 The Watermark at Logan Square
In September of 2006, The Freshwater Group formed an investment group to purchase The Fountains at Logan Square East, a 478-unit high-rise CCRC located in Center City, Philadelphia. Logan was the only major retirement community asset owned by The Fountains that was not sold in July 2005. Logan never reached its full potential despite The Fountains' investment of nearly $16 million in renovation expenditures in 2000 and 2001. Following the acquisition from The Fountains, Watermark began diligent efforts to reposition this community in the marketplace beginning by with by re-branding as The Watermark at Logan Square. Watermark has also filled several key positions with proven senior housing professionals including new Executive Director, Nursing Home Administrator, and Sales and Marketing Director all of whom will be instrumental in implementing Watermark systems, culture and vision.
The Watermark at Logan Square |
The strategic repositioning of The Watermark at Logan Square includes decreasing emphasis on healthcare and better promoting wellness through Watermark’s programming based on its Seven Dimensions of Wellbeing. Highlighting the new vision will be the construction of a new 5,000 square foot wellness center and spa that began in Fall 2007. The new wellness center includes expanded exercise facilities with areas for cardio and resistance training utilizing state-of-the-art Keiser equipment. New spaces for exercise classes, an art gallery, Pilates studio, massage and therapy rooms are included in the new plan.
Our repositioning of the community also involves a new strategy for The Springs, the nursing center. The Springs will decrease in size focusing more on rehab services and more luxurious, private long-term care suite accommodations. New, cutting-edge assisted living and dementia care programs have been initiated as well. Watermark has joined forces with many prestigious institutions including University of Pennsylvania, Drexel University, Jefferson Hospital and others. These strategic alliances will play a large role in our strategic plan.
The Springs will decrease in size focusing more on rehab services and more luxurious, private long-term care suite accommodations |
The plan to stress an active, healthy Center City lifestyle at the community includes improvements in the quality and variety of dining services. The capital improvement plan now underway includes building a second dining venue that offers a more contemporary fare in a casual, yet upscale setting. A bistro and takeout program will round out the choices in the community’s dining services program. Ultimately, the future of The Watermark at Logan Square will be defined by creating a culture where residents are encouraged to express their passions, creativity and vitality. This may take the form of hanging their art in the Watermark Art Gallery, growing herbs to be used by the resident chef, or attending a class at Watermark University (in association with any one of the several colleges and universities within blocks of Logan). The infusion of such a culture will form a community that is full of passion, spirit and adventure.
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