Dear Editor: Letter writer Leonard Seward criticizes the approved Edgemont Seniors Living project as being unaffordable for local seniors, and predicts it will be occupied by "mostly very rich people" from elsewhere (Seniors Facility Comes Expensive, Aug. 2, North Shore News).
The reality is, the proposed ESL rental rates are quite affordable and well-within the standard for these types of seniors facilities.
The Edgemont Seniors Living project is aimed at the typical Upper Capilano senior of 80 or more years old who will be selling their old house on a property worth $1 million or more.
Taking into account the annual investment return on this sum and the "all-inclusive" nature of the facility (all meals are included, no more property taxes or ongoing house and yard maintenance costs etc.) any local senior selling their home could easily afford the monthly rent with minimal, if any, reduction of their capital.
If there is a housing option for rich people, it is the increasing number of huge new single family infill homes around Edgemont that are valued at up to $2.5 million.
In my view, the Edgemont Seniors Living project will be an attractive development that will positively enhance Edgemont Village.
Most importantly, it will provide a much needed housing option for those many local seniors in the area who have reached the stage where they require this type of supportiveliving facility.