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In 1953, Rice purchased
land in Brampton, Ontario, then a town of about 11,000 people. Upon the development of
these lands, Rice became involved in industrial and commercial construction and property
management along with residential construction. Eventually, the Rice head office was
relocated to Brampton.
During the 1950's and
1960's, development of residential and industrial subdivisions in Brampton were the orders
of the day. At the same time, Rice began assembling a portfolio of industrial and
commercial leasehold properties. We have been adding to that portfolio steadily over the
years. Land development and construction remain the backbone of Rice Development. We
continue to construct residential subdivisions on land which we have developed and
actively pursue new projects in this field of endeavour.
In the early 1970's, Max
Rice identified a niche in the residential market; namely, the "empty nester" -
the family whose children have grown up and left the large family home. Rice, in response
to a housing need for these empty nesters, together with his partners, took the concept of
Adult Lifestyle Communities and adapted it to the Canadian Situation. The result was the
development and management of Sandycove Acres, a private community designed specifically
for the 60's plus age group.
Today, we are involved
in the ownership and management of three of Ontario's largest Adult Lifestyle Communities,
providing housing for some 2,100 families. The expertise gained from the management of
these communities will permit us to expand into the provision of additional services for
the retirement age market.
Rice Development remains
a privately owned family company. Our growth has been conservative by design. The
recessions of the early 1980's and 1990's have emphasized to us the importance of
concentrating on our fields of expertise, of having a consistent cash flow, and of having
a reputation upon which one can rely in challenging times.
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