Vancouver's Amica Mature Lifestyles Inc. (TSX:ACC) plans to build a $90 million retirement home in Richmond Hill, Ontario.
The two-phase project will include a $42.5 million Amica-branded retirement residence and a $47.6 million, 128-unit seniors condominium.
Amica will manage the retirement residence, which will consist of 148 suites and 29 assisted living units. It will also include a home theatre room, English-style pub, private dining room, spa and wellness centre.
Amica is teaming up with High Street Development Inc., which will be responsible for the building's development and construction. High Street will own 15% of the project.
The retirement residence is scheduled to be completed in the fall of 2010; the condominium development is expected to open two years later.
Amica's share price range during the past week: between $11 and $11.09; 52-week high: $13.70; 52-week low: $7.50.