Purpose-built rental housing is soon destined for the corner of Tillicum and Burnside roads, as the old commercial buildings were recently torn down to make way for 104 rental units.
Two colourful, six-storey buildings B次元官网网址� Herons Landing and The Ardea B次元官网网址� will offer rental apartments, owned and operated by EY Properties.
And while this is the first purpose-built rental project in Saanich in 25 years, Mayor Frank Leonard says the housing market has made it so that most condo building owners are having to rent units to stay afloat.
B次元官网网址淐ertainly what (EY Properties is) doing, a business focused entirely on being property managers on buildings that they own, is quite unique,B次元官网网址� Leonard said.
B次元官网网址淏ut certainly those who are building condos are finding thereB次元官网网址檚 a significant percentage being bought and rented out, even some developers are building, selling some and having to rent others.B次元官网网址�
Leonard says heB次元官网网址檚 been talking recently with a developer who wants to build in the Saanich core.
B次元官网网址淗is business plan shows 40 per cent being rented by him. He figures in three years of sales he can have 60 per cent of the units sold,B次元官网网址� Leonard said. B次元官网网址淗eB次元官网网址檚 going to start renting 40 per cent right away just so he has cash flow. These are the things they have to present to the bank B次元官网网址� because theyB次元官网网址檙e not going to believe the business plan when it shows 100 per cent sales right away.B次元官网网址�
The rental buildings planned for Tillicum and Burnside, which will also include ground-floor commercial space, were approved by Saanich council in June 2011.
At the time neighbours were concerned about a large parking variance that could see car owners having to park on nearby residential roads.
But Ernie Yakimovich of EY Properties agreed to a council covenant B次元官网网址� which is standard practice in EYB次元官网网址檚 other rental buildings B次元官网网址� that suites are only rented to tenants with cars when parking is available. As well, because the building is deemed affordable rental housing, there is less demand for parking stalls than at a condo building.
Overall, Saanich is looking to increase housing density in the Tillicum and Burnside area due to nearby transit routes and amenities, such as the Tillicum Centre.
Angela Oakley, property manager for EY Properties, says theyB次元官网网址檙e still waiting to get the building permit issued from Saanich, but once thatB次元官网网址檚 complete, theyB次元官网网址檒l start construction on what is now an empty lot.
Rent, she said, will range from $800 to $1,700 a month, depending on the size and number of rooms in the unit.
kslavin@saanichnews.com
