15 Craigside, Hawaii’s newest retirement community, was conceived by the Hawaii conference of the United Church of Christ and the Arcadia Family of Companies.
Q: What is 15 Craigside?
A: 15 Craigside is Hawaii’s newest continuing care retirement community (CCRC) in Honolulu. It is a moderate income retirement community. 15 Craigside offers a lifetime residency with a continuum of care that begins with independent living in one’s apartment with access to health care services, food, convenience services, personal assistance (if requested), security, maintenance, maid and linen service, numerous programs, activities and entertainment and, along the continuum, if needed, assisted living, skilled long term care and special care for those who develop Alzheimer’s disease and dementia.
Q: Where is 15 Craigside located?
A: 15 Craigside will be built on 1.5 acres in Nuuanu featuring tasteful landscaping and beautiful views of the Ko‘olau mountains. It is centrally located in Nuuanu, mauka of the Craigside Condominium complex. Residents will enjoy quiet beauty, unparalleled proximity to all of Honolulu's social, cultural, educational and entertainment facilities.
Q: What does 15 Craigside offer that many other retirement communities are unable to?
A: A life care contract at an affordable entry fee to seniors in the Honolulu community. The life care contract offers you a secure, comfortable, and private home in an attractive and stimulating community for the remainder of your life. It assures that you have quality medical care available, including on-site medical staff. Should you need assistance in your apartment, rehabilitative services or skilled nursing services, they are available. A Life Care Contract also means that should you exhaust your own financial resources through no fault on your part, 15 Craigside will never ask you to leave.
Q: What are the resident fees?
A: Entrance Fee: 15 Craigside is a continuing care retirement community which requires the payment of a one-time non-refundable entrance fee which entitles you to occupy an apartment or a bed in the Health Care Center during the remainder of your lifetime. No interest in real estate is given. Your residence agreement is personal to you.
Monthly Service Charge, General Healthcare & Wellness Fee, Land Purchase Assessment, Assisted Living Charges and Nursing Facility Charges: The monthly service charge and related fees provide for all meals (three meals per day), weekly maid service, flat-linen service, maintenance utilities, security and general healthcare protection. It does not include parking, phone cost, and premium cable service. There is also a General Healthcare & Wellness Fee and a Land Purchase Assessment.
Q: What will your entrance fee cost?
A: For a single person, an average non-refundable entrance fee is between $150,000 and $170,000 for a studio and between $260,000 and $300,000 for a one-bedroom.
For a couple, an average non-refundable entrance fee is between $300,000 and $350,000 for a one-bedroom. (As of 2007 and thereafter, there will likely be annual increases.)
Q: Why a non-refundable entrance fee?
A: There is a substantial difference between an equity ownership retirement program and a life care contract. 15 Craigside offers a life care contract through the Residence Agreement you sign at the time of entry into 15 Craigside.
An equity ownership in a retirement apartment (through a real property purchase or, for example, a 90% refundable fee) offers a return to you on your estate. The cost of a non-refundable Life Care Contract Agreement will be approximately 100% less than the cost of an equity based contract. The savings you realize may be invested by you to provide for additional income and appreciation of your assets. In addition, under an equity program, your estate will continue to pay monthly fees until the apartment is re-sold to another qualified person.
Q: What is a “moderate income” retirement community and what is the minimum amount of assets you will need after your entrance fee is paid?
A: “Moderate Income” is defined as 80% to 120% of the Area Median Income.
• The Area Median Income for one person in 2005 at 80% of area median income was $37,950, and at 120% it was $56,910.
• The Area Median Income for two people in 2005 at 80% of area median income was $43,400, and at 120% it was $65,040.
• After payment of an entrance fee, an individual typically has viable assets of $400,000.
• After payment of an entrance fee, a couple typically has viable assets of $600,000. (As of 2007, income and asset requirements can be expected to increase annually as the cost of living increases.)
Q: What is included with your apartment?
