$88 Million Senior’s Residence Obtains Development Permit in Victoria, BC

Aquara by Element hopes to create a community where young and old alike can live and thrive together.

Renderings of OPAL by element. Photo Credit: Photos by Element Lifestyle Retirement Inc.

A new senior’s residence is coming to Victoria, BC. The $88-million aging-in-place senior’s residence is being developed by Aquara of Element Lifestyle Retirement Inc. The vision of the residence is to have open-minded, collaborative planning and innovation when rolling out each of their three unique retirement communities – Opal, Element’s $106 Million Flagship residence in Vancouver, Oasis, a $200 Million residence in Langley and Aquara.

Element Lifestyle Retirement Inc. (TSXV- ELM), the manager of development and operations of Aquara, announced that Aquara is launching previews of offerings immediately, and launching pre-sales and rental reservations within the coming months. The residence will be completed in 2021. Element Lifestyle (Vic Harbour West) Inc. (“Vic Harbour”) – a wholly-owned subsidiary of Element Lifestyle Retirement Inc. (TSXV- ELM) – is the General Partner of Aquara Limited Partnership, the property owner.

Known for its innovative intergenerational aging-in-place model, Element began its community consultation program to garner feedback from prospective residents and their families in June 2018. It has been working with focus groups to sharpen and refine its proposed services and activities for its aging-in-place community.

“Magic happens when young children and older adults get together. Our mission is to break through the stigma and ageism to create communities where people across all generations can thrive as they grow and age in place together,” says director and vice president of Element, Candy Ho. “We are pleased to receive unanimous approval for the project.”

Rendering of $88 million aging in place seniors residence, Aquara by element. Photo supplied by Element Lifestyle Retirement.

Located on 1.96 acres by the harbor of the Songhees neighborhood in Victoria West, Aquara will stand 5 storeys tall within Bayview master planned community amidst high rise residential towers, a park, and retail amenities.

The 153,500 square foot residence will include approximately 30,000 square feet of indoor and additional outdoor terrace, patios and rooftop garden for residents. Aquara includes a vibrant mix of activities, some tailored to the elderly and some designed specifically to bring together all ages.

Element’s branded intergenerational aging-in-place model recognizes that society benefits as a whole when there is integration of all age groups. Stress is reduced as adults maintain a demanding career, provide for their children and help their retiring or aging parents live to their fullest.

The proposed community will contain 160 units, with 125 Independent and Supportive Living suites available for purchase or for rent, and 35 units providing Licenced Care in a designated, secure area with its own tailored amenities and activities. It is anticipated that the construction costs will be financed through a combination of debt and limited partnership funding.

The Aquara Discovery Centre at 110 – 645 Tyee Road is already open to the public.  Victoria residents can preview suite layouts ahead of launch of pre-sales and rental reservations. The Discovery Centre features a show suite specifically designed with physically adaptive features accommodating aging in place.

This article was supplied in January 2019.