Development lands at Coldstream Meadows are under a court order to be sold, but co-owner Jack Borden is confident he can find the right investor to avoid the sale and move forward on an ambitious vision for the future of the retirement community.
Borden has been in business with his lender, Kelowna's Interior Equities, since Coldstream Meadows' beginnings in 1997. He said he's had a good relationship with the lender over the years, but explained that his plans to add 383 new units to the retirement community were too big for the lender, which now wants to be paid out and is forcing Borden's hand with the court ordered sale.
The development property at the quiet Coldstream Meadows site on Mackie Drive is being sold through Carewest Properties. It includes eight acres of land for the development of 55-plus retirement living and care homes, as well as a .71 acre parcel for the development of 12 townhomes. The asking price for the eight acres is $7,995,000, while the asking price for the 12-unit townhome site (which may be sold separately) is $950,000.
Carewest's Michael Baragon told The Morning Star Aug. 14, that he's received a couple of inquiries about the sale, but no offer has been accepted yet.
Borden said the site is ready for development with millions of dollars invested into infrastructure, including a brand new water line, city sewer connection, storm water, a BC Hydro distribution system and Telus Fibre Optic.
"If an interested party comes forward, there will no doubt be a conversation between us and the interested party to see if there's an accommodation of their objectives and our objectives," Borden said of the search for a new investor.
Borden said he's already gotten approval from the Agricultural Land Commission to add 383 new units to the site, which currently has 75 units. He expects the District of Coldstream to approve the new density for the property in the fall, and anticipates getting the district to approve the site's master development plan over the winter, prepping the site for development sometime next year. But whether development actually begins next year depends on whether an investor can be secured.
None of the current units are for sale and they will remain Coldstream Meadows property regardless of what happens with the court ordered sale, Borden stressed.
And he hopes to bring to life an expanded retirement community that can meet the needs of a growing senior population in the North Okanagan.
He refers to a coming "grey tsunami" that will see the senior population in the region boom over the next two decades. He says the investment community needs to be incentivized to partner with developers such as himself to ensure that this aging population has places to live.
"Why do we have a housing crisis in this country? It all basically boils down to a lack of investment," Borden said, adding there are "so many obstacles" facing investors.
Borden suggests a few things governments could do to encourage investment in seniors housing, such as eliminating the GST on dedicated rental properties, and eliminating the PST on new construction that's dedicated for seniors housing. He added that municipalities could also speed up the approval process, saying that would "certainly help provide assurance to the investment community."
With interest rates going down, he said prospects for finding an investor are looking "much better now than they have been."
In addition to 383 new units, plans for the future of Coldstream Meadows include an on-site diagnostic centre staffed with a nurse practitioner, an on-site pub, a woodworking shop, and two kilometres of walking trails around the property.
