More than 100 purpose-built rental units could be coming to Courtenay.
On Monday, April 27, City of Courtenay councillors will vote on the first two readings of a rezoning application from Veyron Properties Group, who are proposing to build a five-storey 118 unit rental apartment building at 1025 Ryan Rd, near the city’s downtown.
The proposed rental building, if realized, would consist of 40 one-bedroom units, 30 two-bedroom units, 25 micro units that are less than 315 square feet, and 23 studio units. A fitness facility, communal office space, a rooftop patio and amenity room, bike storage, above and underground parking, and are also planned for the building, which has been designed by WA Architects.
Veyron is also planning to cap rental rates on six units within the proposed building to $812.50 per month.
According to a recent city staff report, Veyron is requesting that council create a new comprehensive development zoning definition called CD-27 because there isn’t any existing zoning that permits their proposed development without them having to ask for multiple variances. The company has also asked for increased height and parking reductions for their development.
Switching to a comprehensive development zone would “streamline” the approval process, but still give council and the public an “opportunity” to provide input, the report notes.
One “key element” of the proposed new CD-27 zone is that the only type of housing that would be allowed is rental housing, preventing the development from converting rental units into strata units, according to the staff report, which also notes that there is a serious need for rental housing in Courtenay.
“The city’s apartment vacancy rate remains critically low at 1.4 per cent for October 2019, which is the last report from CMHC. While this has increased from 0.7 per cent from the year before, there still remains a significant need to add supply,” the report said.
Should councillors pass the first two readings of the rezoning request, a public hearing would then be scheduled for the development proposal.