Nanaimo Memory Care
Nanaimo Memory Care (the “Residence”) is a 79-suite (83-bed) Memory Care residence situated on Long Lake in Nanaimo, British Columbia. The Residence will be the first stand-alone Memory Care facility available to seniors living with dementia on Vancouver Island. With its neighbourhood design concept and specialized programming, the Residence will benefit from first-mover advantage in the fastest growing segment of the Canadian seniors housing industry.
Features of the Residence include:
- Home-like atmosphere as opposed to hospital-like Long-Term Care (“LTC”) nursing homes
- Building to be structured into four areas called “neighborhoods” offering low to high levels of care; each neighborhood is visually identical to minimize resident anxieties when moving to higher levels of care
- Skilled staffing and specialized programming to ensure the highest level of service
- Nearby seniors housing facilities will serve as a natural source of new residents
- Feasibility report from CBRE indicates strong demand for a Memory Care facility in the region
- Stand-alone Memory Care building
- Gross floor area of 48,541 sq. ft.
- 4 floors
- 79 suites (83 beds)
- Hambro (non-combustable) structure
Strength and Opportunities
- First stand-alone Memory Care residence in the region High visibility from the highway
- City of Nanaimo is supportive of the development
- Construction and design methods of the developer significantly lower utility operating expenses, thereby increasing Net Operating Income and value of the project
- Significant depth of management experience from Sussex Retirement Living
- Avenir, the development partner, has over 15 years of seniors housing development experience
- Operations to be contracted to Life Care Services (“LCS”), a leading operator in North America with over 30,000 beds under management
Seniors Housing Care in Canada
Demand for seniors housing is driven by the population of seniors aged 75+, which is expected to grow five times (5x) faster than the overall Canadian population (growth of 105.2% vs. 21.6% between 2012 and 2032)1 . Based on these statistics, it is estimated that 50,000 new suites will be required over that time period. The figures exclude LTC facilities and the replacement of older residences.
Memory Care is a relatively new type of seniors housing property in Canada that offers specialized care for seniors living with Alzheimer’s disease and other forms of dementia. The demand for Memory Care facilities is significant, as nearly 3 out of 5 (57%) seniors in retirement homes have been diagnosed with dementia3.
Independent Living (“IL”) and Assisted Living (“AL”) retirement homes are not equipped to care for seniors living with dementia and are often forced to evict these residents. Unfortunately, many are then placed on a waiting list for government-funded LTC until a bed becomes available. The seniors and their families are faced with undersupply of LTC beds (eg: between 2005 and 2012, Ontario’s waiting list grew by 85% but beds only grew by 3%) and low quality of specialized care.
Canadian Statistics on Alzheimer’s disease and dementia (http://www.cihr-irsc.gc.ca/e/45554.html):
- In 2011, 747,000 Canadians were living with Alzheimer’s or other forms of dementia
- In 2031, 1.4 million Canadians are expected to have the disease