Construction is about to ramp up again at Nelson’s long-awaited Waterview Retirement Resort after the developer secured new financing.
Vendure Living said in a statement to Vista Radio that refinancing for the Vernon Street project closed June 18 with what it described as a Tier 1 Canadian financial institution, allowing construction to resume at a faster pace.
The company now expects the project to be completed in spring 2027.
Construction on the 125-suite retirement residence slowed while the developer worked to replace its original financing, the company said.
Vendure said the building is currently at the lock-up stage and that independent quantity surveyors and municipal inspectors have continued to oversee the project throughout construction.
“During this strategic pause, we made sure that the building’s structural integrity was not compromised and an onsite inspection was completed for the current financing confirming that the structure as built to date is sound,” the company said.
“All structural steel, foundations, and building materials are fully certified, signed off, and compliant with the highest engineering standards.”
The company has also hired a professional management company to oversee the facility’s day-to-day operations.
According to Vendure, the project currently has a waitlist of 260 prospective residents, with demand outpacing the number of available suites.
“An updated feasibility study confirms an acute supply shortage in the region, revealing a staggering demand curve: there are currently four people in immediate need of every single room our facility offers,” the company said.
The development at 611 Vernon St. will feature suites for adults aged 55 and up, offering independent and supported living, as well as 5,000 square feet of commercial space.
The project was originally expected to be completed in 2024. Vendure said delays were caused by rising construction costs, changing lending conditions, evolving municipal building requirements and the time required to secure replacement financing.
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