After suffering many delays, construction on a much-anticipated seniors’ housing complex is finally underway.
The site at 2 Inglewood Dr. was originally slated to house a 120-unit independent living seniors facility. Careadon Corp. bought the site in October from Lions Village of Greater Edmonton, after the not-for-profit experienced difficulty securing the financing and was forced to abandon the project in summer 2014.
Under the new developer, the building has grown and will accommodate an extra floor, a parkade and 164 units.
Careadon bought the original design from Lions Village, but has made some tweaks to the design, especially when it comes to amenity spaces.
The lower level will include a medical office, family room, library, exercise room, craft room, winemaking room, woodworking shop, full-sized movie theatre and storage facilities. On the seventh floor there will be a rooftop garden.
The supportive living complex will feature a mix of one-bedroom, one-bedroom-plus-den, two-bedroom and two-bedroom-plus-den.
Careadon will go forward with the life-lease model originally envisioned by Lions Village.
Rather than a direct purchase or rental transaction, residents provide a loan to Careadon for a percentage of the value of the unit they are moving in to. Monthly payments are determined by the amount of the loan – the higher the equity, the lower the payments.
Careadon runs similar properties under a life-lease model across the country. This will be the company’s first project in Alberta.
Construction, which began in May, is expected to wrap up in 18 months.
Reception has been good so far said a spokesperson. “It’s the best site in all of St. Albert. Everyone who comes tell us that,” he said. The site is located next to the river, walking trails and shopping, as well as close to downtown.
Leasing will commence once the foundation is poured. Work on the foundation is expected to begin Monday.
Those wanting information are invited to register on the project’s website (careadoncorp.com) or visit the show home located at 2 Inglewood Dr.
Careadon was before council Monday to request the rezoning of an adjacent property, 70 Bellerose Dr. The property in question is now zoned medium/high density residential to accommodate lane access to the building’s underground parkade.
To limit the number of access points along the stretch of land, the city and Careadon will construct a shared access to service 70 and 50 Bellerose Dr.
