A $29 MILLION plan to add more than 60 retirement apartments on the banks of the Hopkins River was yesterday unveiled by Warrnambool aged-care provider Lyndoch.Hailed as the biggest redevelopment project in its 50-year history, Lyndoch said its 'Waterfront Living Warrnambool' proposal would transform retirement accommodation in the city.Neighbouring residents have already vowed to fight the plan over fears river views would be lost.The project would include 64 apartments, 12 independent living units and a community centre, replacing existing 50-year-old units that are to be demolished.The development's centrepiece, a two-storey senior citizens' community centre, would include a gymnasium, billiards room, hairdressing salon, bar, library, meeting rooms and business centre.Lyndoch chief executive Rhys Boyle said the proposal was exciting for Warrnambool and would add a new dimension to the city's retirement options. "We've looked at a range of options available to us and the preferred option was blocks of apartments," he said."There is no comparable product to the premium facilities that Waterfront Living will provide but at the same time there will be numerous financial entry points for a range of accommodation styles and options," he said.Lyndoch made a presentation to Warrnambool City councillors three weeks ago, showcasing the preliminary design of the three buildings. The aged-care provider will finalise minor details of the project in coming weeks before making a building permit submission to council.Mr Boyle said the new development would secure Lyndoch's financial position at a time of national recession and a downturn in the aged-care industry."The overriding issue is that residential aged-care is a marginal business and if we want to continue to provide quality care to our 200 residents then we need to create a positive cash flow," he said."Every cent made by this project will go back into our business to keep it operational."This development isn't about making profit for profit's sake. Lyndoch as an organisation can't be benevolent to our residents if we're not making enough money to put back into the business."