Housing for seniors - Réseau sélection investing $2 billion to build 30 new projects in Quebec

MONTREAL, March 13, 2015 /CNW Telbec/ - Speaking at the Board of Trade of Metropolitan Montreal's strategic forum on major real estate projects, Réal Bouclin, CEO of Réseau Sélection, announced details of a five-year investment plan valued at $2 billion to build 30 new residential complexes for Quebec seniors. The Greater Montreal region is the focus of this investment, which will see 25 projects developed, eight of them on Montreal Island. Réseau Sélection's expansion will create 7,000 jobs during construction and, upon completion, 4,000 direct jobs across the network.

"This investment plan responds to an expanding market and will make it possible to meet growing demand from seniors, who will represent one-quarter of Quebec's population in 15 years' time," said Mr. Bouclin. In Montreal, this figure will increase even more quickly, as the seniors' population grows from 15% to 25% during the same period. Worldwide, Japan is the only country where the population will age faster than in Quebec. According to the Institut de la statistique du Québec, the province will start to feel the impact of seniors' growing needs by 2016.  "As baby boomers approach retirement, the process of deciding whether to live in a residence will change, and the needs of this cohort will evolve. These people view retirement as an active and rewarding time of life: they want to stay healthy, continue doing what they love and, in many cases, embark on new projects. They'll be looking for environments that reflect their style and meet their needs," he added.

"Rosemont-les-Quartiers": $250 million, in partnership with Claridge and Centria

Rosemont-les-Quartiers is one of the flagship projects in Réseau Sélection's expansion program and will be, upon completion, one of the most important projects of its kind in the province. This multipurpose complex is being built on the close to 500,000-square-foot revitalized site of the former Norampac plant in the borough of Rosemont-la-Petite-Patrie. This unique real estate project, which represents an investment of $250 million, will be the largest project of this type ever carried out in Quebec once it is completed. It was developed in partnership with Claridge and Centria.

This will be a green, intergenerational urban neighbourhood comprising 1,400 housing units, 1,000 of which will be for seniors. The project will also include condos and apartments for people aged 55 and over, condos for families, social housing, a polyclinic, specialized residential units and stores.

Over the next three years, close to 2,000 people will move to Rosemont-les-Quartiers.

Residents of Rosemont-les-Quartiers will enjoy a green environment, beautifully landscaped with a walkway, courtyard and public squares. More than 500 trees will be planted, and residents will have access to viable transportation options: bike paths, Bixi stations, CommunAuto and public transit routes.

"Rosemont-Les-Quartiers is one of the important urban-planning initiative that will reconnect the eastern and western parts of Rosemont. We're proud to develop this innovative project that will encourage social and functional diversity, and create a dynamic intergenerational environment," concluded Mr. Bouclin. 

The construction of Rosemont-les-Quartiers will create 250 jobs. Once completed, it will result in the creation of 400 permanent jobs. It represents annual property taxes of more than $3 million for the city of Montreal.

About Réseau Sélection

Established in 1989, Réseau Sélection has developed unparalleled expertise in the area of accommodation for pre-retirees and retirees. Aware of the emerging housing needs for the population 55 and older, the company specializes in the development, construction and management of residential complexes for today's seniors. In addition to residences, it is committed to various projects that align with customer needs, particularly in the area of health and well-being. With $1.2 billion in assets, Réseau Sélection owns 26 residential complexes across Quebec, with more than 2,000 employees and 6,000 residents.

SOURCE Réseau Sélection

Marc Poisson, 514-616-7691, [email protected]