$75-million seniors building deal for Bayview on Songhees
The next piece in the Bayview Place puzzle will soon be coming out of the ground with a deal to build a seniors residence on the 20-acre Songhees site.
Bayview has reached a deal with Vancouver-based Element Lifestyle Retirement for nearly two acres of land below the Bayview One residential tower that will be used to establish a 153,000-square-foot seniors facility.
“This is a critical element for this community,” said Ken Mariash, founder of Focus Equities, which is the master developer of the Bayview site. “And they were our first choice for it.”
Element envisions a fivestorey, $75-million complex where it intends to establish an “intergenerational, growing-and-agingin-place community.”
The company will pay Focus Equities $6.7 million for the site.
“Element believes in the value that a mixed-use, vibrant and growing community brings to its aging-in-place model,” Element president Don Ho said in a statement.
“The company is excited to participate in the realization of the vision behind a masterplanned, amenity-rich community on Victoria’s harbour.”
Ho said the project will start immediately and when complete in late 2020 will offer a variety of lifestyle choices for its residents — from active, independent living to assisted and complex care.
The project, which will have street access along Tyee Road and Kimta Road, will include 155 units to purchase or rent made up of 50 condos, 70 rentals and 35 licensed care units.
There will also be 30,000 square feet of indoor and outdoor amenity areas for residents.
The idea behind the project is for seniors to be able to “age in place” by offering the chance for a transition for older adults from independence to assisted living to complex care, while providing them a vibrant environment in which to live.
“Element’s mission is to break through stigma and ageism, and create communities where people across all generations can thrive, together, as they grow and age in place,” said Element vice-president Candy Ho. “We’re rethinking societal conventions of providing support and care in residences that single out an entire demographic by their age and need.”
Mariash said he has been assured the design of the project will fit with the Bayview plan.
“They have gone a step further than most. They will build within the guidelines but within that they will have a design interpretation that will be compatible with our project and then some,” he said. “It will definitely be an addition in terms of look and appearance to round out our overall vision.”
The plan for Bayview is to eventually establish 10 high-rise towers, 1.5 million square feet of residential development as well as cultural, performance and retail amenities.
Currently the site is home to Bayview One and Two towers developed by Bosa Properties.