Affordable workforce housing is slated for downtown Sidney.
At its Monday meeting, council approved an application by the Greater Victoria Rental Development Society to build a five-storey, mixed-use building that will include 45 rental units of “attainable workforce housing.”
The building will include about 10,000 square feet of ground-floor commercial space, underground parking and studio and one- and two-bedroom apartments.
The development is slated for the centre of Sidney, on the west side of Fourth Street, north of Beacon Avenue, where shopping, transit and other amenities are easily accessible. Rent levels will range from about $800 to $920 per month, and be controlled via a housing agreement registered on the property’s title to ensure affordability for low- to middle-income working people and families.
“Sidney council has been hearing for a long time now that there is a real need and demand for affordable, workforce housing in Sidney,” said Mayor Steve Price in a statement.
“We know that approximately 74 per cent of the workforce in west Sidney commute from other communities in the Greater Victoria Area where housing is less expensive.”
The development will provide options for commuters, as well as attract more customers for Beacon-area shops and businesses, he said.
The town will help with affordability by waiving development fees related to the project and providing a 10-year tax exemption on the residential portion of the development.
The Greater Victoria Rental Development Society is a registered non-profit society incorporated in 2009 with a mandate for new well-built, non-subsidized apartments in the hopes that reasonable rents can lead to eventual home ownership. It has developed and now manages two developments in Victoria.