A: 15 Craigside offers two floor plans: studios (480 sq. feet) and one-bedroom apartments (640 sq. feet). Each apartment features its own private lanai, individually controlled air conditioning, electric kitchenette with refrigerator, separate bathroom including assist bars, an emergency call system monitored by licensed medical staff 24-hours a day, storage and closet space, and internet and cable TV access.
Q: What resident services are included?<
A: In addition to the services noted above, 15 Craigside offers a myriad of wellness, fitness and educational programs and a wide variety of entertainment to provide our residents the opportunity to attain a high level of physical, mental, spiritual and psychological well-being.
Q: What amenities will 15 Craigside have?
A: Amenities include a heated, in-door therapeutic swimming pool, chapel/multi-use room, main dining room, library, arts & crafts studio, beauty shop, and underground parking.
Q: What is the availability of apartments at 15 Craigside?
A: Apartments at Craigside are available on a pre-sale basis. An initial Reservation Deposit of $1,000 will be collected from individuals and couples interested in entering 15 Craigside. Within seven months from September 1, 2006, an Entrance Fee deposit of 10% of the apartment entrance fee will be collected to reserve an apartment at Craigside. At the time of move-in, the remaining balance for the entrance fee will be collected.
Q: Is there an age requirement to live at 15 Craigside?
A: Entry to 15 Craigside is intended for individuals 62 years and older who are able to live and function in an independent environment.
Q: When will 15 Craigside be completed?
A: 15 Craigside is expected to be completed by the 4th quarter of 2009. Marketing representatives for Craigside will keep in touch with you for periodic updates on the project’s progress. And, you may call for information at anytime and visit us on the web at www.15Craigside.org.
Q: What is Arcadia Retirement Residence and how does it relate to 15 Craigside?
A: Arcadia is the first and only accredited Continuing Care Retirement Community in Hawaii. It was founded by Central Union Church, and opened in 1967.
Arcadia offers gracious retirement living in an urban setting with easy access to all of Honolulu’s social, cultural, educational and entertainment facilities, as well as shopping centers and churches. The 13-story tower residence provides 212 independent living units, assisted living, 4 boarder beds, a 66-bed nursing facility, and a range of services (healthcare, dining, housekeeping, security, etc.) and amenities (solarium, library, wellness/fitness center, chapel, etc.) for more than 310 residents.
Arcadia continues to be guided by a vision that calls it to provide optimum effort in support of its residents and to provide benefits and service to seniors in the greater community.
15 Craigside will be patterned after Arcadia and will be managed by Arcadia Elder Services, a member of the Arcadia Family of Companies.
Q: What is the Arcadia Family of Companies?
A: The Arcadia Family of Companies includes The Arcadia Foundation (TAF), Arcadia Elder Services (AES), and Arcadia Home Health Services (AHHS).
The Arcadia Foundation, established in 1998, helps to subsidize Arcadia residents who have exhausted their resources and to provide monies to assist with the needs of seniors in the community at large. As the Foundation grows, its ability to provide greater assistance for seniors in need at Arcadia and in the larger community also grows.
Since 2003, Arcadia Elder Services (AES) has managed the operations for Central Union’s Adult Day Care and Day Health Center. In 2006, AES began management of an adult day care center for Kilohana United Methodist Church in Niu Valley. These Centers provide a caring, safe, nurturing and secure environment for seniors who need the services offered by these programs. AES has also provided consulting and management services to other non-profit corporations serving seniors in the Honolulu Community.
In 2004, Arcadia Home Health Services initiated a program of services for seniors who need some assistance, but want to remain at home.
In May 2006, The Hawaii Conference Foundation of the United Church of Christ entered an agreement in which The Arcadia Foundation, Arcadia Elder Services, and a new corporation, Craigside Retirement Residence, will develop, construct, own and operate a continuing care retirement community for moderate income seniors on The Hawaii Conference Foundation's 1.5 acre property at 15 Craigside Place in Nuuanu.