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Clifton Place in Edmonton’s Glenora neighbourhood. (Image courtesy Revera / ONE)
ONE Properties and Revera Inc. have entered into a joint venture partnership to develop new retirement communities in urban markets across Canada.
“The opportunity to develop a relationship began through discussions about common potential strategic opportunities,” said Revera vice-president of property development Mike Brcko. “Revera and ONE Properties each contribute complementary expertise to the relationship and, as a result, will provide an enhanced offering for our customers and communities.”
Clifton Place
The first project the two companies will partner on is Clifton Place, which will be built in Edmonton’s Glenora neighbourhood near 124th Street and 102nd Avenue. It will overlook the North Saskatchewan River, and there are a variety of amenities, services and stores nearby.
Clifton Place will feature up to 290 residential retirement suites offering age-in-place residential living options for the senior, independent living, memory care and assisted living markets.
“The Clifton Place project will offer older adults in the Edmonton area a spectacular location and a best-in-class retirement residence with full amenities, including a full-service dining room, bistro and pub, spa, health and treatment centre, fitness room, theatre, library, golf simulator and games room,” said Brcko.
ONE Properties will develop Clifton Place and conduct the approval process along with overseeing construction. Revera will design the project and manage the marketing and operations for the residence going forward. Construction is expected to start next year.
Revera
Mississauga, Ont.-headquartered Revera is a leading owner, operator, developer and investor in the senior living sector. Through its portfolio of partnerships, it owns or operates more than 500 properties across Canada, the United States and the United Kingdom, serving more than 55,000 seniors.
Privately owned Revera has entered similar joint venture development partnerships as the one with ONE Properties with SmartCentres, British Columbia-based Berwick Retirement Communities and others.
Revera has also launched a long-term care bed redevelopment program at properties in Ontario, including: Baywoods Place in Hamilton; Elmwood Place in London; and The Village in Hanover.
ONE Properties
ONE Properties was formed in 1987 and is headquartered in Edmonton, with additional offices in Calgary and Toronto. It acquires, develops and manages retail, office, industrial, residential and mixed-use properties in Alberta, Ontario and Arizona. The partnership with Revera on Clifton Place marks the company’s entry into the seniors’ living sector.
“The seniors’ living offering has become an important foundation of many mixed-use and other residential and retail developments, and we see this asset class as being complementary to our existing product offerings and future growth,” said ONE Properties vice-president of multi-family development Thomas Burr.
Neither Brcko nor Burr would disclose further details about their joint venture or potential future residences they may develop, but offered that they’re exploring potential new projects together.
“The partnership seeks to develop new retirement communities in key urban markets across Canada, including Toronto and Vancouver,” said Brcko.
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