26 residential care suites.

Expansion and Addition of Retail Space

In 2016, the Mary’s Woods team looked to grow by expanding their current footprint to take advantage of a large wait list for independent living and create the next generation of high-impact resident amenities. With the help of Greystone, the Mary’s Woods team developed a campus master plan that included:

  • A 200-unit independent living expansion with additional commons spaces, including dining, a bar, performing arts center, and corporate offices
  • 48 additional assisted living units
  • Creatively designed retail and commercial uses that blended resident-focused spaces with amenities available to all residents of the city of Lake Oswego

See Figure 1 below.

Figure 1

Successful Mixed Use Development

The Mary’s Woods Village Square Retail Outlet currently houses Smile Oswego Dental, Ovation Coffee & Tea, Annie Nails & Spa, and Providence Mary’s Woods, which has a primary care clinic with specialists in rehabilitative care, internal medicine, family practitioners, and psychiatry (see Figures 2 - 5 below).

These are open to the public and available for Mary’s Woods residents to patronage. Its close proximity to Highway 34 - a major arterial highway in Lake Oswego and the western side of the Willamette River - was instrumental in the successful retail traffic required to sustain vibrant shops and businesses.

The stability of the mixed-use/retail development in connection with senior living was founded on a solid business plan. The shell retail and commercial space and its capital cost was fully funded by the 200 unit independent living expansion without any planned lease revenue to guard against a risk of low or no lease-up revenue.

The mixed-use development leased quickly upon opening and all lease revenues were accretive to the Mary’s Woods financial performance, offsetting COVID-related expenses and lower senior living occupancy caused by the pandemic.

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