WEBVTT - Welcome to Undergrad. Meet Your 81-Year-Old Classmate

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

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<v Speaker 2>When Courtney Tello was a sophomore at Lacelle University in Massachusetts,

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<v Speaker 2>she made a new friend who lived across campus. When

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<v Speaker 2>they talk about how they got to know each other,

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<v Speaker 2>they both laugh.

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<v Speaker 3>We would kind of Joco, have you picked your courses yet?

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<v Speaker 3>What have you picked yours yet? She's like, Oh, I'm

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<v Speaker 3>taking this class and what you just learn about some

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<v Speaker 3>queen for medieval queens.

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<v Speaker 2>The friend Courtney made that second voice you heard is Tony.

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<v Speaker 2>Courtney was an undergraduate student, Tony was not.

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<v Speaker 3>They started in college seventy two years ago.

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<v Speaker 2>Tony was assigned as Courtney's mentor through a cross generational

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<v Speaker 2>program on campus.

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<v Speaker 3>I would probably talk for an hour, Yeah, like ye,

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<v Speaker 3>it had gone by that scheduled well the next week.

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<v Speaker 2>In ministry, Courtney was studying elementary education and Tony, when

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<v Speaker 2>she was still in the workforce, was an elementary school teacher.

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<v Speaker 1>The two hit it off right away.

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<v Speaker 3>I can share some things with her, just being a

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<v Speaker 3>sounding board, and I mean, what better person to turn

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<v Speaker 3>to than somebody who's you know, even breathing, you know,

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<v Speaker 3>And yeah, I've been so blessed, like everybody's jealous of

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<v Speaker 3>me up there. I'm going for dinner tonight at the village.

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<v Speaker 2>That village Courtney's talking about is Lacelle Village. It's the

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<v Speaker 2>senior living community where Tony lives, and it's actually right

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<v Speaker 2>on Lacelle University's campus.

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<v Speaker 4>Lacelle Village and Lasselle University used to host like a

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<v Speaker 4>senior prom like a senior, senior like senior and senior

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<v Speaker 4>like college students, and senior as in like seniors from

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<v Speaker 4>the community.

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<v Speaker 2>Elizabeth Rembert covers higher education on Bloomberg's Municipal Finance team,

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<v Speaker 2>and she says, at a time of Windling's student enrollment,

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<v Speaker 2>tight school finances, and a rapidly aging population, universities have

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<v Speaker 2>been opening their campuses to an unusual source of revenue,

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<v Speaker 2>retirement communities.

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<v Speaker 4>Then, as I dug into the topic more, these instances

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<v Speaker 4>of senior living facilities being on active college campuses kept

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<v Speaker 4>popping up, and I noticed, Oh, this seems like it's

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<v Speaker 4>more of a trend.

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<v Speaker 2>A trend that's led to some money in campus coffers

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<v Speaker 2>and to friendships like Courtney and Tony's.

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<v Speaker 3>Yeah, we've done breakfast, lunch, dinner, caring about her projects,

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<v Speaker 3>My feeling is that she's going to be really awesome.

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<v Speaker 2>I'm Sarah Holder, and this is the big take from

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<v Speaker 2>Bloomberg News Today. On the show, we explore the trend

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<v Speaker 2>of colleges opening up senior living residences next to or

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<v Speaker 2>even right on campus. What's in it for the schools,

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<v Speaker 2>what's in it for the senior citizens, and what happens

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<v Speaker 2>when baby boomers and Gen Z students coexist. Bloomberg's Elizabeth

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<v Speaker 2>Rembert met Courtney and Tony a few months ago on

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<v Speaker 2>a visit to Lacell University in Massachusetts.

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<v Speaker 4>Courtney, when you decided to go to school here, were

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<v Speaker 4>you surprised that.

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<v Speaker 3>There was this element on campus? And you know, I

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<v Speaker 3>had kind of heard of it, but I didn't really

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<v Speaker 3>know what it truly was, because I was like, I

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<v Speaker 3>was just a bunch of houses down at the bottom

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<v Speaker 3>street the Bottoma Hill. Yeah, just as much as I do.

