Michener Hill Villas has its first residents.
Purchasers of two of the homes in the Medican development took possession last week, said Bill Cooper, the company’s vice-president of sales and marketing. Several other homes there are under construction or nearly complete, he added, a pair of show homes are available for viewing.
Thirty-eight of the duplex-style homes are planned, with five sold to date, said Cooper.
Meanwhile, work is well underway on Phase 2 of the nearby Sierra Michener Hill condominium complex — another Medican project. About half of the 40 suites in the second phase have been sold, said Cooper, as well as all but four in the 52-unit first phase.
Cooper said the first units in the second phase should be available for occupancy by late spring. When enough have been sold, he added, work on the final phase of the 148-unit condominium will begin.
“We don’t want to start selling the suites until we’re mostly sold out in Phase 2.”
Homes in Michener Hill Villas and Sierra Michener Hill are restricted to buyers 40 or older. The latter complex is connected to Extendicare Canada’s assisted living facility.
Cooper said this proximity to Extendicare appeals to many people, including those with spouses or other family members receiving care there.
He also said Michener Hill Villas — in which yard maintenance and snow removal is provided — is attractive to buyers seeking to downsize from larger homes. Units range from 1,150 to 1,350 square feet, with one-bedroom and two-bedroom plans, and double-attached garages.
Medican confirmed on Thursday that its creditors have approved a plan of arrangement that will result in them being paid $10 million — representing 10 to 12 cents per dollar owed — over three years. This will allow Medican to come out of Companies Creditors Arrangement Act protection, which it has been under since May 2010.
Medican employees will own and operate the restructured company.
Cooper said resolution of Medican’s debt issues is a positive step for the company. Some prospective buyers, he said, were spooked by its financial problems even though home purchases were always secure.
hrichards@www.reddeeradvocate.com