Elysium’s target for developing secure, affordable communities for senior citizens, the 1,600 odd enclosed mall properties that continue to decay all across America. In most cases, these aging carcasses that were constructed in the 1960s and 1970s, have been fully depreciated three different times as the shopping model changed over the last 60 years. The first 20 year depreciation was the new phenomena of a climate-controlled environment where one could shop for anything and everything one needed. The second 20 year depreciation came when the more powerful real estate entities went upscale providing a single place to shop. Also during this period, the enclosed mall was placede to meet, exercise and socialize. The third 20 year depreciation came as America no longer gravitated to the enclosed mall, resulting in the major entities stole more successful, desirable tenats from weaker, un-remodeled properties. In today’s world, only a small minority of upscale enclosed malls remain profitable, while the rest struggle to stay open, or are already decaying caverns of vandalism.
Since the bricks and mortar of these monoliths are the major expense, rather than demolish them, Elysium seeks to acquire them, remodel them into climate-controlled communities of seniors. The renovation invloves mostly sheetrock interior construction with increased plumbing for residential use. Stores that cater to seniors would still be available a short walk way. Emergency care facilities could be offered to providers are attractive rental rates and would still be available for the general public due to the original locating of the mall properties.
With the explosion of internet shopping that continues to decimate the retail sector, in addition to enclosed malls, smaller communities can be developed in the increasing number of big-box stores that find themselves in the same dilemma as the malls.