MISSISSAUGA, ON, April 1, 2019 /CNW/ - CHARTWELL Retirement Residences ("Chartwell") (TSX: CSH.UN) announced today the opening of The Sumach by Chartwell in downtown Toronto, Ontario. This project was completed in partnership with the Daniels Corporation and Welltower Inc. and marks the third Chartwell residence to open so far in 2019.
The Sumach by Chartwell is an independent living residences in the heart of the revitalized Regent Park neighbourhood of Toronto. It is Chartwell's first large-scale seniors' apartment-style development, and offers a wide variety of amenities and activities on an à la carte basis, as well as customized services to residents. The residence is surrounded by high-quality public amenities, keeping residents connected to valued lifestyle interests while encouraging reciprocal interaction with the local community.
Earlier this year, Chartwell Carlton Retirement Residence in Burnaby, British Columbia and Chartwell Wescott Retirement Residence in Edmonton, Alberta, opened their doors, increasing the company's suite count by 242. With today's opening of The Sumach by Chartwell, an additional 332 suites have been added, for a combined total 574 new suites.
Chartwell Carlton Retirement Residence is a boutique-style independent living community located adjacent to Chartwell Carlton Gardens Long Term Care Residence. The new residence is designed for the active, independent senior who is looking to remain engaged in the many recreational activities that the community offers, including amenity space dedicated to supporting community-based activities and events.
Chartwell Wescott Retirement Residence is a blend of independent supportive living with a Memory Living Neighbourhood located in a newly-developed residential and amenity-rich area of Edmonton. The Memory Living Neighbourhood offers seniors living with dementia a safe, supportive and independent environment with an emphasis on activities of daily living, including specially-designed programs and dining.
"These three Chartwell residences represent a capital investment of $203 million and long-term job creation of more than 175 full and part-time employment positions," said Teresa Fritsch, Chartwell's Senior Vice President Real Estate and Investments. "We are building—and will continue to build—value for our unitholders, future employees, and community seniors and their families across Canada by optimizing our real estate portfolio and seeking new development opportunities" said Fritsch.
Chartwell's development pipeline remains robust, with four projects in active construction and a further seven projects in pre-construction and planning. This pipeline will deliver approximately 1,968 suites into the market. In addition, Chartwell has an option to acquire interests in nine Quebec projects by Batimo Inc., totalling approximately 2,700 suites.
Chartwell's growth is fueled by the increasing demand for seniors housing in Canada. In the next 15 to 20 years, an additional 600,000 retirement and long term care suites will be required. Chartwell is positioned to assist in meeting this demand through measured growth in its four key provinces of British Columbia, Alberta, Ontario and Quebec.
Chartwell offers a variety of retirement and care service that allow a breadth of choice for seniors who can align their lifestyle with the level of care they require. In some cases, seniors can age in place at Chartwell as their needs change.
Chartwell 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 200 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 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 Welltower Inc.
Welltower Inc. (NYSE:HCN), 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.
SOURCE Chartwell Retirement Residences
For further information: Chartwell Retirement Residences, Teresa Fritsch, Senior Vice President, Real Estate and Investments, firstname.lastname@example.org