Senior housing firm Chartwell working on $72M development on east end of Toronto
MISSISSAUGA, Ont.—Chartwell Retirement Residences has teamed up with fellow senior community developer Welltower Inc. on a new residence in Toronto’s Guildwood neighbourhood.
The construction project will extend up to five storeys and include 172 units, ranging from independent living apartments to supported living suites. Mississauga, Ont.-based Chartwell and its U.S. partner said they would spend $72 million on the project.
The developers said the building will be outfitted with LED lighting, certain building automation features and include modern heating and cooling systems. Work on the project will create 150 jobs during construction.
Senior housing is expected to be a fast-growing market over the next two decades as baby boomers age. Chartwell said it projects a need for 600,000 new retirement and long-term care units over the next 18 years.
Work on the Guildwood site has already begun. The retirement residence is expected to open its doors in early 2020.