Wellington Construction hosted a second meeting on July 20 with the intent of exploring affordable, adult-only senior housing options for this village.
The proposed building site would be on Maple Ridge Drive, with a completely accessible, three storey multi-dwelling.
Approximately 60 people attended the information session.
Wellington Construction proposed a variety of options, including one, two and three bedroom units, ranging in size from 800 to 1,400 square feet and customized according to the purchaser’s desires.
The ownership model has yet to be determined, but John Mohle, of Wellington Construction, said the company is leaning towards “life lease” models, as opposed to rental or condominium models, since that appears to be the most cost effective for his company and for potential purchasers.
A life lease model is similar to condominium models, with the difference being the purchaser owns the right to the lease as opposed to the property itself.
The projected value of the units has yet to be determined, but early projected figures incude:
– $190,000 to $230,000 for a one-bedroom unit about 800 square feet in size;
– $250,000 to $295,000 for a two-bedroom unit around 1,100 square feet; and
– $305,000 to $360,000 for a three-bedroom unit about 1,400 square feet.
Unit upgrades may increase those prices.
The company anticipates construction beginning in the spring of 2013 at the earliest, pending not only municipal approval but also based on the level of interest.
Mohle said the company would require “a fair bit above 50% interest” before the project would begin.
