MLA Eric Foster (left)

Project starts with a blast

The Catherine Gardens seniors housing project started with a bang Thursday afternoon at the Schubert Centre

The Catherine Gardens seniors housing project started with a bang Thursday afternoon at the Schubert Centre.

A gathering of about 100 hard hat-wearing onlookers watched as work crews blasted a section of the hillside behind the centre as part of the ground-breaking ceremony for Vernon’s latest retirement residence.

Jack Gareb, manager of the Schubert Centre, was thrilled to see the project get underway.

“It’s a great location. We’re supplying 56 suites to 55-plus and here we are right downtown. What better location can you have?

“On top of that, we have the Schubert Centre right close by.”

Following a life lease model, the centre will form a non-profit society that oversees the administration and maintenance for Catherine Gardens, named after Okanagan pioneer Catherine Schubert. In turn, it will use any profits raised to help cover operation of the centre.

In a life lease, the resident pays an entrance fee (the cost of construction) to a non-profit society, which owns the building on title. This buys the resident the right to occupy the unit of their choosing in the development for as long as they choose.  The lease is typically 30 years, less a day, for tax purposes.

Simon Davie, of Terra Lumina Life Lease Housing, said the project will benefit both the Schubert Centre and the seniors in the Greater Vernon community. He added the life lease approach makes a lot sense in an era when there isn’t a lot of government funding available for seniors housing.

“A lot of this is driven to try to make the Schubert Centre sustainable,” said Davie. “It’s an incredibly good complement to the seniors centre. It adds to the membership, it adds to the services.”

Units at Catherine Gardens range from $179,900 for a one-bedroom, one-bathroom unit to $359,900 for a two-bedroom, two-bath  suite.

To date, 32 units have sold, and Gareb added there are a number of units on hold for prospective clients. Construction is expected to be completed in late 2015.

Davie said residents usually finance the purchase of a life lease unit with the sale of their existing home. Downsizing enables them to help pay for their retirement using the equity saved in their previous home and by reducing the costs of home operations and maintenance.

Among those at Thursday’s ceremony was Rich Coleman, B.C. housing minister.

 

“These are good projects where you can go into innovation in housing and you can actually have a society to plan and put something together where you can have affordability and stability in seniors housing,” said Coleman.

 

 

Just Posted

Vernon student off to UBCM with council

Cadence Taron, a Grade 12 student at Fulton Secondary, applied to attend annual convention

City of Vernon to develop Civic Arena site into park

Planning process approved by council; construction to start in 2020 or 2021

Vernon RCMP superintendent helps with arrest

Supt. Shawna Baher arrests man for theft; turns out to be suspect in assault and robbery

Vernon Vipers open BCHL training camp

Defending Interior Conference champs open pre-season slate Friday at home vs Grande Prairie (AJHL)

No costs as directed upsets Vernon councillor

Scott Anderson and council still waiting for as-directed costs on hiring private security firm

VIDEO: Could we BE any more excited? ‘Friends’ fans go crazy for merch

Movie theatres will show select episodes to mark the NBC series’ 25th anniversary

Penticton man sentenced in non-fatal 2017 shooting

Elkena Michael Knauff sentenced to seven and a half months in jail

Bodies of two missing Surrey men found near Ashcroft

Ryan Provencher and Richard Scurr have been missing since July 17

Kamloops RCMP locate and arrest man who fled from police

The 22-year-old male was wanted in relation to a domestic violence investigation

Five hedgehogs quickly adopted after being left at BC SPCA

Lucky new owners picked up their pets from Maple Ridge branch on Aug. 20

COLUMN: Much to enjoy at Ryga Arts Festival

As I learn about George Ryga and his contributions, it is clear why this festival carries his name

Kelowna man arrested after allegedly setting blaze near Fire Department

The man was allegedly seen lighting bushes on fire near the Kelowna Fire Department

B.C. cricket players get interrupted by racist remark

Community has had protocols in place for years to respond to prejudice

Most Read