Phil Shapiro, Developer and Managing Member, Promenade on the River

PHIL SHAPIRO IS A MAN WITH A VISION for reshaping the possibilities of senior living, and he’s also a businessman with a knack for turning visions into healthy realities — healthy business realities, that is.

His development, Promenade on the River, is an upscale senior community overlooking the Truckee River in downtown Reno and is the latest expression of his vision. But he didn’t get into the world of housing senior people just for the bottom line. “This business is not just for economic gain,” says Shapiro. “It is one of those that you can make a living at — also feel proud of being a part of.”

He got into the business in 1985. He was 26, with graduate degree in hand, and he committed his entire fortune of $10,000 on an option to buy one acre for a senior community development. He had six months to come up with $1 million. He did, with at least two weeks to spare, and along the way, he met his future wife and business partner, Nancy.

Since building that first senior community in southern Florida, Shapiro has built eight others; Promenade on the River is his ninth, and he’s in the development stages on a sister property in Minden. Promenade on the River, a 120,000-square-foot building, is infill construction on the site of a failed condominium project. Like most senior communities, it was the result of a complex collaboration of investment and regional groups. Putting it together tapped into Shapiro’s considerable talents as a real estate developer.

It’s also the first one that Shapiro is staying to manage. Previously, he developed and moved on. “This building is an important part of Nancy’s and my career path,” says Shapiro. While managing the community, he’s also learning and sharing his findings with a number of interested parties.

Indeed, Promenade on the River has become a model for developers across the country. They visit, tour, and consider the possibilities it represents.

“We’re serving Depression-era and World War II seniors now,” Shapiro says. “Coming up is a different mindset.” Meeting that upcoming challenge is where some of the excitement rests for this entrepreneur.