Seniors complex generating a buzz

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This article was published 25/02/2011 (5533 days ago), so information in it may no longer be current.

Headingley residents and individuals from neighbouring communities recently got their first look at plans for a proposed multi-unit seniors housing complex.

Approximately 60 people attended a pair of open houses held Feb. 16 at the Rural Municipality of Headingley offices. The meetings provided details about a seniors housing project that Winkler-based Bridge Roads Develop­ments is proposing to build near Heart­land Trail.

Ken Rempel, manager of sales and marketing for Bridge Roads, said the project has already generated considerable interest among area residents.

Rempel said two individuals have already made down payments on the so-called adult lifestyle condos while 10 others have indicated they plan to do likewise in the coming weeks.

“We are very pleased with the response we have received so far,” Rempel said after the meetings. “This is a great project and we expect a lot more people to express interest in the coming months.”

Bridge Roads co-owner Harry Funk said during the meetings that the complex, which will likely include two 36-suite buildings as well a a 48-suite assisted-living building, will be its own corporation.

“The seniors system is a standalone corporation for Headingley,” Funk said. “It is a corporation for a location, for the community in that location. We are looking for investors and will raise money as an investor group.”

Funk explained that the housing complex operates similarly to a life leases situation a non-profit corporation obtaining a bulk long term mortgage and the life lease residents providing a Refundable entrance fee and paying a proportionate share of the monthly operating costs.

However, this project differs in the fact that there is no long term lease commitment as a resident.

Funk explained that Bridge Road is already actively looking for Headingley residents to invest in the project.as owners.

“We are trying to involve as many investors as we can from Headingley so that they can represent (residents of the complex),” Funk said. “I don’t understand this community as well as the investors will.”

A $150,000 investment will entitle investors to a single vote in the corporation’s operation and give them partial ownership rights over the complex.

Funk said that the down payment for most of the units will be $55,000. And complex residents will receive 3% annual interest on their deposit.

Funk expects rent for each suite to be between $1.25 and $1.35 per square foot.

Charleswood resident Larry Hemery, who attended the meeting with his wife Jackie, said the project sounds like it could be a good option for them when it comes time to downsize their home.

“We have been looking at life leases or condos, but I like this option much better,” Hemery said. “I am seriously considering this as an option for us. I am about 75% to 85% sure we will put a down payment on a suite.”

St. James resident Ray Hargreaves attended the meeting and said he was impressed by what he saw.

However, Hargreaves said he isn’t sure if Headingley would be a good fit for him.

“This complex was very well presented and (Funk) seemed to know what he was talking about,” Hargreaves said. “My wife and I will consider this as an option, but my concern is the distance from the city and the lack of bus service out here. This might be an issue for us once we can no longer drive.”

For more information about the development call Bridge Roads Developments at 1-866-294-7586.

prescott.james@canstarnews.com