Why We Do, What We Do …
As baby boomers begin to retire, we expect the market for 55-plus niche communities to continue to expand at an increasing rate. Retirement housing development is a booming industry dominated by big players like Centex Homes, Marriott, Pulte Homes (Del Webb), The Villages, among others, but these companies largely target the mainstream market. The few niche markets that have developed are primarily based on religious preferences.
Most of the existing 55-plus niche communities cater to the activity interests of the residents, such as golf, tennis, swimming, etc. Many communities also offer food as part of their amenities, and residents can opt to eat in the common cafeterias. But many of the non-religious affiliated 55-plus niche communities are for-profit organizations and tend to be expensive for the common retiree.
One segment of the market that we believe has been underserved by the industry is the population with strict dietary needs, like pure vegetarians, vegans, etc. ShantiNiketan (Peace House), a brand developed by Iggy Ignatius (Iggy), our founder and Chairman, is a pioneer in this niche. Iggy has completed sales in two planned 55-plus niche community projects with a combined 174 condominium homes in Florida that focus on Indian culture and food, with a third 55-plus niche community project with 120 condos now under construction with plans to build, market and sell up to 880 additional units in phases within this community.
We believe that there is no other 55-plus niche community that offers ethnic foods at a reasonable cost. We plan to cater to this market by developing ShantiNiketan branded communities in locations we believe there is adequate demand. Based on the positive feedback Iggy has received from acquaintances from across the country that we believe represent potential buyers, we plan to develop our 55-plus niche communities throughout the U.S. and internationally. We believe that our target market is seeking to live in our planned niche communities so that they will remain close to their children.