On a quiet Colwood residential street, construction has begun on a new apartment building in Belmont Park.
Stride Properties Ltd., in partnership with BC Housing, is building a four-storey apartment that will house 48 market rental suites.
“Housing affordability is an ongoing concern,” said Stride Properties president Matt Peulen.
“We are happy to be working with BC Housing to add rental homes in our community.”
Construction of the project at 284 Belmont Rd. is made possible by a BC Housing program called HousingHub.
The purpose of the program is to help create new housing options for middle-income British Columbians. HousingHub works with community, government, non-profit and private sector stakeholders.
“We want Colwood residents to be able to live in our community throughout their lives,” said Colwood Mayor Rob Martin. “That includes having affordable rental options for young adults, families starting out and people on fixed incomes.”
People living in households with an annual income of $52,000 to $66,000 will be eligible to rent the one- or two-bedroom suites. The project is meant to help middle-income earners in a community with very low rental supply.
Peulen said that middle-income families are often overlooked when affordable housing projects are being considered by developers.
“We are working hard with our community partners to make sure people, including those with middle incomes, have access to to the homes they need,” said Mitzi Dean, MLA for Esquimalt-Metchosin.
The project is scheduled to be move-in ready in the fall of 2020.