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<v Speaker 2>Those houses sit on La Cell's fifty four acre campus

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<v Speaker 2>near Boston, so really prime real estate, and that's part

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<v Speaker 2>of what makes Lacelle an appealing place for retirees like

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<v Speaker 2>Tony to move in.

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<v Speaker 4>So this set up started with the vision of the

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<v Speaker 4>president of the school. At that point, President Tom DeWitt,

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<v Speaker 4>and he saw this unused parcel of land on the

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<v Speaker 4>l Sell University's campus. He wanted to use it to

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<v Speaker 4>bring more money onto the school's back sheets. At that point,

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<v Speaker 4>they were a community college. They were kind of struggling,

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<v Speaker 4>and President DeWitt saw it as an opportunity to bring

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<v Speaker 4>on some more income, but also as a way to

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<v Speaker 4>kind of further its education mission and bring on these

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<v Speaker 4>seniors who really had this interest in lifelong learning, wanted

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<v Speaker 4>to be a part of this vibrant campus life and

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<v Speaker 4>kind of live out their golden years on a college campus.

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<v Speaker 2>So they can live in this community and take classes

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<v Speaker 2>at the college.

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<v Speaker 1>Yes, exactly, I've signed up to.

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<v Speaker 5>Take a juggling course and the other one is a.

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<v Speaker 3>History of hip hop.

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<v Speaker 2>Lacelle Village opened back in two thousand. In addition to

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<v Speaker 2>juggling and hip hop history courses, the university offers mentorship programs,

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<v Speaker 2>pairing villagers like Tony with students like Courtney. When Elizabeth

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<v Speaker 2>met her in the spring, Courtney was a college senior.

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<v Speaker 4>Just as soon as you see Tony and Courtney, you

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<v Speaker 4>can tell that they have a very close relationship.

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<v Speaker 3>She's like a grandchild, my second grandmother, and I feel

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<v Speaker 3>like it's been in my life this whole time.

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<v Speaker 1>That's so heartwarming.

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<v Speaker 2>How common is this retirees or seniors living in communities

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<v Speaker 2>on college campuses.

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<v Speaker 4>I talk to an expert who kind of tracks these communities.

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<v Speaker 4>He calls them university retirement communities, and he estimates that

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<v Speaker 4>there's about eighty five across the country. The different ways

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<v Speaker 4>that they play out in these places can vary, and

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<v Speaker 4>so there's places like Lacelle Village at Lasell University, which

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<v Speaker 4>is very educational. It's on campus, the residents have to

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<v Speaker 4>sign up for four hundred and fifty hours of annual learning.

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<v Speaker 4>And then there's other places the University of Alabama. I

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<v Speaker 4>think they have one on campus, but there's not the

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<v Speaker 4>same like educational requirements. And then there's other places like

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<v Speaker 4>in Florida at the universities there where there will be

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<v Speaker 4>a retirement community just off of campus. Well, Elizabeth, I'm

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<v Speaker 4>wondering if you could give us a little back story here.

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<v Speaker 4>When did this movement of seniors and college students cohabitating

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<v Speaker 4>start in the US. It started in the nineteen eighties,

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<v Speaker 4>according to the experts that I talked to, and it

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<v Speaker 4>really started at Iowa State University and Indiana University, where

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<v Speaker 4>basically retired alumni, faculty, college presidents, we're saying, we loved

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<v Speaker 4>this place, We gave our careers to this place. What

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<v Speaker 4>am I going to do now that I'm retiring. I

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<v Speaker 4>still want to be attached to this community. And so

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<v Speaker 4>they started nearby senior living facilities that grew into more

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<v Speaker 4>establish places when the schools would partner with senior living operators,

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<v Speaker 4>and so it kind of just started as this informal

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<v Speaker 4>place where people can stay close to these places they

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<v Speaker 4>care about so much. But now I think it's kind

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<v Speaker 4>of gaining steam more of a business model as schools

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<v Speaker 4>contend with a really challenging landscape in higher education right now.

