Intergenerational residence at Bayview first to offer combination of rentals and condominiums
VICTORIA, BC – Aquara by element, announced today the launch of its $88-million, 65+, harbour-side community located in downtown Victoria. It is the first 65+ community in Victoria to offer a combination of rentals, condos, independent & supportive living and care. It is the only aging-in-place residence to provide a choice to own or rent.
Aquara is being developed by Element Lifestyle Retirement (TSXV- ELM) and is part of the Bayview master plan community in the Songhees area of Victoria West. Its innovative intergenerational aging-in-place approach is winning awards and selling out projects.
“A key part of our approach is community consultation to gather feedback from prospective residents and their families,” says Vice President of Element, Candy Ho. “This allows us to sharpen and refine proposed services and activities.”
At full build out, Aquara by element, will have 157 suites with 47 homes, 75 rental suites, and 35 suites providing licensed care. 122 of these homes will be Independent and Supportive Living suites. Working with focus groups and the community has led to sales success as Aquara sold or received rental reservations on 20% of available condos and rentals at a pre-launch event last week.
photo caption: (r-l) Element Vice President Candy Ho and Element Sales and Leasing and Marketing Manager Erin Van Zant, in front of model of $88 million Aquara by element.
photo credit: Supplied by the developer.
Element is booking appointments now for August 17th when suites are available to the public for purchase or rent. Element’s collaborative, consultative approach was key to the success of its $106 million flagship residence, Opal, in Vancouver. Opening in fall, Opal has now sold 100% of homes and rental reservations are 100% taken with more than 95% waitlisted.
Element’s innovative intergenerational aging-in-place model offers programs and activities designed for residents, their families & friends, and community. Element 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.
“Everyone benefits from connection, and the intergenerational approach creates the comforts of home within a vibrant gathering place” says Ho, who has been pioneering the advancement of intergenerational living as an important part of overall wellness. Element won an international award over 850 retirement projects assessed worldwide for its intergenerational vision for Oasis by element, a $200 million +65 village in Langley, BC currently in approval stage.
The innovative Aquara seniors’ residence is the first 65+ community where you can purchase and rent homes offering independent living, assisted living and licensed care. Licensed Care is in a designated, secure area with its own tailored amenities and activities. Victoria residents can preview suite layouts at the Aquara Discovery Centre on 110 – 645 Tyee Road which is open to the public and features a full-sized show suite specifically designed with physically adaptive features accommodating aging in place.
The 153,500-square foot residence will include approximately 30,000 square feet of indoor and additional outdoor terrace, patios and rooftop garden for residents. Aquara includes a diverse mix of activities, some tailored to retirees and seniors and some designed specifically to bring together all ages. Those looking to become a part of the community feedback program can register interest at aquarabyelement.com
Element Lifestyle Retirement Inc., is the manager of development and operations of Aquara which will be completed late 2021. Element Lifestyle (Vic Harbour West) Inc. (“Vic Harbour”) – a wholly-owned subsidiary of Element Lifestyle Retirement Inc. is the General Partner of Aquara Limited Partnership, the property owner. It is anticipated that the construction costs will be financed through a combination of debt and limited partnership funding.
photo caption: Rendering of $88 million Aquara by element.
photo credit: Supplied by the developer.
Statistics on Seniors
- A report released in March, 2018 by Generation United, states that 74 per cent of survey respondents believe in the benefits of intergenerational housing, lifestyles and programs that allow older adults/retirees to directly connect with the wider community to share skills and talents (Source). However, the report states many people don’t know where it is possible to find such facilities and program.
- Seniors in Canada are the fastest growing segment of the population and are trending to live longer and healthier lives than previous aged generations. Statistics Canada: 2016 Census.
- Over the next 20 years, Canada’s seniors’ population — those age 65 and older — is expected to grow by 68%. Over the last 40 years, it has more than tripled in size. Between 1977 and 1997, the seniors’ population grew from about 2 million to 3.5 million. In 2017, it was at about 6.2 million. 20 years from now, in 2037, it is expected to number 10.4 million. (Canadian Institute for Health Information).
- Compared with the rate of growth for the overall seniors’ population, the older seniors population — the subset of seniors age 75 and older — is growing at a faster pace. (Canadian Institute for Health Information).
- The trend of a growing aging population in Canada will put demands on resources for long-term care and home care by 2030, and will continue for the next 30 years. By 2036, the average life expectancy for women will rise to 86.2 years from the current 84.2 and to 82.9 years from the current 80 for men. Older seniors are more likely to have health problems or need assistance to stay in their homes. Government of Canada Action for Seniors Report.
- The number of seniors requiring care is set to double over the next 15 years. (Canadian Association for Retired Persons (CARP).
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About Element Lifestyle Retirement Inc. (TSX.V:ELM) http://elementliving.com/
Element was established in June 2013 in Vancouver, British Columbia. It is in the business of providing specialized development expertise and flexible, innovative management services for senior retirement communities. The core business of Element is the development and management of third party assets in the “senior retirement community” space. Element aspires to be one of the most respected senior living specialists in North America, and to revolutionize the perception and experience of retirement and aging. Its brand differentiator, setting Element apart from others in the retirement industry, is the integration of two unique models: the “Continuum-of-Lifestyles” and “intergenerational living”, encompassing a smooth, seamless transition for seniors from independence to assisted living to complex care, and programming to actively facilitate connection of residents to their families. The management team of Element, collectively, has over 50 years of experience developing and operating retirement communities.