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Sienna Senior Living to Proceed With GTA Redevelopment Project

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Sienna Senior Living (SIA.TO) will proceed with its next redevelopment project in the Greater Toronto Area, the company said on Friday.

Construction is expected to start on an existing 3.5-acre site at Sienna's Streetsville Community in Mississauga, in the first quarter of next year. The 256-bed redevelopment, which is subject to government approvals, is expected to be completed in late 2029 and will replace 118 existing beds, with an additional 138 new beds.

The project is expected to cost C$125 million, and have a development yield of 8.0%.

The Streetsville Community redevelopment follows Sienna's C$250 million, 448-bed Glen Rouge redevelopment in Toronto. Glen Rouge is expected to be completed in 2030, the company said.

The company's shares closed up C$0.17, or 0.7%, to $23.22 Thursday on the Toronto Stock Exchange.

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