A groundbreaking ceremony Friday at 2 Ironwood Drive marks the beginning of construction for the long-awaited Lions Village seniors’ housing project in St. Albert.
“We will start with three months of ground surfacing and installation of power, gas and sewer lines and then the actual construction will begin soon afterwards, “ said Alan Bissonnette, chair of Lions Village of Greater Edmonton Society.
The project was first proposed in July 2010 after the Lions Village Society purchased the property, which is currently used as a parking lot adjacent to the Canadian Tire store.
“Building was delayed while we looked for a joint equity partner. We have now decided to build it ourselves,” said Bissonnette, who explained this is the third project of its kind built by the Lions Village in 13 years.
“Lions Village of Greater Edmonton Society is separate from Lions Clubs International. It has separate rights, but all the members of the society must be members of a Lions Club, ” he explained.
This new project will provide 120 new housing units to St. Albert, and the Lions’ support helps to make it more affordable with prices ranging between $280,000 and $399,000.
“It is a life-lease housing project. You lend the Lions the unit value of your apartment. The Lions always own the property and if anything goes wrong with the building or grounds it’s their responsibility,” said leasing agent Jeannie Cartier.
The residents do not make any money if their housing unit appreciates in value, but neither do they lose money. If they leave before nine years have expired, they get a pro-rated reduction that becomes less each year. After nine years of residence, they have no deductions on their investment and they get a complete refund, Bissonnette said.
Residents do not pay condo fees, but instead pay a monthly maintenance fee that includes utilities. The monthly payments are determined by the size of the unit that is purchased.
“The concept has the advantage of ownership without the risks,” said Cartier. “Retirees can avoid the complexities and headaches of maintaining a private home. It is appealing because it provides financial security, security of tenure and a sense of community.”
Carter said so far 86 of the 120 units have been pre-sold with about 70 per cent of the purchasers being from St. Albert.
