Operating

AB

Abrio Place

$13,825,000

AB

Mixed-Market

Urban

68 Units

Rockyview Foundation

Housing Provider

DESCRIPTION

The Rocky View Foundation, which has existed since the 1960s, partnered the province, as well as other organizations to purchase and retrofit a former Hamptons Inn in Airdrie, Alberta. This innovative redevelopment created 93 units quickly and at a lower cost than an entirely new build. Rocky View Foundation is in the process of pursuing other projects based on this successful model. Abrio Place offers independent living in a healthy and engaging environment where residents can live with dignity and feel a genuine sense of belonging. The design factored in accessibility, flexibility and digital technology to address the needs and wants of older adults to live safely and facilitate aging in place. The project has a mix of affordable and market rental units, with 73% designated as permanently affordable. This project was made viable through fundraising delivered by the Partners for Affordable Housing team, which included raising project equity through $661,775 in corporate and philanthropic donations and $4M in public sector grants.

DETAILS

Property Id

A8764873

Phase

Operating

Affordability Framework

Abrio place pegs rent to a % of the tenants income. The benchmark is set at 25% of income. The facility is a mixed use concept. Market rents will be charged on limited units in order to help fund the facility.

Target Completion Date

Q4 2024

Total Project Cost

$13,825,000

Total Units

93 Units

Affordable Units

68 Units

Populations Served

Seniors

Project Funding

Funding Required

  • 4 million in equity financing

  • 9.825 million in debt financing

Funds Raised

All $13.825 million were raised.

Use of funds

The funds were used to purchase the building, and retrofit for use as a seniors facility.

MAP