A developer says the planned development of a retirement community in Sauble Beach is not moving ahead in its current form.
“Together with other building cost increases, we cannot build homes that can be sold for a price that would recover our costs and be priced accordingly with today’s current market values,” says Developer John Cathrae, adding “to say we are disappointed is an understatement. We have spent five years working on this project which would mean a great deal to the town and especially seniors who want to remain in the town.”
Cathrae says in an email, the Sauble Sunset Retirement Community project in its current form, which started five years ago, has come to an end as a result of inflation affecting general costs and the cost of infrastructure.
He explains, five years ago his company was challenged to investigate the need for senior housing options in Sauble Beach. The results identified a large and growing need for local senior housing, and he chose the site of the old amusement park, which was demolished in 2020 as part of the planned development.
In 2019, the budget was completed at just over $2 million, but had ballooned to over $5 million.
The project would have included 22 townhouses, 12 semi-detached homes and a 90 suite retirement residence.
He adds they have been working with their architect to find an alternative use for the land to provide housing and potentially affordable senior housing.
“We are actively investigating alternative options for the site, but it is too early to tell you because we don’t know what restrictions we might have to deal with. We are actively investigating what’s possible and what’s not possible, but overall the site is a fantastic site, it’s something that is accessible to any service that is available at Sauble Beach by walking,” says Cathrae. “I still think it is a fantastic site, it is just the configuration that we had planned to go forward with just became too expensive was all,” says Cathrae.