Chartwell Retirement Residences, Welltower Inc. and The Daniels Corporation unveiled plans today for ‘The Sumach by Chartwell,’ a new urban rental residence for active, retired adults located in the revitalized Regent Park neighbourhood of downtown Toronto.
To bring this state-of-the-art rental development to completion, the partners will invest over $100 million, with occupancy scheduled to take place in September 2018.
“The Sumach by Chartwell is our first large-scale development in Ontario offering a wide variety of amenities and activities on an à la carte basis, making this living option much more affordable in comparison to an all inclusive retirement living model prevalent in the province today,” said Brent Binions, President and CEO of Chartwell Retirement Residences. “We expect that this state-of-the art, urban development located in the vibrant Regent Park neighbourhood will generate significant interest as we continue to expand Chartwell’s service offering.”
Rising 12 storeys, the 332-suite residence located at Sumach and Shuter Streets, will provide retired occupants with a maintenance-free, adult lifestyle set among a diverse range of dining options, arts and entertainment venues, and health and fitness centres. Each suite will offer generous living spaces and will be equipped with full kitchens. The residence will also include 82 underground parking spaces, 100 bike racks, pet spa, close to 5,500 square feet of retail spaces, an outdoor terrace and a BBQ area for entertaining.
Regent Park revitalization
The Sumach by Chartwell represents the latest initiative in the 69-acre Regent Park revitalization, which is being led by a partnership between The Daniels Corporation and Toronto Community Housing.
“The Daniels Corporation is proud to partner with Chartwell Retirement Residences on its first large-scale independent living project in the GTA,” said Martin Blake, Vice President, The Daniels Corporation. “Chartwell’s innovative approach will be a very valuable addition to the neighbourhood and complements our dedicated efforts of revitalizing Regent Park into a dynamic and inter-generational community.”
“This private venture is the newest addition to Regent Park’s revitalization that is transforming this community to a diverse, mixed-use neighbourhood with new amenities and community services,” said Greg Spearn, President and CEO (Interim) Toronto Community Housing. “Now in its 10th year, the Regent Park revitalization is ramping up, with nine active construction sites in 2016, with more to come as we work hard to complete transforming this community as soon as we possibly can.”
In revitalizing Regent Park, The Daniels Corporation and Toronto Community Housing are undertaking the largest mixed-income development in Canada, with eventually more than 17,500 residents living in 7,500 units when the project is completed over the next 10 years. Among the hallmarks of the revitalization is the transformation of the 69 acre neighbourhood to include new amenities and community services as well as employment and capacity building opportunities for local residents.