Construction is underway on a new housing project that will see nearly 100 new affordable rental homes replace three aging apartment buildings in James Bay.
The new development, being erected in Michigan Square in Victoria will feature 97 units for families seniors and people with low to moderate incomes.
The project is receiving $4.5 million through the Regional Housing First Program, which is a partnership between the Capital Region Housing Corporation (CRHC), the B.C. government and the Government of Canada.
The Province, through BC Housing, is also providing approximately $11.7 million in low-cost financing through the HousingHub, another $4.6 million through Building BC: Community Housing Fund and approximately $187,000 in annual operating funding.
In addition, the Capital Regional District is contributing $1.1 million through the Regional Housing Trust Fund and the City of Victoria is providing $620,000.
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“With construction starting on Michigan Square, more families, seniors and individuals in Victoria will have access to quality homes with affordable monthly rents that will help them stay in our community,” said Grace Lore, MLA for Victoria-Beacon Hill. “We’ll continue to work with our federal and community partners to build more affordable homes like these in Victoria and throughout British Columbia.”
The development is located at 330-336 Michigan St. and will be replacing 53 units in three aging apartment buildings that were rendered uninhabitable by water damage. The buildings have been demolished and their residents have been relocated to other affordable housing in the community.
The redevelopment will see the demolished units replaced with two new four-storey apartment buildings that will include studio, one-, two- and three-bedroom homes:
- 24 units for people with very low incomes that will be rented at the provincial shelter rate;
- 22 units with rent geared to income, for which people with low to moderate incomes will pay 30 per cent of their incomes; and
- 51 units for people with moderate incomes that will be rented at market rates.
The development will include a private courtyard with a playground and community garden, as well as an indoor gathering space and bike storage.
When construction is complete, residents who lived in the now-demolished buildings will have the option to move into the new units, notes the government.
The heritage house and nine townhouses on the site will not be redeveloped, and their tenants and the rent they pay will not change.
Construction is expected to be complete on the new rental homes in fall 2023, with residents moving in soon after.
More information on the Michigan Square project can be found online here.
Graham Cox
