The Cobble Hill Village is a rural community located 15km from the City of Duncan. The Village has been the subject of an ongoing discussion about the evolving needs of senior residents. Specifically, a site known as the Cobble Hill Common was identified during an Age-Friendly Plan as a potential future location for seniors housing. The concept generated much discussion within and outside the community. As such, the Cowichan Valley Regional District (CVRD) engaged CitySpaces to prepare a Seniors Housing Feasibility Study for the Cobble Hill Common site.
The Seniors Housing Feasibility Study consisted of identifying the housing needs of seniors; preparing a preliminary financial analysis of two seniors housing concept designs; and a business plan.
The identification of housing needs of seniors was based on a companion study: the CVRD Regional Affordable Housing Needs Assessment, also prepared by CitySpaces. Drawing on this report, an analysis of seniors-specific demographics and statistics was conducted. This included a review of seniors’ household characteristics, seniors’ household income, and trends in the number of seniors benefitting from BC Housing’s rent supplement program for seniors (Shelter Aid for Elderly Residents – “SAFER”). The Seniors Housing Feasibility Study also included the compilation of an inventory of seniors’ housing (private and non-market independent living and heavy care spaces), and analysis of wait list data for seniors housing in the region. This research estimated the demand for seniors housing at Cobble Hill, and identified the “target tenant group” as a mix of independent couple and single seniors residing in primarily one-bedroom units offered at market rents, with dedicated units for seniors receiving SAFER.
The financial feasibility component of the Seniors Housing Feasibility Study included a site analysis, planning/zoning analysis, capital cost estimates, and annual operating estimates based on two concept options. The business plan completed the Seniors Housing Feasibility Study by demonstrating how a potential non-profit housing society or private developer could build and operate the housing project. The Seniors Housing Feasibility Study outlined the key steps towards initiating the planning and development stage; a development timeline; and a marketing plan. Potential risks were identified, with alternative options offered to the client.
Funding for the CVRD Cobble Hill Common Seniors Housing Feasibility Study was generously supported by the Real Estate Foundation of BC and the Canada Mortgage and Housing Corporation.
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