A potential new housing development for seniors in Prince Albert is looking for local investors to move forward.
Bridge Road Developments Ltd. Is hoping to build a new 24-unit independent living seniors’ residence in Prince Albert. The company has partnered with the Prince Albert Seniors Advocacy Centre to meet with potential project investors next Wednesday, Dec. 4 at noon.
The company has over 20 housing developments in Saskatchewan, Manitoba and Alberta. This would be their first project in Prince Albert.
The units are designed to be rented. Mandy Fehr, the contact for the local project, said there’s no buy-in, and that higher-end units go up to 1,200 square feet with sunrooms or decks and that each building has a common space where activities can be hosted. The project is geared for residents aged 55 and over.
“Our model is received very well,” Fehr said.
‘The tenants love the lifestyle. We’ve proven this in Saskatchewan and we think Prince Albert fits the demographic we’ve already proven in other communities.”
The facility would be independent, not assisted living, she said, so it’s intended for older adults looking to downsize but not yet looking at moving into a long-term care-type facility. She said the company looks for local financial support in each community it operates in.
Once the company raises the equity, they’ll then start looking at finding tenants, she said. The information meeting will be held at the Solutions Point 777 building and is designed for accredited investors to obtain more information.
Prince Albert Seniors Advocacy Centre executive director John Fryters welcomed the company’s interest.
“Prince Albert is truly becoming a hot spot for seniors,” he said.
“People are coming and settling within the community. You have all kinds of seniors’ residences.”
Fryters said the city needs more social housing, but added that the proposed housing development is also welcome.
“Anything more should be welcomed in the city so seniors can have a choice where they would like to live,” he said.
“Within the whole mix, this is a very good development project.”