Seniors housing project moving to investor model

By Dryden Observer Staff

The long-running Pine Ridge Seniors Housing Co-Op effort is tearing itself down, in order to reform in a manner more friendly to potential developers.

“The housing co-op has folded, but the senior-friendly apartment building project is very much alive”, says Maxine Moulton, chairman of the group which has been promoting it for several years now.  

The Dryden Non-Profit Seniors Housing Cooperative Corporation has been dissolved, and all its assets disbursed.  However, the need for the project has not gone away, and a local investor-owned corporation is now being proposed to carry the project forward.

Maxine went on to say that the Business Plan we developed for our Co-operative housing project was very viable.  It was developed in cooperation with our local Credit Union as the intended mortgage holder, but in the final stages they found they could not fund the project after all.  “This kind of project is very common on the prairies, all funded by Credit Unions,” said Moulton. “But we were not able to make it work in Ontario and had to give up our effort.” 

She says thanks are due to the many individuals who put a lot of effort and a bit of money into this quest, as well as our Architect Arne Volkmar; our Project Manager Thomas Builders; our Credit Union for their efforts, and the Rotary Club for helping us get started.

She finished with “This is not the end of it.  Many of our co-op members are now working with a Manitoba developer who specializes in senior-friendly housing projects in smaller communities, owned by local investors rather than a co-op.  They are very successful, with completed projects scattered across the Prairie Provinces.  I am very optimistic that this will progress quite quickly, watch for further news”.

Leave a Reply

Your email address will not be published. Required fields are marked *