The Sawyer Block is a six-storey purpose-built rental complex with nearly 900 square feet of ground floor commercial space. Residential units will be maintained as rentals in perpetuity as part of an agreement with the City of Victoria.
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890 square feet of ground floor commercial space fronts onto Fort Street.
why any building that is already started gets funding is very questionable. but a government decision was made.
The rates will span from $1,000 to $1,500.
Link to source?
"They range in size from 285 square feet to 358 square feet. Rent is estimated to be around $995 to $1450 per month." - https://www.timescolonist.com/business/ottawa-kicks-in-13-25m-for-downtown-victoria-rental-complex-1.23921654
^ True that. Apparently a 385 sq ft loft at $1,500 a month is 30% below market and affordable.
The financing program only requires 20% of the units to be at 30% of median income for total families ($96,000 = $2400/month in rent), and for 90% of the whole building to be at Total Potential Gross Income (what maximum you could charge for rents based on assessment).
So by saying "The project will deliver homes at 30% below market rental rates thanks to government subsidies." I think will end up being misleading.
If you haven't yet checked out Citified's Q&A with Robert Fung, founder of the Salient Group, you can do so here: https://victoria.citified.ca/news/ten-on-the-10th-real-estate-development-with-robert-fung-of-the-salient-group/
Rental apartments finally coming to Fort Street's Sawyer's Sewing site after decade-plus work stoppage
After more than a decade of design changes and concepts, a six-storey Fort Street rental project will soon get underway.