VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 19, 2016) - NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Element Lifestyle Retirement Inc. ("Element or the Company") (TSX VENTURE:ELM) is proud to announce final stage approval with the issuance of a development permit from the City of Vancouver for 'OPAL by element' (the "Opal Project"), its flagship retirement residence in Cambie Village. Opal's development and operations are 100% managed by Element Lifestyle Retirement under a 20 year contract, uniquely representing the brand's model for aging in place and intergenerational living. Construction of the Opal Project is fully financed and is anticipated to begin as soon as demolition and excavation permits are approved this fall.
Located in the core of Vancouver's premier West Side on the Cambie Corridor, the $97.4 million project features a courtyard and rooftop patios, it enjoys views of downtown, mountains toward the north, and Queen Elizabeth Park towards the south. The Opal Project consists of plans for a lifestyle retirement community to be constructed, which will be comprised of approximately 142,000 square feet with 44 senior's residential condominium units (these units will be available for sale to seniors), 56 senior's rental units, and 30 seniors Complex Care units.
Element is the development and operations consultant to Opal Retirement Inc., the owner of the Opal Project, and as such is managing the development of the Opal Project to its completion. Pursuant to the consulting agreement, Element earns fees for meeting development milestones and for managing the operations of the Opal Project after completion.
Under the leadership of Element's President and Founder, Don Ho, who pioneered the aging-in-place retirement living concept, OPAL encompasses the complete spectrum of lifestyles, from Independent Living and Assisted Living rental and condominium suites, to Memory Care and Licensed Complex Care. OPAL will span an entire city block, on the south side of King Edward between Yukon and Cambie.
"We are very pleased to receive final approval from the City of Vancouver and are excited to begin construction, likely within this fall," says Candy Ho, Vice President, Marketing & Corporate Relations. "There is overwhelming demand. From the immediate surrounding neighborhood, residents have been aware of our project through the City of Vancouver's public notices, public meetings and their website. Arising out of this process, the number of registrations is four times greater than the number of suites we have available. Since last fall, a significant group of registrants have proactively contacted us repeatedly to express continued genuine interest, for both our rental units and our condominiums.".
Element's executive team of senior living industry experts, collectively, has more than 50 years of experience in developing, operating and cultivating leadership for senior residences across North America. With its team of industry leaders, Element has the advantage of entering the market with a pre-established reputation for success in the industry.
The company is also pursuing new-build acquisitions and premium property conversions in prime locations in BC, with the long-term goal of expanding into Asia and beyond. Element recently announced that is has established a wholly-owned subsidiary in Hong Kong with the intent of expanding its retirement community services business to China.
"We believe that China represents a unique opportunity for our team to leverage its proven track record in Canada to become a leader in the world's largest growth market for our sector," said Michael Diao, CEO of Element. "We have strong relationships in China and intend to limit our risk and exposure in China by working with local partners."
Element is currently engaged with prospective business partners to discuss the possibility of establishing China based entities under its newly-formed Hong Kong subsidiary. These entities, when formed, will explore opportunities in the Chinese market, which has entered a "rapidly aging population" growth stage.
About Element Lifestyle Retirement
Element was established in June 2013 in Vancouver, British Columbia. It is in the business of providing specialized development expertise and flexible, innovative management services for senior retirement communities. The core business of Element is the development and management of third party assets in the "senior retirement community" space. Element aspires to be one of the most respected senior living specialists in North America, and to revolutionize the perception and experience of retirement and aging. Its brand differentiator, setting Element apart from others in the retirement industry, is the integration of two unique models: the "Continuum-of-Lifestyles" and "intergenerational living", encompassing a smooth, seamless transition for seniors from independence to assisted living to complex care, and programming to actively facilitate connection of residents to their families. The management team of Element, collectively, has over 50 years of experience developing and operating retirement communities.
ON BEHALF OF THE BOARD
ELEMENT LIFESTYLE RETIREMENT INC.
Michael Diao, Chief Executive Officer and Director
Forward-looking Statement Caution
This news release contains "forward-looking information" within the meaning of applicable securities laws relating to development of Element's business, including statements regarding future revenues, assessing opportunities and advancing the Company's plans. Although the Company believes in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, the risks associated with Element's business as disclosed in the Company's most recently filed MD&A. The statements in this news release are made as of the date of this release. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.