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**tomh009** · 08-15-2022, 03:59 PM

(07-31-2022, 09:57 PM)panamaniac Wrote: Condo rather than rental surprises me a little bit. There will always be a seniors' market for both, but the amenities seem to be aimed at the "senior senior" who, I might have thought, would be more interested in renting.

It appears that we are both right. It's based on the same concept as the Harbour Life complex in Hamilton: the investors are buying the units, and then they would (be able to? need to?) sell them to a seniors' home operator once the project has been completed.

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HarbourLife - Incentives.pdf (Size: 4.42 MB / Downloads: 228)

panamaniac · 08-15-2022, 05:17 PM

(08-15-2022, 03:59 PM)tomh009 Wrote:
(07-31-2022, 09:57 PM)panamaniac Wrote: Condo rather than rental surprises me a little bit. There will always be a seniors' market for both, but the amenities seem to be aimed at the "senior senior" who, I might have thought, would be more interested in renting.

It appears that we are both right. It's based on the same concept as the Harbour Life complex in Hamilton: the investors are buying the units, and then they would (be able to? need to?) sell them to a seniors' home operator once the project has been completed.

I'm not sure I understand the two-step process. Why would the seniors home operator not just buy the units/build the project from the outset?

**tomh009** · 08-15-2022, 09:18 PM

(08-15-2022, 05:17 PM)panamaniac Wrote:
(08-15-2022, 03:59 PM)tomh009 Wrote: It appears that we are both right. It's based on the same concept as the Harbour Life complex in Hamilton: the investors are buying the units, and then they would (be able to? need to?) sell them to a seniors' home operator once the project has been completed.

I'm not sure I understand the two-step process. Why would the seniors home operator not just buy the units/build the project from the outset?

It is indeed complicated. I was told that the (new to the business?) home operator needs to demonstrate an ability to run the business and secure tenants in order to get financing. And, indeed, if they were to develop the building, they would need to put up the funds pre-construction, wheras in this case it's a combination of the investors and the bank that would finance the construction.

Maybe this makes sense? It doesn't really seem like a Ponzi scheme even if it is rather, uhh, unusual in its structure.

ac3r · (This post was last modified: 01-16-2023, 01:05 PM by ac3r.)

This project is now proposed to be 12 floors (if a mod wants to update the thread title) and will contain 181 residential care units in total.

Since nobody posted full sized renderings of this, I'll drop them here (though these still only show 11 floors) along with a video that gives a much different perspective than the renderings: