The Supreme Court of British Columbia has ordered Squamish's only independent retirement home into receivership.
The legal document was filed on behalf of Coast Capital Savings Credit Union on July 28, 2011 and posted by the appointed receiver, Vancouver's The Bowra Group. Coast Capital Savings holds three mortgages for the property.
The 75-unit assisted living facility, located on Third Avenue in downtown Squamish, has been operating at half capacity since it opened its doors in 2009 and has had difficulty filling its units. A soft economy and slow fiscal recovery likely contributed to the lack of tenants.
Despite the order, management assured residents that the facility's staff and services would not be affected.
"The Bowra Group has retained all previous management and staff at the Renaissance to ensure that all present service levels and accommodations currently provided remain unchanged," reads part of a letter circulated to residents notifying them of the receivership in late July.
"Management will ensure that all services, programs and the day to day operations continue as usual with no interruptions."
The letter went on to apologize for any uncertainties the situation has caused for residents.
The Renaissance bills itself as "a core option to bridge the gap between home care and residential care for those who do not need 24-hour residential nursing care." It offers 55 private pay suites and 20 studio suites that are funded through Independent Living BC. Suite options includes one-bedroom, one-bedroom and den and two-bedroom suites ranging from 500 to 900 square feet. An on-site hair salon and barber shop, theatre room and weekly housekeeping services are offered as part of its services