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New Senior Housing Development Coming to Vancouver in 2018/2019
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(Posted on Sep 30, 2016 at 01:00PM by Michelle Bogle)
As the senior population in British Columbia continues to grow, the need for quality senior housing increases as well. But, the demand isn’t just for traditional senior housing options – there’s also a call for luxury residences too.
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The Opal, which is expected to open in late 2018 or early 2019, addresses this need. It’s a new luxury residence for seniors in Vancouver that will allow spouses with different health conditions to stay together in the same place – an often overlooked level of care in other senior housing options.
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The development is expected to offer one six-storey building and two four-storey buildings connected at ground level. The project, which is being built by Element Lifestyle Retirement Inc., will replace what used to be eight single-family homes at 408-488 West King Edward Avenue, just east of Cambie Street.
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According to Candy Ho, Director and V.P. for Marketing and Corporate Relations, Opal will provide a continuum of care, so that senior couples do not have to be separated as their health needs change.
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“This kind of better lifestyle for seniors has been provided by other operators, but without offering the whole aging-in-place continuum,†says Ho. “If it’s development-oriented, it means a high-profit margin. If it’s government care, it’s just bare need. So we are trying to provide the whole spectrum.â€Â
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The development will have 56 rental suites and 44 condo units for future residents needing help in their everyday life. In addition, there will be 30 beds in the facility for complex care, an arrangement that will make it possible for the healthier spouse to visit an ailing partner several times a day.
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In 2015, Vancouver city council approved the rezoning application for the project in order to expand housing options for seniors. According to a staff report considered at the time by council, the project reflects the city’s priority to encourage strong and inclusive communities, where residents can “age in placeâ€.
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At Marcus & Millichap Vancouver, our Senior Housing Specialists are keeping an eye on this changing asset class and the opportunities that today’s demographics present. For more information, please contact our Vancouver office to speak with a broker.
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