Urban centers continue to be desirable sites for senior housing development, even north of the border. Mississauga, Ontario-based Revera has announced a joint venture with Edmonton, Alberta-based ONE Properties to develop new retirement communities in key Canadian urban markets.
Revera owns and/or operates 500 communities in the U.S., Canada and the UK, including through an ownership stake in McLean, Virginia-based Sunrise Senior Living. ONE Properties is a developer of over 48 million square feet of commercial and residential real estate in Alberta and Ontario.
The Revera-ONE Properties partnership is the second major senior housing partnership announced in recent weeks, with a focus on urban development. Last month, Atria Senior Living announced a joint venture with Related Companies to develop up to $3 billion in luxury senior housing in key U.S. markets such as New York City, San Francisco, Washington, D.C., Los Angeles, Miami and Boston. Like Related Companies, ONE Properties does not have a preexisting senior housing portfolio; it is known for projects such as the Stantec Tower, which is the tallest building in Edmonton and is part of a mixed-use project being jointly developed by ONE and Katz Group.
The first project the two companies will build together is Clifton Place, a 290-unit community in Edmonton with a range of age-in-place options for independent living, assisted living and memory care. ONE Properties will serve as the developer, while Revera will design the project, and handle marketing and operations.
The partnership is an essential part of Revera’s growth strategy and combines the company’s expertise in senior housing with a top-flight development partner in ONE Properties, President and CEO Thomas Wellner said in a statement.
“This partnership allows Revera and ONE Properties to build on each others’ strengths with the goal to create a truly special community for older adults,” Wellner said.
The partnership is still in its early stages, but the two firms are seeking opportunities in Toronto, Revera said in a statement to Senior Housing News. ONE Properties is handling the approval process for Clifton Place, and construction is expected to begin in 2019.
Written by Chuck Sudo