The site of a new affordable housing project in Sidney is being cleared this week.
Demolition of structures began late last week on Fourth Avenue in Sidney, across from the veterans’ association lot. Room is being made for an $11 million, five-storey condo structure, being built by the Greater Victoria Rental Development Society (GVRDS).
The Town of Sidney gave the project its official go-ahead in late July, after signing off on a series of financial concessions. The residential portion of the building — 56 units, more than half of which are deemed affordable — will not have to pay residential taxes for 10 years. As well, the Town dropped permit and development fees. They agreed to the GVRDS’s request to help make the project viable and to meet the Town’s stated desire to have more affordable homes built in the community.
The commercial portion of the structure on the ground floor would still be subject to municipal taxation.
More than half of its residential units will be offered at below market rents, according to GVRDS Executive Director Alanna Holroyd. She added they based rental rates on Canada Mortgage and Housing (CMHC) guidelines on what would be considered affordable housing in the region.