A much-anticipated seniors housing complex could finally get off the ground under new ownership.
The site at 2 Inglewood Dr., which was slated to house a 120-unit independent living seniors facility, was bought by Careadon Corp. in October.
The site was owned by Lions Village of Greater Edmonton, a not-for-profit that owns and operates three other seniors’ residences in the region.
Although well received by the community, the project suffered delays, before being scrapped entirely due to difficulty securing financing. Those who had put down a deposit received letters in July 2014 informing them that the project would no longer be going ahead.
“At the 11th hour we finally got the financing, but we had already proceeded on the sale, so we just let it go,” said Alan Bissonette, chair of the Lions Village of Greater Edmonton board.
Bissonette believes part of the financing difficulties lay with the life lease model it employs.
Rather than a direct purchase or rental transaction, residents provide a loan to the Lions 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. Residents get back an amount ranging from 97 per cent to 100 per cent, depending on the length of their stay, when they move out.
This was meant to make the cost of owning a property less prohibitive for seniors who were choosing to downsize, explained Bissonette.
Careadon plans on going ahead with a similar life lease model, according to a spokesperson.
Plans for the building will also be similar with a few tweaks. The company bought the original design from Lions Village.
Careadon is expanding the building to include 164 units, an additional floor and an underground parkade. The complex will feature a mix of one-bedroom, one-bedroom-plus-den and two-bedroom units with both supportive- and independent-living options.
Careadon is also planning changes to the amenities spaces available to seniors. Rather than a beauty salon, rooftop garden, chapel and exercise room, the company is planning to put in a family room, wine room, craft room, theatre and woodworking shop, as well as storage facilities.
So far response from the community has been positive, said the spokesperson.
Bissonnette said the Lions are disappointed that the project won’t go ahead under their banner, but are happy that the new owners are considering a similar product.
“There’s a significant need for affordable seniors housing and the life lease model is exactly that,” he said. “The fact that the same type of project is going to go up and it’s going to have a similar fit and feel, it’s still a win-win.”
Careadon indicated that it wouldn’t start leasing until the development permit is issued. The application is currently under review by the City of St. Albert.
Pricing for the units is not being released at this time.
