Sidney is set to gain affordable workforce housing, after Sidney council’s approval of an application by the Greater Victoria Rental Development Society (GVRDS) on Monday, to build a five-storey, mixed-use building that will include 45 rental units of attainable workforce housing.
The mixed-use building will be located in the heart of downtown Sidney, on the west side of Fourth Street, north of Beacon Avenue, making it easily accessible to shopping, transit and other amenities. It will consist of approximately 10,000 square feet of ground-floor commercial space, underground parking, and studios of small one and two bedroom units.
Rents will range from approximately $800 to $920 per month, and will be controlled via a housing agreement registered on the property’s title to ensure affordability for low to middle-income working people and families.
74% of the workforce in west Sidney commute from other communities in the Greater Victoria area, where housing is less expensive.
“Sidney Council has been hearing for a long time now that there is a real need and demand for affordable, workforce housing in Sidney,” said Mayor Steve Price in a statement.
“This development will provide an affordable option in Sidney to those workers and others. It will also bring more people into the shops and local businesses in the downtown core.”
The Town of Sidney will also contribute to making the units affordable, through council waiving development fees related to the project, and providing a ten-year tax exemption on the residential portion of the development.
The project proponent, the Greater Victoria Rental Development Society (GVRDS), is a registered non-profit society incorporated in 2009. GVRDS has a proven track record; they have successfully completed and now manage two developments in Victoria, with a third in the works.
Download and view the full details of the development proposal.