Passco Cos. Development is expanding its ground-up development and value-add development platforms, and recently welcomed Carey P. Levy back to the firm to serve as president of the development company and spearhead the growth initiatives. Senior housing will be among the firm's targets for development both new construction and value-add or repositioning opportunities. Levy sees a niche opportunity in active senior living, especially as the 65-plus demographic group grows and lives a longer, healthier lifestyle.

“Every day, 10,000 individuals are turning 65. The baby boomers, numbered at approximately 73 million, currently make up over 30% of the nation's population,” Levy tells GlobeSt.com. “The 65- to 80-year age group wants to be in an environment that makes them feel alive. It is up to us to provide that type of environment. The idea is to feed that demographic of seniors and think about how their living is going to continue to evolve. Therefore, our business plan is to concentrate on the resort-style hospitality senior living marketplace.”