Construction is set to get underway next month on two apartment buildings with 120 units in Nanaimo’s Wellington neighbourhood.
A development permit was issued for the buildings at 4745 Ledgerwood Rd. a little over a year ago, and this week a provincial government press release previewed that construction will start in August and the first tenants will be able to move in during spring 2022.
The province, through B.C. Housing’s Housing Hub program, is partnering with developer WestUrban, providing construction financing for what it’s classifying as “affordable rental homes” ranging from $1,100 per month for studio apartments to $1,900 per month for three-bedroom suites. They are calculated to be affordable for households with annual income between $44,000 and $76,000.
Sean Roy, CEO of WestUrban Developments Ltd., said his company is excited to partner with B.C. Housing on a project to address “middle-income” rental housing needs.
“This latest project will provide high-quality residential living in Nanaimo, and we look forward to continuing to partner with B.C. Housing on future developments,” he said.
The province will provide up to $24.8 million in construction financing for the project.
“People deserve safe and secure homes, but even middle-income people like teachers and small business owners have struggled to find affordable housing in Nanaimo,” said Sheila Malcolmson, Nanaimo MLA, in the release. “These new homes will mean that more people – from young families to seniors – have access to affordable housing in their community, close to their friends, family and work.”