Cranbrook city council passed the first two readings of an application to rezone existing townhouses to high density residential in order to facilitate construction of a new apartment building.
The property, located at 2220 2nd St. South, is currently an 18 townhouse unit, three building housing development, and owned by Aqanttanam Housing Society. The rezoning request to high density residential would facilitate construction of a new four-storey apartment with 36-42 units, according to the society.
The existing buildings are in poor operating condition, however, upgrades and renovations are estimated at $4.2 million — approximately $231,000 per unit.
“After assessing the options for the highest and best use of the location, the society is proposing to redevelop the land parcel, for greater density,” reads a letter to the city from Austin Parisien, the executive director of the Aqanttanam Housing Society.
“The redevelopment would increase the supply of affordable rental housing to the lower income families in Cranbrook and surrounding area. The redevelopment option is well aligned with the long—term objective of The Society. A new building on this land will maximize financial and social value, while also reducing the ongoing operational liabilities of the current structure.”
A public hearing for citizen feedback has been scheduled for 6 p.m. on Oct. 26.
The new apartment building is expected to have a lifespan of 35-60 years with rent geared toward income.
The existing structures, originally built in 1973, are in dire need of renovations, according to the society, which include interiors, exteriors, roofing, insulation, mechanical systems, plumbing, all of which is complicated by the existence of asbestos.
The Aqanttanam Housing Society currently has another 39-unit apartment currently under construction — Chief Anges McCoy building in Slaterville — and has a housing portfolio that includes another 12-unit apartment, 16 family homes and 10 duplexes.
The society adds it has a waiting list of 192 individuals and families and that the list grows by an average of four new applicants per month.
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