David Oster, Executive Director of the Laurel Lake retirement community, recently updated the Rotary Club of Hudson regarding ongoing and planned developments at the Hudson campus. Many major capital improvements have been completed and further additions are scheduled for completion in the next year.
During 2016, Laurel Lake reconstructed its lobby and dinning areas adding a bistro, upscale lounge and more dinning capacity. Located in the same area is the newly renovated Colony Shop offering resident supplies and gifts.
Currently under development is a therapy area for all rehabilitation and fitness needs. A new arts and crafts area is also being developed, to open soon.
Currently, there are approximately 500 residents and 300 staff at Laurel Lake with a three to four year waiting list. The financial structure is a 501 (3)(c) supported by a bond issue owned by residents and paying 8% interest. Laurel Lake also has its own insurance company to help reduce the costs of coverage.
Among the factors affecting the future success of Laurel Lake are the health of the residential housing market and the availability of skilled nursing. Mr. Oster stated that most residents rely on the proceeds from their home sale to fund their future stay at Laurel Lake, thus housing market fluctuations can make a difference in assets available to a prospective resident. The more recent increase in availability of skilled nursing graduates has created a competitive environment that is helping to control overall operational costs for residents.
The Rotary Club of Hudson meets every Wednesday at 7:30 a.m. for breakfast in the Laurel Lake dinning room. Information about upcoming and past speakers at meetings can be found on the Club’s website www.rotaryhudson.org.