yyzer
Senior Member
no specifics yet, but it appears the Reichmanns are back, and they are now in the retirement home business..
from the Mississauga News:
Developers team up to build retirement homes
By: John Stewart
January 30, 2008 03:59 PM - A Mississauga developer will team up with the Reichmann family, famous for the Canary Wharf project in London, England, to build retirement homes.
Yesterday, Reichmann Seniors Housing Development Corp. announced it is joining forces with Moldenhauer Lifestyles, owned and led by Mississauga developer Michael Moldenhauer.
The Reichmanns used to be in the business of building retirement homes but they sold their 14 per cent stake in Retirement Residences Real Estate Trust (REIT) to American investors for $689 million.
Michael Moldenhauer told The National Post today his company will take potential sites through the development approval process before the Reichmanns build, lease and operate the buildings.
Moldenhauer said it's too early to speculate on the size of the venture. They will start with a 125-unit project in Mississauga that will be used as barometer for the success of the partnership.
"The appetite is to do two or three per year and try and pump the number up to 10, 20 over the next five years," Moldenhauer said. "We have to build one and have it be successful. We have a couple of other sites we are looking at together."
Moldenhauer, a Mississauga resident who is the former president of Opera Mississauga, was recently named the president of the Building Industry and Land Development (BILD) Association. The group represents development industry interests.
His company has developed several residential projects in Mississauga and is currently selling a project which includes two-storey manor townhouses and a mid-sized condominum building in Clarkson Village, next to Birchwood Park.
The 44-year-old's company is also developing Barbertowne on the Credit, just south of Streetsville, which is to feature its own landscaped entrance feature.
from the Mississauga News:
Developers team up to build retirement homes
By: John Stewart
January 30, 2008 03:59 PM - A Mississauga developer will team up with the Reichmann family, famous for the Canary Wharf project in London, England, to build retirement homes.
Yesterday, Reichmann Seniors Housing Development Corp. announced it is joining forces with Moldenhauer Lifestyles, owned and led by Mississauga developer Michael Moldenhauer.
The Reichmanns used to be in the business of building retirement homes but they sold their 14 per cent stake in Retirement Residences Real Estate Trust (REIT) to American investors for $689 million.
Michael Moldenhauer told The National Post today his company will take potential sites through the development approval process before the Reichmanns build, lease and operate the buildings.
Moldenhauer said it's too early to speculate on the size of the venture. They will start with a 125-unit project in Mississauga that will be used as barometer for the success of the partnership.
"The appetite is to do two or three per year and try and pump the number up to 10, 20 over the next five years," Moldenhauer said. "We have to build one and have it be successful. We have a couple of other sites we are looking at together."
Moldenhauer, a Mississauga resident who is the former president of Opera Mississauga, was recently named the president of the Building Industry and Land Development (BILD) Association. The group represents development industry interests.
His company has developed several residential projects in Mississauga and is currently selling a project which includes two-storey manor townhouses and a mid-sized condominum building in Clarkson Village, next to Birchwood Park.
The 44-year-old's company is also developing Barbertowne on the Credit, just south of Streetsville, which is to feature its own landscaped entrance feature.
