Construction of a new Lancaster Long-Term Care (LTC) Residence by Arch Corporation is still a work in progress.
According to Lorne Stephenson, responsible for corporate affairs with the developer, the construction costs and interest rates were so high, the project had not been viable and was put on a temporary hold.
The cost of the new development at Broad and Wood Streets is expected to be $37 million and will replace the existing long-term care facility. Original plans were to begin construction in 2023 for completion in 2025, but with the delays, 2026 will be the earliest for completion date of the new 128-bed residence.
Now, with interest rates dropping and additional funding from the government for the development of long-term care homes, Arch Corporation is putting together its application for government grants to meet the end of November deadline.
The cost of the new development at Broad and Wood Streets is expected to be $37 million and will replace the existing long-term care facility. Original plans were to begin construction in 2023 for completion in 2025, but with the delays, 2026 will be the earliest for completion date of the new residence.
The owner of the current Lancaster Long-Term Care Residence on Military Road, Arch Corporation is a for-profit developer of LTC homes, using private investments as its equity and qualifying for government funding for the construction costs. In addition, the development in South Glengarry qualifies for the Community Spaces Fund (CSF) which provides funds to build community and cultural spaces in official language minority municipalities.