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<v Speaker 2>One of the biggestallenges for colleges right now is a

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<v Speaker 2>drop in enrollment numbers. Researchers are predicting that high school

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<v Speaker 2>graduating class sizes peaked in twenty twenty five, that from

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<v Speaker 2>now on, graduating class sizes are just going to fall.

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<v Speaker 2>That's in part because birth rates dropped around the two

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<v Speaker 2>thousand and eight financial crisis. In eighteen years later, that

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<v Speaker 2>drop is hitting college enrollment. Fewer students means less tuition

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<v Speaker 2>and less revenue for these schools in the next decade.

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<v Speaker 2>That could force as many as three hundred and seventy

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<v Speaker 2>private colleges in the US to close or to merge.

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<v Speaker 2>According to a major higher education consulting firm called Huron

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<v Speaker 2>Consulting Group, that would impact some six hundred thousand students.

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<v Speaker 4>And so the drop that we've already seen. At least

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<v Speaker 4>forty colleges have closed or announced plans to close since

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<v Speaker 4>twenty twenty, so we've already seen the effects playing out

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<v Speaker 4>among small colleges, and some research suggests that under a

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<v Speaker 4>worst case drop in enrollment, assuming a fifteen percent drop

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<v Speaker 4>in perspective students, we could see as many as eighty

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<v Speaker 4>additional colleges closing. People are saying that schools really need

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<v Speaker 4>to be thinking about bold ideas to remain afloat in

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<v Speaker 4>these challenging times. And we know that as the high

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<v Speaker 4>school graduates go down, you know, America is getting older,

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<v Speaker 4>the amount of retirees is going up.

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<v Speaker 2>And that wave of aging Americans, the so called silver tsunami,

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<v Speaker 2>needs retirement friendly housing. The National Investment Center for Seniors

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<v Speaker 2>Housing and Care, a nonprofit, estimates that the US will

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<v Speaker 2>need over eight hundred and six thousand new retirement units

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<v Speaker 2>by twenty thirty. Elizabeth says her sources have told her

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<v Speaker 2>that more and more universities are seeing that as an

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<v Speaker 2>opportunity and asking questions about how they can get their

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<v Speaker 2>own senior living community started.

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<v Speaker 4>So this is kind of a natural demographic play if

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<v Speaker 4>you're trying to think about where can we find new customers.

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<v Speaker 2>Here's how these deals tend to work. A college will

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<v Speaker 2>generally lease its land or share its branding or services

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<v Speaker 2>with a retirement community and independently run private residence that

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<v Speaker 2>opens up on or near its campus. In many cases,

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<v Speaker 2>like LaSells, the university offers retirees access to the schools

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<v Speaker 2>courses and amenities. In rare cases, the schools have full

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<v Speaker 2>or partial ownership of the retirement communities. In exchange for

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<v Speaker 2>sharing their land, branding, or services, the schools collect payments.

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<v Speaker 5>High Ed really needs to start thinking outside the box.

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<v Speaker 2>That's my Kopis the vice president for administration at Purchase College,

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<v Speaker 2>a state university in Westchester County, New York. In twenty

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<v Speaker 2>twenty three, a senior living community called Broadview opened up

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<v Speaker 2>on campus.

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<v Speaker 5>There's pretty much a land lease agreement, so they run

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<v Speaker 5>forty acres least forty acres from the college or from

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<v Speaker 5>the State of New York. The State of New York,

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<v Speaker 5>through a legislative process, agreed to the terms as long

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<v Speaker 5>as that money came back in the form of scholarship

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<v Speaker 5>money and faculty support.

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<v Speaker 4>Part of how it supports education at purchase is that

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<v Speaker 4>the senior living facility pays two million dollars a year

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<v Speaker 4>to the college, and seventy five percent of that is

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<v Speaker 4>for student scholarships, and then twenty five percent of that

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<v Speaker 4>is towards supporting faculty.

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<v Speaker 5>So it gives us additional scholarship money. In the times

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<v Speaker 5>where it state support's been fantastic, but you know there's

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<v Speaker 5>a little uncertainty with the administrations, could be a change

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<v Speaker 5>of administration. This is real dollars coming to the campus

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<v Speaker 5>that you can count on on a yearly basis.

