As industrialization, urbanization and predominance of nuclear family continue to characterize the Korean society in a drastic departure from the past, the traditional 3 generation-family in which the eldest son would live together with his parents and his kids has become a rarity while alternative households inhabited individual elderly citizen or senior couples are increasing rapidly in numbers. As the elderly become more economically active and aware of the needs to take care of themselves rather than relying on their children, public interest and desire for silver town is on the rise. Accordingly, silver town projects have sprang up in diverse configurations in response to varying needs and different income levels of the senior citizens. However, it is noteworthy that silver town projects capitalized by private sector entities seek not only social contribution but also private gains as well. Silver town projects are affected by similar factors to those impacting conventional construction and development projects and always likely to fail under the exposure to several risks common to any investment initiatives in terms of abrupt economic slowdown or tightening of government regulation, which makes it essential to analyze risk factors that make or break a project by impacting the project viability. therefore this study investigated the risk factors of silver town projects and consequence of risk factors were also evaluated. As a results, important management factors of silver town project were determined. The result of this study can provide one of the key enablers to ensure success of silver town projects.