Article by ConstructionLinks.ca – June 5th, 2019
HAMILTON, ON, JUNE 4, 2019 –ZEST Communities Inc. recently held a groundbreaking ceremony for Upper Mill Pond, the newest addition to The Village at St. Elizabeth Mills in Hamilton, ON, the first 55+ resort-style community in Canada.
Situated on the southeast corner of Garth Street and Rymal Road W. on Hamilton Mountain, the 114-acre property is home to approximately 1,000 residents in market value life-lease garden homes, a retirement (independent and assisted living) residence, the St. Elizabeth of Hungary Catholic Church and the Village Centre, a 4-storey commercial/retail building.
ZEST Communities has worked with current owners to re-envision and develop The Village at St. Elizabeth Mills.
Upper Mill Pond will add 76 suites in a mid-rise, five-storey building featuring ‘smart-living’ design for 55+ residents.
Suites range in size from 716 to 1,328 sf and are priced from the mid-$300,000s. Purchasers can take advantage of the Market Value Life Lease Plan, which involves paying a deposit of $5,000 upon selecting a suite and signing a Life Lease Reservation Agreement.
After the 14-day consideration period, purchasers have 30 days to execute a Life Lease Occupancy Agreement and remit a second, non-refundable deposit of five per cent of the purchase price, including the initial deposit (minimum $15,000). Upon confirmation of the construction start date, buyers then remit a deposit that totals 30 per cent of the purchase price. The balance (70 per cent) is due on closing. Once they take possession, owners pay a monthly occupancy fee equal to their share of common elements such as maintenance, management, insurance and a reserve fund.
This Market Value Life Lease enables purchasers and residents to retain the equity growth in their suite and receive market value for it when they vacate, similar to traditional real estate. In Ontario, there are currently more than 150 Life Lease communities in operation. Zest and NovaCare have already successfully refurbished and remarketed over 80 garden homes through attrition.
Construction of Upper Mill Pond is slated to begin next month, which will feature a health club fitness centre, indoor pool with hot tub and sauna, guest suite, lounge/special events room, underground parking, storage lockers, indoor car wash area and an outdoor terrace with barbecue areas. The property has nearly 20 acres of existing ponds, mature landscaping and vegetation. ZEST Communities’ master plan includes the addition of walking trails, gazebos, boardwalks and covered bridges.
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