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<v Speaker 2>Broadview has two hundred and twenty independent living apartments and villas,

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<v Speaker 2>plus additional assisted living and memory care facilities. According to

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<v Speaker 2>Broadview's website, residents pay a one time entrance fee plus

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<v Speaker 2>a monthly fee. The entrance fee can range from two

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<v Speaker 2>hundred and seventy thousand dollars to about two point five

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<v Speaker 2>million dollars depending on the unit, and it's partially repaid

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<v Speaker 2>to residents or their estates after they move out or

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<v Speaker 2>pass away. Elizabeth says, for retirees who opt into these programs,

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<v Speaker 2>the cell is about more than just a roof over

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<v Speaker 2>their heads.

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<v Speaker 4>The people that I talk to say that today's retirees

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<v Speaker 4>they don't want just a pretty place to live. They

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<v Speaker 4>want to continue their hobbies, they want to be lifelong learners.

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<v Speaker 4>They're really in search of these vibrant places and activities,

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<v Speaker 4>and colleges can provide those natural programs for them that

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<v Speaker 4>really fill their days. And the residents that I talked

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<v Speaker 4>to said that they did like the you know, around

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<v Speaker 4>young people, keeping them vibrant. And then the students really

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<v Speaker 4>do cherish those relationships like Courtney and Tony, those friendship relationships,

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<v Speaker 4>but also the mentoring that can come and the networking

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<v Speaker 4>that can come.

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<v Speaker 2>Elizabeth says things have been going well since seniors first

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<v Speaker 2>moved on to Purchase College's campus two years ago.

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<v Speaker 4>Their residents seem really excited by the programs that they

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<v Speaker 4>get to do as a part of members of the

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<v Speaker 4>college campus community. Purchase has a really big performing arts scene.

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<v Speaker 4>I talk to a Day's professor, and she said that

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<v Speaker 4>that's been really helpful for her students because it's been

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<v Speaker 4>kind of a built in audience for these performers. They

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<v Speaker 4>can get used to dancing in front of an audience.

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<v Speaker 2>Bigger audiences for student performances, strong intergenerational friendships. This all

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<v Speaker 2>sounds really great, but at some schools the setup has

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<v Speaker 2>come with growing pains.

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<v Speaker 1>So denied a big rulelane in a battle over noise

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<v Speaker 1>that's after the break.

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<v Speaker 2>In early twenty twenty one, a group of senior citizens

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<v Speaker 2>moved into Mirabella, a residential community on Arizona State University's

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<v Speaker 2>main campus near Phoenix.

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<v Speaker 1>Mirabella boasts aqua.

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<v Speaker 2>Fitness exercise classes, access to the university's five million book library,

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<v Speaker 2>and the opportunity to audit university courses on everything from

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<v Speaker 2>woodworking to salsa dancing.

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<v Speaker 1>It all sounded great, but.

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<v Speaker 4>There was some ten between their senior living community on campus.

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<v Speaker 4>It was right next to a music venue that was

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<v Speaker 4>really loud.

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<v Speaker 2>Mirabella and its residents sued the music venue for incessant

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<v Speaker 2>and unrelenting noise. ABC fifteen, a local station, interviewed Mirabella residents,

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<v Speaker 2>capturing their frustration at the time they played.

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<v Speaker 1>Music so loud where we live right here, and it kept.

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<v Speaker 2>Us away, But some students argued that the campus was

0:13:29.559 --> 0:13:32.480
<v Speaker 2>meant to serve them, not the senior citizens who'd moved

0:13:32.480 --> 0:13:35.680
<v Speaker 2>in next door. One student wrote an op ed in

0:13:35.720 --> 0:13:39.080
<v Speaker 2>the college newspaper criticizing the school for investing in the

0:13:39.080 --> 0:13:43.959
<v Speaker 2>wrong things, prioritizing Mirabella and the financial profits it brought

0:13:44.200 --> 0:13:47.640
<v Speaker 2>over the needs of its students, and one local resident

0:13:47.760 --> 0:13:52.000
<v Speaker 2>voiced similar concerns in another interview with ABC fifteen, why

0:13:52.000 --> 0:13:55.200
<v Speaker 2>are we building a fifty five plus community on ASU campus?

