During the regular meeting on April 26, the United Counties of Prescott and Russell council (UCPR) received a report from Andrew Rodrigues of Colliers Project Leaders regarding the redevelopment of the Prescott-Russell Residence. The new 224-bed Residence will feature several public spaces such as courtyards, common rooms, multi-purpose rooms, and communal amenities for use by all residents. First occupancy is expected to occur sometime in 2024.
The presentation featured updated photos of the building, both interior shots of the rooms and exterior drone shots of the property. The electrical systems are being installed and the rooms are mostly done, only awaiting procurement of fixtures, furniture, and equipment after construction is finished. Also to be finalized are the reports to the Ministry of Long-Term Care and the loan repayment with Infrastructure Ontario.
The end of the presentation showed council that current cost pressures may result in a higher final total. Current interest rates on both construction and long-term loans are a concern, and the Ministry of Long-Term Care has changed its requirements concerning furniture since the project began, which will result in a higher cost. Mayor Pierre Leroux of Russell Township noted that the yearly debt payments to Infrastructure Ontario, which provided the UCPR with a $70 million loan, will be between $4 to $5 million per year once repayment begins.
Construction began in late 2020, and first occupancy is expected in mid-2024.
