A render shows the proposed 24-unit apartment building (Investor meeting package/Bridge Road Developments Ltd.)

By Alison Sandstrom

Housing options

Proposed seniors apartment complex looks for investors

Dec 4, 2019 | 5:42 PM

A Manitoba-based real estate developer is eyeing Prince Albert as the location of its latest $8.3 million project.

Representatives from Bridge Road Development were in P.A. on Wednesday to meet with potential investors.

The company operates apartment buildings targeted at seniors in dozens of towns and small cities across Saskatchewan and Manitoba.

Mandy Fehr, vice president of sales at Bridge Road, said the buildings attract tenants looking for a sense of community, and more independence than something like an assisted-living facility would offer.

“I think once you reach a certain age, and if you can afford it, you want to choose the type of people you live with,” she told paNOW.

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“You don’t necessarily want the noise of potential kids running around or parties happening.”

The Prince Albert building would feature 24 two-bedroom suites, each with its own kitchen and sunroom.

Rent would be $2,022 to $2,512 per month, utilities included.

Fehr said there are waitlists at similar seniors independent living complexes in Prince Albert.

“Based on what we’ve seen on the occupancy in the other buildings, we’d fill up pretty quick,” she said.

Bridge Road is hoping to raise $2 million from shareholders by the end of January in order to begin construction this summer. Tenant loans would supply another $1.7 million, and the remaining $5.4 million would come from from mortgage financing. The company has used this funding model in other locations.

A map shows the two options being considered for the proposed apartment building. (Investor meeting package/Bridge Road Developments Ltd.)

Two east end locations are being considered as potential sites for the new building.

On Wednesday, eight people were at a meeting for potential investors hosted by the Seniors Advocacy Centre.

Director Jon Fryters said there is a huge need for seniors housing at all price points in the city.

“Prince Albert has become real hub for seniors,” he explained, citing many people move from rural communities when they need access to more services and supports.

“Housing is one of those services. This particular development, it’s a private one, and I think it fits nicely in the whole mix of housing.”

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alison.sandstrom@jpbg.ca

On Twitter: @alisandstrom