Sidney council has approved the Greater Victoria Rental Development Society's plans for a 56-unit affordable housing development with ground floor commercial space.
Situated at 9818 Fourth Street in downtown Sidney, the five-storey mixed-use project will provide much-needed workforce rental housing in a market constrained by low vacancy rates and low supply, particularly on the Saanich Peninsula.
"Sidney Council has been hearing for a long time now that there is a real need and demand for affordable, workforce housing in Sidney. We know that approximately 74% of the workforce in West Sidney commute from other communities in the Greater Victoria Area where housing is less expensive. This development will provide an affordable option in Sidney to those workers and others. It will also bring more people into the shops and local businesses in the downtown core," said Sidney Mayor Steve Price.
Rents at the building will range between $800 and $920 for its mix of one- and two-bedroom units. Residents will also benefit from a two vehicle car share program established by the developer.
Approximately 10,000 square feet of ground floor commercial space will front onto Fourth Street. A single level of underground parking, planned as a revenue generator to help off-set apartment rental rates, will accommodate upwards of 30 vehicles.
Construction is expected to get underway this summer with completion next year. C
© Copyright 2016 by Citified.ca. All rights reserved.
- Learn more about 9818 Fourth Street on Citified | Discuss 9818 Fourth Street on VibrantVictoria
- Looking for a new-build home or commercial space in Victoria? Use Citified to research new-build condos, rentals and commercial spaces
- Follow Citified on Twitter
- Connect with Citified on Facebook: