Element Lifestyle Retirement has acquired downtown location for innovative residence
VICTORIA and VANCOUVER B.C. Element Lifestyle Retirement Inc. (TSX.V:ELM) has purchased a premium site downtown in Victoria Harbour West and will launch a state-of-the-art intergenerational residence that provides recreation, hospitality, personal support and care, similar to that of its $106 million flagship residence OPAL by elementTM in Vancouver and $200 million residence OASIS by elementTM in Langley B.C.
Located by the western harbour of downtown Victoria at Bayview Place, Element’s new property is 1.96 acres. The property will be developed into an intergenerational growing-and-aging-in-place community. The five-storey, 153,500 square foot building will include approximately 30,000 square feet of indoor and outdoor amenity space, programmed with some activities that are tailored to elderly, and many designed specifically to bring together all ages.
“Element believes in the value that a mixed use, vibrant and growing community brings to its, aging-in-place model,” says Don Ho, president, Element Lifestyle Retirement Inc. “The company is excited to participate in the realization of the vision behind a master-planned, amenity-rich community on Victoria’s harbor We have been very pleased with the success of our flagship model, Opal in Vancouver. Our strategy for growth will be to develop under our branded intergenerational model, in similarly central locations that are rich with neighbourhood amenities.”
Element has experienced success with its communities since its establishment in 2013. OPAL, which launched earlier this year, is now 75% sold, with all two-bedroom and three-bedroom suites purchased. It is at 50% reservations on leasing within three months of launching its rental program.
Bayview Place is a 20 acre master planned neighbourhood under development by Kenneth W. Mariash Sr., owner of Focus Equities. Mariash purchases masterplans and rezones large urban land parcels and often brings in special developers to help in building out some of the sites in addition to those built by Mariash.
“Bayview is very pleased to welcome Element Lifestyle Retirement through its purchase and build of the 2 acre seniors site. Our vision and detailed master plan and site design is creating an inspiring and unique neighbourhood – a landmark development for the City of Victoria,” says Mariash. “We are confident Element will create beautiful homes for seniors who wish to stay connected to community as they age.”
Over the past few years Focus has brought in Bosa Properties to do 2 of the planned 10 high rise towers at Bayview. On previous projects this approach has extended to other asset classes such as hotel, specialty retail, commercial and industrial. Mariash is looking at proceeding independently on the next two Bayview buildings while still having discussions with Bosa and other developers. At full build the property will include 1.5 million square feet of residential development as well as cultural, performance and retail amenities.
“This is a major step forward for Element. It has moved into the property acquisition arena, building and operating a first-class asset portfolio.” says Ho, “Development activities will commence without delay and we will start construction on one of the most exciting projects in the Victoria area.”
The development project will provide a complete continuum of lifestyles – from active, independent living to assisted and complex care. It will contain about 155 units to purchase or rent. It will consist of approximately 50 condos, 70 rentals and 35 licensed care units. Currently zoned for retirement development, the project’s completion is anticipated for late 2020.
Element is changing the perception and experience of retirement and aging with its revolutionary concept that won an international award over 950 projects assessed worldwide. The revolutionary concept has resonated with many of today’s seniors and their families. Element will bring the highest standard of aging-in-place accommodations to Victoria with its model of intergenerational living and support and care.
“Element’s mission is to break through stigma and ageism, and create communities where people across all generations can thrive, together, as they grow and age in place,” says Director and Vice President of Element, Candy Ho. “We’re rethinking societal conventions of providing support and care in residences that single out an entire demographic by their age and need. To make pervasive change, we are fully leveraging our development expertise. Development is a mandatory part of the process of creating new living arrangements that challenge the status quo.”
The branded intergenerational model recognizes that society benefits as a whole when there is integration of all age groups. Stress is reduced as adults maintain a demanding career, provide for their children, and help their retiring or aging parents live to their fullest. Family members “come home” to a place where everyone is connected to the ones they love, passionately engaged in meaningful activities, and feeling complete peace of mind at any stage of life. Element’s model encompasses a seamless transition for older adults from independence to assisted living to complex care, while integrating accommodation and activities for all ages to create a vibrant environment. This enables older adults and their families to have complete peace of mind with the availability of adaptive services and care in a purpose-built customized community that will accommodate residents’ changing needs.
Element has now taken a large strategic move into asset ownership. The expanded direction will combine development of its own assets under its branded intergenerational model and acquisition of existing operations. It will continue to provide development services and manage operations for third parties. Development services are comprehensive: property selection, assembly and acquisition; building and community design; municipal approval and land entitlement processes, and construction project management.
Element’s innovative model and Opal’s sales and leasing success have produced strong interest from Townships, Municipalities and developers of master planned communities, both locally and nationally. OASIS by elementTM, a 17-acre masterplanned development, is progressing in its rezoning process with a Public Information Meeting coming up on September 7th.
Anyone interested in receiving updates about Element Lifestyle Retirement and its communities can register at http://elementliving.com/contact. Currently open to visitors is OPAL’s Discovery Centre located at City Square, Cambie and 12th Avenue.
Element Lifestyle Retirement Inc. (TSX.V:ELM) http://elementliving.com
Element was established in June 2013 in Vancouver, British Columbia and is in the business of providing comprehensive development consulting and operations management services. Collectively, the leadership team of Element has well over 100 years’ experience in real estate and master planned community development, with specialization in hospitality management, and retirement community development and operations. Our development consulting services include property selection, assembly and acquisition; building and community design; municipal approval and land entitlement processes, and construction project management. Additionally, Element is vertically integrated and provides innovative operational management services for existing or new retirement communities. The core business of Element has been the development and management of third party assets in the “retirement community” space, but has now moved into the ownership arena through the acquisition of a combination of existing operating assets and property for new development. The organization has positioned itself to be a leading development and retirement management services organization that is changing the perception and experience of aging with its innovative intergenerational aging-in-place model. The long-term mission is to remove the stigma and burden that come with aging and evolving health. New property developments will be under Element’s branded model. It encompasses a seamless transition for older adults from independence to assisted living to complex care, while integrating accommodation and activities for all ages to create a vibrant environment. This enables older adults and their families to have complete peace of mind with the availability of adaptive services and care in a purpose-built customized community that will accommodate residents’ changing needs.