Cook Street Village will host nearly 50 new rental units after plans for a condo development switched gears.
Federal Minister Carla Qualtrough, minister of public services and procurement and accessibility, announced Friday morning that the development being built at 200 Cook St.B次元官网网址� which was was originally approved for condominiumsB次元官网网址搘ill now offers 47 rental units, including 21 affordable housing units and five fully accessible units.
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B次元官网网址淚tB次元官网网址檚 obvious that demand for housing has far outstripped supply,B次元官网网址� Qualtrough said, adding that with federal funding the developer, Urban Core Ventures, was encourage to change routes. B次元官网网址淲ith federal and municipal support they are building much needed rental options that will help make it possible for 47 individuals and families to live and work in downtown Victoria.B次元官网网址�
The change comes thanks to a $21.1 million investment from the Rental Construction Financing initiative (RCFi), a federal program designed to help finance the construction of rental housing units.
Getting a tour of the newly announced rental housing building at 200 Cook St
B次元官网网址� Victoria B次元官网网址 (@VictoriaB次元官网网址)
The 21 affordable units will be priced at 30 per cent below the median household income in the area for the next 15 years, while the remaining units will still be offered at 10 per cent below market value, starting at $1,300 a month.
The units; including six three-bedrooms and a mix of studios, one- and two-bedroom units, range in size from 400 to 1,400 square feet. The ground floor will offer commercial spaces ranging in size from 600 to 3,000 sq. ft.
Urban Core Ventures president Leonard Cole said he was happy to make the switch from condos to rental units.
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B次元官网网址淚n this business, all decisions are difficult. I had 17 rental units in the building that IB次元官网网址檇 already proposed, so it was a matter of jumping to the next step,B次元官网网址� he said. B次元官网网址淚tB次元官网网址檚 very exciting, I myself have rented a lot in Victoria for many years before I was able to get into the market, so for me I am able to relate. IB次元官网网址檝e been on both sides of the fence, so being able to do that for me is great.B次元官网网址�
QualtroughB次元官网网址檚 family has also been struggling with housing in Victoria.
B次元官网网址淢y daughterB次元官网网址檚 in second year here at UVic and it was really hard for her and her roommate to find somewhere to rent,B次元官网网址� she said. B次元官网网址淚 think there is going to be much demand for this property and I think thatB次元官网网址檚 a wonderful thing.B次元官网网址�
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