In Moosomin: Pipestone Villas looking at assisted living
July 15, 2019 7:52 am
Pipestone Villas is looking into two options for adding assisted living to its seniors independent living development in Moosomin.
Pipestone Villas consists of two 24-unit senior independent living buildings on Wright Road in Moosomin.
The initial plan was to develop a third building similar to the first two, but the board is now in discussions with two different companies about adding an assisted living component in the planned third building.
Assisted living includes a wide range of services for seniors who need some level of care or assistance—a level of care that would be new to Moosomin, between the seniors’ housing facilities and nursing care at the Southeast Integrated Care Centre.
“There are two different groups that we’re pursuing,” said Wayne Beckett of Pipestone Villas.
“The idea is to do something with that third parcel of land that was meant for Phase 3. We’re looking at options on whether it would be possible to provide a higher level of care, to complement the existing two buildings.”
The Pipestone Villas board has met with Regina-based Orange Tree Living, while Bridge Road Developments—which first developed the Moosomin facility—has been in discussions with Brandon-based Daughter on Call.
“It’s a different level of investment than Phase 1 and 2,” said Beckett.
“Whether it’s the groups out of Regina or the group out of Brandon that we go with still has to be determined.
“Travis Penner from Bridge Road is doing some homework on exactly what both of these companies can offer, and then we will decide how involved we will be with them.”
Beckett said he believes it’s clear that assisted living is needed in Moosomin. “I think it’s pretty evident that the town needs that level of care,” he said.
“Travis has been involved with projects like this through Bridge Road in Manitoba, so we’re hoping within the next couple of months he’ll have some good information we can present to our shareholders and decide which way we want to go.”
Change of plan
Becket says the Pipestone Villas board of directors has decided that assisted living would make more sense than the original plan of adding a third 24-unit building like the first two.
“Originally the plan was to build a Phase 3 the same as 1 and 2, but since we built the second one, construction costs have gone up significantly due to inflation and also due to building codes, so that has added some costs. To build a Phase 3, the building would be significantly more expensive than 1 and 2. Whether the existing shareholders have an appetite for doing a cash call to reinvest into that size of a property, that’s a tough sell. To have a third building of what we already have might be hard to justify, but if we have a higher level of care, where they all complement each other is more easily justified.
“The original game plan of Phase 3 being the same as 1 and 2 is not likely going to happen, so we’re going to look at this higher level of care that complements our existing facilities and meets a more immediate need for the community than just the standard Phase 3 building.”
Opportunity for investment
The assisted living facility would be incorporated separately from Pipestone Villas, which may involve bringing in additional investors.
“Whatever this third phase entails, it would be a separate corporation, so it would be a separate group of investors, which could include existing investors in Pipestone Villas and new investors,” said Beckett.
“If we decide to make any kind of investment, it will require outside investors.”
Decision by fall
Beckett said the Pipestone Villas board expects to have a decision on what direction they will go on the third building by this fall.
“We’d like to have a target this fall as to which way we’re going, and then decide how we’re going to get there—whether we need to raise more funds or whether we’re just going to use our land as equity in the new corporation, or what we might do.
“It’s entirely open.” Tweet