A Quebec-based developer and manager of 26 retirement complexes has unveiled a five-year investment plan valued at $2 billion that will build 30 new residential complexes for seniors in the Greater Montreal region.
Speaking last week at the Board of Trade of Metropolitan Montreal’s strategic forum on major real estate projects, Réseau Sélection’s CEO Réal Bouclin announced details of the company’s development pipeline, which will create 7,000 construction jobs and, upon completion, 4,000 direct jobs across its network of managed communities.
The $2 billion pipeline for the Laval, Quebec-based Réseau Sélection aims to address the needs of an impending demographic boom—one more urgent than what has long been anticipated in the U.S.
“This investment plan responds to an expanding market and will make it possible to meet growing demand from seniors, who will represent one-quarter of Quebec’s population in 15 years’ time,” said Bouclin in a written statement.
In Montreal, the need is more pressing for senior housing, Bouclin notes, citing demographics projected to increase even more rapidly as the senior population grows from 15% to 25% during the same period. Additionally, the Institut de la statistique du Quebec estimates that the province will begin to feel the impact of seniors’ growing needs as early as 2016.
“As baby boomers approach retirement, the process of deciding whether to live in a residence will change, and the needs of this cohort will evolve,” Bouclin said. “These people view retirement as an active and rewarding time of life: they want to stay healthy, continue doing what they love and, in many cases, embark on new projects. They’ll be looking for environments that reflect their style and meet their needs.”
With $1.2 billion in assets, Réseau Sélection specializes in developing, construction and the management of residential complexes for seniors. The company currently owns 26 of these properties across Quebec, with more than 2,000 employees and 6,000 residents.
To kick off its expansion plans, Réseau Sélection is building what it hails as its flagship project: Rosemont-Les-Quartiers, a multi-purpose complex being built on a revitalized site totaling approximately 500,000-square-feet in the borough of Rosemont-la-Petite-Patrie.
The project is a partnership between Claridge Inc., a Montreal-based private investment firm and Centria, a Laval-based company that provides construction financing in real estate investments.
Representing an investment of $250 million, Rosemont-Les-Quartiers will be the largest project of its kind ever carried out in Quebec once it is completed.
The campus will be a “green, intergenerational urban neighborhood” comprising 1,400 housing units, of which 1,000 will be for seniors, Réseau Sélection said in a release. Additionally, the project will include condos and apartments for people aged 55 and older, condos for families, social housing, a “polyclinic,” specialized residential units and retail.
“Rosemont-Les-Quartiers is one of the important urban-planning initiatives that will reconnect the eastern and western parts of Rosemont,” Bouclin said. “We’re proud to develop this innovative project that will encourage social and functional diversity, and create a dynamic intergenerational environment.”
Réseau Sélection did not return a request for comment as of press time.
Written by Jason Oliva