Development property at Coldstream Meadows is under a court order to be sold.
But co-owner Jack Borden said he is working on finding investors for his ambitious expansion plans to avoid selling the property.
The property is being sold through Carewest Properties and includes an eight-acre parcel for development of 55+ retirement living and care homes as well as a .71 acre site for 12 seniors townhomes.
Borden said the court order came about because the expansion plans “are too big for our existing lender and they want to be paid out.”
So far, Borden has been unable to attract an investor, putting the facility in a bit of a financial crunch.
“We are still working on it and we anticipate it to happen, hopefully fairly soon, and it will resolve this whole issue,” Borden said. “In the meantime, some of development land has been listed for sale by court order through the existing lender.”
Borden said the Agricultural Land Commission has authorized the expansion of up to 383 units in addition to the 75 units.
Borden stressed the sale of the development land will have no impact on the existing units, none of which are for sale.
Coldstream Meadows is located on the former site of the Vernon Preparatory School on Mackie Road. The school was run by Rev. A. Mackie and his brother, Hugh, from 1914 to 1946.
After 1970, the government converted the school into a facility for the elderly and the mentally challenged. It remained so for the next 15 years, until the building was purchased privately and became known as the Coldstream Park Lodge.
In April 1997, the Borden family purchased the property and named it Coldstream Meadows.
The facility offers a variety of suite sizes, all with full kitchens. The Lodge is an economical choice for supportive living where all meals are served in the common dining room. Every suite at the Meadows has access to all of the services, facilities and amenities offered.
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