OAKVILLE, Ontario, November 05, 2025 (GLOBE NEWSWIRE) — Fengate Asset Management (“Fengate”) celebrated the official opening of a new seniors community located at 1105 McCraney Street East (McCraney) in the heart of Oakville, one of Canada’s most desirable and fastest-growing retirement communities.
McCraney is LiUNA Pension Fund of Central and Eastern Canada (LPFCEC), developed in partnership with Fengate, Seasons Retirement Communities (Seasons) and The Hi-Rise Group. The project represents the first GTA-based project in Seasons' growing portfolio, which currently includes 15 seniors residences in Ontario, eight residences in Alberta and two in British Columbia, with more under construction.
The six-story, 221-unit residence will offer independent supportive living (ISL) and memory care (MC) suites, providing a full range of care under one roof. This “aging in place” model reflects Fengate's ongoing commitment to investing in and developing a broad range of affordable, high-quality housing solutions for Canadians.
The groundbreaking ceremony included remarks from Victoria Mancinelli, LPFCEC Director of Public Relations, Marketing and Strategic Partnerships, Mayor Rob Burton of the City of Oakville and Michael Lavallee, CEO of Seasons Retirement Communities. The ceremony concluded with the official groundbreaking, which was attended by representatives of project partners and City of Oakville officials.
“On behalf of LiUNA, we are thrilled to begin work on yet another project that advances our mission of providing Canadians with housing that supports them at every stage of their lives,” said Joseph Mancinelli, LPFCEC Chair, LiUNA International Vice President and Regional Manager for Central and Eastern Canada. “With every new development, we are building a resilient housing market, creating good jobs for union members and influencing positive change for our nation's vital and growing seniors community.”
Located in northeast Oakville with access to a network of parks and recreational trails, the site benefits from strong local demographics with a growing elderly population expected to grow by approximately five percent annually over the next decade, exceeding the national growth rate.
“Canada's aging population is growing rapidly and demand for senior housing is outpacing supply,” said Jamie McKenna, president of Fengate Real Estate. “At Fengate, we see this as both a responsibility and an opportunity. We are committed to creating communities that improve the quality of life for seniors across the country. Through forward-thinking developments like McCraney, we are helping to bridge the gap and create spaces where aging Canadians can thrive with dignity, connection and care.”
The approximately 200,000-square-foot development will feature large suites including studio, one- and two-bedroom apartments. The design aims to improve the quality of life for seniors, including spacious apartment-style layouts, ground-floor amenities and vibrant public spaces that encourage interaction and communication.
“We are proud to bring this new community to life in Oakville,” said Michael Lavallee, CEO of Seasons Retirement Communities. “At Seasons, caring is at the core of everything we do. Through this partnership, we are combining Fengate's growth vision with our deep expertise in personalized care in a state-of-the-art facility. With every new community we add to the Seasons portfolio, our mission is to create a safe, inviting environment where residents feel truly at home.”
The project aims to achieve LEED Silver certification and incorporates geothermal energy and advanced building systems, highlighting Fengate's responsible investment and commitment to sustainability. The development is expected to welcome its first residents in 2028, supporting Seasons' growth plan to create 1,500 new retirement apartments across its portfolio.
MEDIA CONTACTS
Matthew Ventura
Director of Communications and Marketing, Real Estate
Fengate Asset Management
[email protected]
416-432-6194
About LiUNA Pension Fund of Central and Eastern Canada
LiUNA Pension Fund of Central and Eastern Canada (LPFCEC), founded in 1972, is one of the fastest growing multiemployer pension funds in Canada. Advantages of Canada. With a diverse investment portfolio and over $12 billion in assets, LPFCEC has generated positive plan returns, created excellent job opportunities for LiUNA members, and supported the development of many essential institutions throughout North America through a wide range of investments. Find out more at lpfcec.org.
About Fengate Asset Management
Fengate is a leading alternative investment manager with over $40 billion in assets under management, specializing in infrastructure, private equity and real estate strategies. With offices and team members in Canada and the United States, Fengate has a proven track record of successful projects and partnerships, and has established itself as one of the most active real estate investors and developers in North America. Fengate Real Estate, a division of Fengate Asset Management, is a fully integrated real estate investment, development and asset management platform with a portfolio of $20 billion, including more than 25,000 residential properties and more than 5 million square feet of industrial space in various stages of development. Find out more at fengate.com.
About Seasons Retirement Communities
Founded in 2009, Seasons is a Canadian company that operates 15 seniors' residences in Ontario, eight in Alberta and two in British Columbia, with several more under construction. Our management team has extensive experience in the senior housing sector and has developed a culture focused on providing residents with excellent customer service. At Seasons, we want our residents to be proud to call us home and know that they are surrounded by people who truly care about us. Unite. Care. Change®. Find out more at SeasonsRetirement.com.
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/9cfa783b-5413-46b9-adb8-2450ecb09446
https://www.globenewswire.com/NewsRoom/AttachmentNg/f0e160b0-285c-4bf3-b783-06ebfaad7cad