0:13:56.240 --> 0:13:59.720
<v Speaker 5>Like this place should be able to have concerts because

0:14:00.080 --> 0:14:01.959
<v Speaker 5>it's on ASU campus.

0:14:02.280 --> 0:14:05.679
<v Speaker 2>Eventually, Mirabella and the Venue settled the lawsuit and the

0:14:05.760 --> 0:14:09.880
<v Speaker 2>venue promised to implement new sound mitigation measures, and other

0:14:10.000 --> 0:14:13.800
<v Speaker 2>ASU students have praised Mirabella for the new programs and

0:14:14.000 --> 0:14:18.400
<v Speaker 2>unexpected friendships that's brought to campus. Elizabeth says snags like

0:14:18.440 --> 0:14:21.920
<v Speaker 2>that lawsuit aside, these programs can also be challenging to

0:14:21.960 --> 0:14:24.480
<v Speaker 2>get off the ground to begin with, even when both

0:14:24.600 --> 0:14:26.480
<v Speaker 2>parties are bought in, it.

0:14:26.400 --> 0:14:27.760
<v Speaker 1>Is an unlikely pair.

0:14:27.880 --> 0:14:31.080
<v Speaker 4>In some ways, schools tend to be these very bureaucratic,

0:14:31.520 --> 0:14:36.240
<v Speaker 4>slow moving institutions, where senior housing companies are often pretty

0:14:36.440 --> 0:14:40.640
<v Speaker 4>shareholder driven, so they want results fast and thinking about

0:14:40.640 --> 0:14:44.920
<v Speaker 4>the timeline specifically of like Broadview and Purchase College. Purchase

0:14:44.960 --> 0:14:48.640
<v Speaker 4>College started floating the idea in the early two thousands

0:14:48.640 --> 0:14:52.080
<v Speaker 4>and doors opened in December twenty twenty three. So the

0:14:52.120 --> 0:14:54.320
<v Speaker 4>experts that I spoke to said that patience is a

0:14:54.320 --> 0:14:55.880
<v Speaker 4>big part of it, and.

0:14:55.840 --> 0:14:59.000
<v Speaker 2>These arrangements aren't a good fit for every small college

0:14:59.000 --> 0:15:02.120
<v Speaker 2>that's struggling to stay float. For one thing, the school

0:15:02.160 --> 0:15:04.200
<v Speaker 2>needs to have enough land to lease out a chunk

0:15:04.240 --> 0:15:06.520
<v Speaker 2>of it, and it helps if it's near a big

0:15:06.600 --> 0:15:11.400
<v Speaker 2>population center like Boston, New York City, or Phoenix, Arizona.

0:15:11.520 --> 0:15:15.440
<v Speaker 4>Unfortunately, it's not a silver bullet for the really challenging

0:15:15.720 --> 0:15:17.680
<v Speaker 4>landscape of higher education right now.

0:15:18.120 --> 0:15:20.720
<v Speaker 2>Are these programs enough to tip away at some of

0:15:20.760 --> 0:15:24.480
<v Speaker 2>the financial and enrollment issues that universities across the country

0:15:24.520 --> 0:15:28.080
<v Speaker 2>are facing and to address the shortage of retirement units?

0:15:28.160 --> 0:15:31.040
<v Speaker 2>How would you assess this as an approach for solving

0:15:31.080 --> 0:15:31.640
<v Speaker 2>both of these.

