PEC Affordable Housing Corporation has several housing sites in various stages of negotiation and development. Affordability, our aging population, accessibility and increasing the number of smaller and single-person households are priorities. Rents will be at least 20% below the average market rate prescribed by CMHC.
There are multiple projects at various stages of due diligence with many taking place at the same time.
The projected total number of units to be developed over the next 36-48 months is 1,150 – 1,400 units. This would be triple the number of long term rental units in the County and a total estimated investment of $250,000,000 – $300,000,000.
1. Wellington Arena Project ~ Construction is scheduled for early 2023 (tenders are just about to be issued). This will be a 36 unit building with 18 – 1BR, 17-2BR and 1-3BR. In addition on the same property will be 4 – 3BR townhomes. All units will be 100% affordable. Occupancy is projected for June 2024. This building will be a first for PEC in that the parking lot will have EV electric parking docks for those people who have electric or hybrid vehicles. As well, the building will have solar powered energy incorporated within the building.
2. Disraeli Street Project – Construction is scheduled for early 2023 with occupancy projected for fall 2023. This will be a 12 (possibly 15 unit) multi-residential building consisting of at least 6 bachelor and 6 1-BR. This project is in partnership with MBQ where 50% of the units will be for Indigenous youth between the ages of 18-35 who are employed full-time in the County. This building will be a first for PEC as the construction will be modular thereby allowing for a 9 month total construction. At the same time there will be road redevelopment on this street for service extension etc. All units will be 100% affordable.
3. P3 Partnership # 1 – The Housing Corporation is finalizing a private public partnership with a developer on land that is being purchased by the developer and closes on October 31st. The site plan for this property is the development of 210 affordable units consisting of Bachelor, 1 and 2 bedroom units. The development is centrally located in the County close to all amenities and will provide for affordable and supportive housing with supporting community agencies having offices on the main floor of the building. Construction is scheduled to commence in late 2023. Upon completion, the Housing Corporation will manage the property maintenance and tenancy management.
4. P3 Partnership # 2 – The Housing Corporation is finalizing a public private partnership with the same developer in # 3 above on a different piece of property, again centrally located in the County. Similar to # 3, the purchase of the property closes on October 31st. The site plan for this property is the development of 120 affordable units consisting of 1 and 2 bedroom units. Construction is also scheduled to commence in late 2023 to take advantage of synergies with trades on the property development in # 3. Upon completion, the Housing Corporation will manage the property maintenance and tenancy management.
5. The Housing Corporation is completing its due diligence on a vacant property in the County and the site plan is the development of a tiny home community with approximately 20-25 tiny homes. These tiny homes will be owned by the Housing Corporation and rented at affordable at a level below the affordable rate for a bachelor (i.e. $400.00 per month). The due diligence and approval to proceed will be taken forward to the new Council in December 2022.
6. The Housing Corporation is working through the due diligence of 3 municipal surplus properties that have been identified. The site plan for the three properties is the development of 120 affordable housing units of all unit types. Once due diligence and council approval has been obtained the projected timeline for construction to begin is the summer of 2023.
7. The County Council approved staff to proceed with submission of an Expression of Interest on the Queen Elizabeth School property. The Province is expected to announce the declaration of this property as surplus within the next 30 days in between councils. If the County was successful with this, the property would be transferred to the Housing Corporation and the site plan would be the development of 500 – 750 affordable housing units. This would be a 5 year project in a three level staged approach.
8. The County Council accepted the recommendation for the H.J McFarland Home. Specifically, if the new construction of the new home proceeds, the current long term care home would be transferred to the Housing Corporation for refurbishment of the existing building and adding a further storey for affordable housing with initial estimates of 120 units.
9. The Housing Corporation is currently in negotiation regarding another operation/property; however, details cannot be released at this time. Once negotiations have been completed and approvals in place a further announcement can be made. This discussion involves 60 units centrally located in the County.
These affordable housing projects include a requirement for local employment and apprenticeships.