The 麻豆社国产Senior Citizens Home Society is moving forward on a plan to build a new residential complex, sharing with council financial partnerships with BC Housing and Polygon at a meeting on Tuesday.
The plan still requires council鈥檚 approval.
The new proposed building at 38275 Third Ave. would replace two existing seniors housing buildings with a five-storey complex with 232 units total.
A聽 new building is badly needed, said the society鈥檚 administrator Laura Modray, who shared that roof structures are starting to fail and constant minor repairs are currently taking place at The Cedars and The Manor.
鈥淥ur waiting list gets bigger and bigger every week,鈥� said Modray, adding that the current list has 152 people on it who, at this rate, may be waiting for up to 10 years. 鈥淚t鈥檚 getting bigger and bigger and bigger. The need is now.鈥�
Modray said according to her calculations, the new number of units would be聽 sustainable. Based on current turnover and the new number of rooms, she estimated around 15 units a year would become available.
鈥淚 anticipate that we will be meeting the needs for housing and seniors for many, many years with this building,鈥� she said.
The society has also secured $6 million in financial support from BC Housing. The provincial body will provide interim financing during construction at a low interest rate and the long-term mortgage after the building is complete.
They are also planning to partner with the Howe Sound Women鈥檚 Centre and the 麻豆社国产Nation.
The society would build the new development on the other piece of municipal land. In order to pay for construction, the other parcel of downtown land belonging to the society would be sold to Polygon to build a market-priced development.
Following the open discussion, members of the public, and media, were asked to leave the room for a closed discussion on the finances of the deal.
