Downtown Housing Partnership Given Council Nod

It was hailed a “game-changer” by more than one on City Council. It is a partnership that will see the construction of 151 condo units in the downtown, directly across from City Hall.

“I see nothing but good things coming of this,” said Mayor Lyn Hall. “This is an absolute game-changer for the city.”
Council unanimously approved a 50-year partnership with the developer, A & T Project Developments. As part of it, the City will charge residents of the condo units below-market rates for parking. The City will rent 133 parking stalls to the developer for $75.43 per month. The current rate is $134.90 per month. The difference is $59.47 per stall.
However, it is expected the City will receive $40 million in municipal taxes from the development.

The City estimates the cost of the project is $37 million, will generate 308 direct jobs and another 319 indirect jobs.
The shovels will go in the ground this coming spring and the project will be built in four phases, with completion is three to four years.

A & T Project  Developments is also the developer behind the Riverbend Seniors complex on Victoria Street.