A new seniors housing complex under construction in St. Albert could be complete later this year.
Careadon Village is an eight-storey retirement complex that will have 163 suites. Amenities including a library, wine- and beer-making room, woodworking and crafting room, a theatre and a rooftop garden. The complex is located in Inglewood along the north bank of the Sturgeon River, just north of Canadian Tire.
Anita Dyrbye, spokesperson with Careadon Corp. which is developing the village, said she’s excited about the project.
“It’s going to be just a class one building,” she said. “We’re opening up a kind of community that really adheres to the way that people are aging today. They’re more involved, they’re very active and they’re living longer.”
Dyrbye said they wanted to create amenities that would create community among retirees.
In November she said Careadon Corp. met with people who are interested in the building to hear what kind of amenities they would want in such a building.
“We spent a lot of time listening to what they want, what they need and what they expect,” she said. “We’re really thrilled to offer that in St. Albert.”
Suites at the complex are purchased on a life lease, which means people put a lump sum of money down to live in the complex until they need to move to another facility, or pass away.
Part of the sum of money is then returned to the resident, or to the next of kin depending on the will. The other part of the payment goes towards repairs needed on the suite.
James Mabey, realtor with Century 21 Masters, said the Citadel Mews East is the only other complex in St. Albert that offers a life lease.
There are many types of life leases and the one at Careadon Village is set at market rate. That means if the housing market goes up, you could make more money when you leave.
He said people may choose to live in a complex with a life lease over a condo complex to simplify planning for the future.
“Sometimes people are trying to make it easier for their estate or for their loved ones to look after their affairs when suddenly they’re no longer able to look after their affairs,” he said.
“It makes it a lot easier to dissolve an asset like that,” he said.