0:15:31.560 --> 0:15:34.600
<v Speaker 4>Problems on the college side. When I talk to the

0:15:34.640 --> 0:15:37.920
<v Speaker 4>president of Lacelle and Folks on the Purchase College side

0:15:38.240 --> 0:15:41.400
<v Speaker 4>of things, they said that the revenue that's coming in

0:15:41.480 --> 0:15:44.480
<v Speaker 4>from the management contractor from the land lease from these

0:15:44.520 --> 0:15:47.680
<v Speaker 4>senior living communities. It's not a huge part of their

0:15:47.680 --> 0:15:51.880
<v Speaker 4>balance sheet, but it does free up other money for them,

0:15:51.920 --> 0:15:54.280
<v Speaker 4>so it can be a tool. It's not going to

0:15:54.400 --> 0:15:57.360
<v Speaker 4>save the day, I think for these really large, just

0:15:57.560 --> 0:16:02.520
<v Speaker 4>nationwide challenges. And then as far as the retirement housing side,

0:16:03.000 --> 0:16:05.600
<v Speaker 4>it can be a partnership. This is a niche. It's

0:16:05.640 --> 0:16:07.400
<v Speaker 4>a niche of people who would want to live on

0:16:07.440 --> 0:16:10.160
<v Speaker 4>a college campus. It's a niche of It does tend

0:16:10.160 --> 0:16:12.440
<v Speaker 4>to be a more expensive option as far as senior

0:16:12.480 --> 0:16:15.480
<v Speaker 4>living housing, but there's got to be lots of options

0:16:15.520 --> 0:16:19.120
<v Speaker 4>to solve the housing crisis and the gap in how

0:16:19.200 --> 0:16:22.200
<v Speaker 4>much senior living communities we need versus we have right now.

0:16:23.600 --> 0:16:26.880
<v Speaker 2>Tony Miller told Elizabeth that she's found a home on

0:16:26.960 --> 0:16:28.600
<v Speaker 2>campus at Lacel Village.

0:16:28.800 --> 0:16:31.560
<v Speaker 4>Retirement community is a place to go and die.

0:16:31.720 --> 0:16:34.760
<v Speaker 5>And here it's definitely people come and they're going to.

0:16:35.080 --> 0:16:38.080
<v Speaker 3>Live it up to the end. Yeah, and that makes

0:16:38.120 --> 0:16:38.880
<v Speaker 3>a big difference.

0:16:39.120 --> 0:16:43.360
<v Speaker 2>Courtney Tello graduated from Lasell University in the spring, but

0:16:43.600 --> 0:16:46.920
<v Speaker 2>she's still on campus getting her master's degree and assistant

0:16:46.920 --> 0:16:50.080
<v Speaker 2>coaching the field hockey team, and she and Tony have

0:16:50.160 --> 0:16:50.800
<v Speaker 2>stayed close.

0:16:51.480 --> 0:16:53.360
<v Speaker 3>I told Tony that I'm gonna crash arm how it's

0:16:53.400 --> 0:16:57.520
<v Speaker 3>actually moving in a degree, doesn't I'm going anywhere?

0:16:57.560 --> 0:16:59.360
<v Speaker 1>Okay, so you two will continue to stage.

0:16:59.440 --> 0:17:01.120
<v Speaker 3>Yeah, okay.

0:17:01.760 --> 0:17:04.360
<v Speaker 4>When I was talking to the students and the residents,

0:17:04.359 --> 0:17:07.199
<v Speaker 4>it would come back to realizing, you know, we're not

0:17:07.440 --> 0:17:09.600
<v Speaker 4>so different when you're in the same space, when you're

0:17:09.600 --> 0:17:12.199
<v Speaker 4>both trying to learn Spanish or you're just trying to

0:17:12.200 --> 0:17:14.600
<v Speaker 4>make a friend on a college campus. When those types

0:17:14.720 --> 0:17:18.080
<v Speaker 4>of bonds can become stronger than just the assumptions that

0:17:18.119 --> 0:17:20.840
<v Speaker 4>you might have looking at someone, it melts away and

0:17:20.880 --> 0:17:22.760
<v Speaker 4>then you realize this is a friend, or this is

0:17:22.800 --> 0:17:31.439
<v Speaker 4>a fellow student who we're both trying to learn Spanish.

0:17:31.800 --> 0:17:34.760
<v Speaker 2>This is the Big Take from Bloomberg News. I'm Sarah Holder.

0:17:35.160 --> 0:17:38.399
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0:17:38.440 --> 0:17:42.439
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