Meetings are coming up Tuesday, January 19 for a 42-unit assisted living facility proposed for Moosomin, to determine investor interest.
The building would have 14 long term care beds on the main floor, and 28 assisted living units on the second and third floors.
The facility would be next to Pipestone Villas on Wright Road. The plan is to offer the meals, wellness checks, and housekeeping not only in the new facility but also to Pipestone Villa residents if they want them, so that the services would be available to 100 units in total.
The facility would create 15 full-time equivalent positions including—there will be more than 15 people employed as some positions will be part-time.
The proposal has been put together by Manitoba-based Bridge Road Developments—which developed the original Pipestone Villas in Moosomin and properties in many other communities.
The project proponents plan to meet with Pipestone Villas shareholders on Monday, January 18, and invite members of the public who would potentially be interested in investing in the project to meetings on Tuesday, January 19.
“We see real potential for this,” Travis Penner of Bridge Road said.
“We’re here as a developer, general contractor and investor. We certainly intend on investing in the project as well.”
“The goal of the project is to keep as many people who require a higher level of care in Moosomin as possible,” said Heather Haupstein of Care by Design, which is involved in the project.
“With this new project, we want to include the residents in Phase 1 and 2 as much as possible, and have a sense of community.”
Larry Scammell of Kohr Capital said the proposal is to handle investments in the facility through a mutual fund trust, which would allow investors to purchase shares within RRSPs, TFSAs, RRIFs, and LIRAs.
The project will need $3 million of investor funds to proceed.
Scammel said ideally he would like to see all the funds raised locally. “In a perfect world we would get 100 per cent of the investment locally, but if that can’t be done we can backfill it with investment from outside the community,” he said. “Community investment, community ownership is very important, and we would tip our hat to what has been accomplished by Bridge Road in this community and others.”
Penner said the project could move ahead quickly once funds are in place. “It would be five to six months from starting the plans to getting shovels in the ground, and a 12-14 month window from when shovels get into the ground to project completion.”
The investor meetings January 19 are set for 10 am and 12:30 pm, and additional meetings will be scheduled if needed.
People must pre-register to attend the meetings. Anyone interested in attending can contact Moosomin Economic Development Officer Greg Gillespie at 306-532-3157 or email moosominedo@sasktel.net
