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$140M Trinity Ravine Towers Planned in Toronto
Global Kingdom Ministries unveiled plans to develop Trinity Ravine Towers, a $140-million high-rise seniors housing complex in Toronto. As currently planned, the 560-unit project will consist of two 27- and 29-story towers situated on land at 1250 Markham Rd., which is owned by the church. Construction is anticipated to launch in late summer 2018.
This particular development highlights some interesting trends. For one, it demonstrates that religious institutions are developing similar properties on land they own, taking into account their aging population. Furthermore, Trinity Ravine will operate under a “life lease” concept. Under this arrangement, residents pay market value for the right to indefinitely live in a particular unit, rather than being faced with rapidly increasing rents.
The Trinity Ravine project is scheduled to open in 2020, and will initially offer independent living and some assisted living services. Global Kingdom also has land set aside that can be dedicated to memory care, long-term care and clinical assisted-living components.
For comments, questions or concerns, please contact Amy Sorter
- ◦Development
