MISSISSAUGA, ON--(Marketwired - June 07, 2016) - CHARTWELL Retirement Residences (TSX: CSH.UN), Welltower Inc. and The Daniels Corporation have unveiled plans and broken ground for 'The Sumach by Chartwell,' a new urban rental residence for active retired adults located in the revitalized Regent Park neighbourhood in downtown Toronto.
Located at the corner of Sumach and Shuter Streets, The Sumach by Chartwell will be a 12-storey residence with 332 units geared towards active retired adults seeking social engagement with like-minded individuals based on their interests, activities and abilities.
With occupancy scheduled to take place in September 2018, the residence will offer a maintenance-free, adult lifestyle only steps away from diverse dining options, and a range of nearby arts and entertainment venues as well as health and fitness centres. All suites in the residence will offer generous living spaces and will be equipped with full kitchens. The residence will also include 82 underground parking spaces, 100 bike racks, pet spa, close to 5,500 square feet of retail spaces, an outdoor terrace and a BBQ area for entertaining. The residence will also feature a restaurant with informal and formal dining areas, and a café/bistro for informal gatherings open to the broader community. The partners will invest over $100 million to bring this state-of-the-art development to Regent Park.
"The Sumach by Chartwell is our first large-scale development in Ontario offering a wide variety of amenities and activities on an à la carte basis, making this living option much more affordable in comparison to an all inclusive retirement living model prevalent in the province today," said Brent Binions, President and CEO of Chartwell Retirement Residences. "We expect that this state-of-the-art, urban development located in the vibrant Regent Park neighbourhood will generate significant interest as we continue to expand Chartwell's service offering."
The Sumach by Chartwell represents the latest initiative in the 69-acre Regent Park revitalization, which is being led by a partnership between The Daniels Corporation and Toronto Community Housing. "The Daniels Corporation is proud to partner with Chartwell Retirement Residences on its first large-scale independent living project in the GTA," said Martin Blake, Vice President, The Daniels Corporation. "Chartwell's innovative approach will be a very valuable addition to the neighbourhood and complements our dedicated efforts of revitalizing Regent Park into a dynamic and inter-generational community."
"This private venture is the newest addition to Regent Park's revitalization that is transforming this community to a diverse, mixed-use neighbourhood with new amenities and community services," said Greg Spearn, President and CEO (Interim) Toronto Community Housing. "Now in its 10th year, the Regent Park revitalization is ramping up, with nine active construction sites in 2016, with more to come as we work hard to complete transforming this community as soon as we possibly can."
In revitalizing Regent Park, The Daniels Corporation and Toronto Community Housing are undertaking the largest mixed-income development in Canada, with eventually more than 17,500 residents living in 7,500 units when the project is completed over the next 10 years. Among the hallmarks of the revitalization is the transformation of the 69 acre neighbourhood to include new amenities and community services as well as employment and capacity building opportunities for local residents.
About Chartwell Retirement Residences
Chartwell Retirement Residences (TSX: CSH.UN), is an unincorporated, open-ended trust which indirectly owns and operates a complete range of seniors housing communities, from independent supportive living through assisted living to long term care. It is the largest operator in the Canadian seniors living sector with over 185 quality retirement communities in four provinces. Chartwell is committed to its vision of Making People's Lives BETTER and to providing a happier, healthier and more fulfilling life experience for its residents. For more information, visit www.chartwell.com.
About Welltower Inc.
Welltower Inc., an S&P 500 company headquartered in Toledo, Ohio, is driving the transformation of health care infrastructure. The company invests with leading seniors housing operators, post-acute providers and health systems to fund the real estate infrastructure needed to scale innovative care delivery models and improve people's wellness and overall health care experience. Welltower™, a real estate investment trust (REIT), owns more than 1,400 properties in major, high-growth markets in the United States, Canada and the United Kingdom, consisting of seniors housing and post-acute communities and outpatient medical properties. More information is available at www.welltower.com.
About The Daniels Corporation
The Daniels Corporation (danielshomes.ca) is one of Canada's pre-eminent builder/developers, building more than 26,000 new homes across the Greater Toronto Area for over 34 years. Daniels has been named Tarion Warranty Corporation's '2016 Ontario High Rise Builder of the Year', and is the recipient of the Business for the Arts 2016 Community Impact Award. Among its many initiatives, Daniels was chosen to partner with Toronto Community Housing to revitalize Regent Park - 69 acres in the heart of Toronto's Downtown East. Understanding that quality of life is created by much more than physical buildings, Daniels goes above and beyond to integrate building excellence with opportunities for social, cultural and economic well-being. Committed to community, Daniels offers innovative programs that help people achieve homeownership, and supports numerous charities and non-profit organizations.
About Toronto Community Housing
Toronto Community Housing is Canada's largest social housing provider and is working with the City of Toronto, community residents, their neighbours and private development partners to replace or refurbish over 5,000 homes in some of the oldest public housing developments across Toronto through its $5 billion revitalization program.