SIGNATURE LIVING - SENIORS RESIDENCE DEVELOPMENT
Progress Report
TOWN OF TECUMSEH
November 29, 2011
SIGNATURE LIVING - SENIORS RESIDENCE DEVELOPMENT
A milestone was reached on November 23, 2011 as the transaction between the Town of Tecumseh and Reichmann Seniors Housing Development Inc. for the purchase and sale of 3.1 acres of land on the eastern waterfront property closed. The purchase price was $2.6M. In addition, a donation of $400,000 was received for the benefit of public access to the entire waterfront lands. A further annual donation of $5,000 will be made by Reichmann Seniors Housing each year toward the upkeep of these lands. This sale was one of the conditions of the Town’s purchase of the nine [9] acre site of the former Lakewood Clubhouse lands in 2005.
An extended process, well documented over the past six years, has concluded with the sale which paves the way for the development of a 115 unit senior’s residence on this site, adjacent to Lakewood Park [north]. This project is valued at approximately $29.0 million and will create 200 jobs during construction and 50 jobs during operations. In addition, it is expected that this project will be the catalyst to stimulate other development, both residential and commercial, creating new assessment and tax revenues.
Lakewood Park [north] is currently under development with the assistance of a $4.0 million grant from the Province of Ontario. The phase 2 contract has been awarded to Piroli Construction, with a target completion date of May 31, 2012.
These two developments address one of Town Council’s Strategic Planning Priorities – “Rationalize plans for development of Manning Road, Waterfront Park and Lakewood Golf Course.”
A site plan control agreement was signed with the Town detailing the specifics of the development, including such matters as the positioning of the 4 storey building, parking lot, landscaping details, servicing requirements and integration of the senior’s residence development with Lakewood Park.
Site preparations have commenced with full construction activity expected upon issuance of a building permit in the coming weeks. The construction period is anticipated to be approximately 16 months.
The Town would like to acknowledge the patience and understanding of the community as we worked through this complex transaction over the past six years. We are excited about the growth and development opportunities this project will inspire as the Town continues to prosper.
Contacts:
Brian Hillman, Director Building & Planning Services
519-735-2184 x 131
Tony Haddad, Chief Administrative Officer
519-735-2184 x 114
