Preparations for a $120-million transformation of Peel Region’s oldest long-term care facility are expected to begin this year.

Peel Region has approved financing plans for the massive makeover of Brampton’s Peel Manor and gave the go-ahead to issue a Request for Proposal to design and build the new Seniors' Health and Wellness Village.

Redevelopment of the Main Street facility, just north of Williams Parkway, was initially approved in June 2014.

Officials have determined the two-storey, 177-bed long-term care centre has reached the end of its useful life and council opted to rebuild the facility with 77 additional adult day program spaces and expanded health and social services for seniors.

Last January, council instructed staff to redesign the initially-proposed construction concept — moving away from separate, specialized units for people living with dementia to smaller, more homelike living spaces and individualized care for those residents.

Construction changes also include moving parking spaces underground so more than two acres can be utilized for future supportive housing.

An acre of land will also be developed into parkland ­— enhancing the community’s outdoor recreational space currently provided by the Murray Street Park.

The project, with a price tag that has increased from about $78 million under the changes, is targeted for completion in 2021.

The region plans to use reserves and debt to finance the redevelopment, but continues to seek $30 million in provincial government funding.

When assessed in 2012, the cost to maintain the aging facility was estimated at more than $46 million over 15 years.