West Vancouver will enter a $14-million, 125-year lease with Pacific Arbour Retirement Communities to allow for the development of a seniors' housing project on municipal land.

The district selected Pacific Arbour to construct a 120,000-square-foot development on the Wetmore Motors site, which will include 126 housing units and commercial and community space.

Existing residences at Wetmore Motors will remain on the 52,000 square feet lot at the corner of 22nd Street and Marine Drive, the district stated in a press release.

The proceeds from the lease will go into West Vancouver's Endowment Reserve Fund. An additional $500,000 will be contributed to the improvement of the adjacent John Richardson Park.

"Pacific Arbour is a first-class provider of seniors' housing, which we need, and they are a strong community partner in Harmony Endowment Fund for the original purchase of the Wetmore site, as well as an additional $9 million for capital requirements," Mayor Pamela Goldsmith-Jones said in a press release. "The West Van taxpayer retains ownership of the land. This decision provides strong short-term and long-term benefits for the community."

The Wetmore site was acquired in February 2001 for $5.56 million.

Pacific Arbour is the owner and developer of The Summerhill seniors' housing in North Vancouver and The Mulberry seniors' housing in Burnaby. The district is working on a public consultation process to ensure input into the design of the development.

"We look forward to consulting with local residents as the Wetmore project moves forward, with a view of tailoring our project to specific needs of area residents," Pacific Arbour chairman Rainer Muller said.