Over 60 new affordable rental homes are under construction in Victoria through a partnership between the Provincial Government and Aryze Developments.
The housing project will consist of a five-storey wood-frame building located in Quadra Village at 2570 Fifth St.
The 64-unit building will contain studio, one-bedroom, two-bedroom, and three-bedroom homes for households with annual incomes between $48,000 and $100,000.
It will also include ground floor commercial space which will be leased by the nearby Vancouver Island School of Art.
Luke Mari, principal, Aryze Developments says that the project will provide neighborhood housing for a variety of incomes and demographics.
“A densified, compact, walkable lifestyle is critical to solving our climate and housing crises, all while creating more liveable and healthier communities.”
Rents for the units will be:
- studio: approximately $1,000 to $1,215 per month
- one bedroom: approximately $1,375 to $1,440 per month
- two bedrooms: approximately $2,000 to $2,145 per month
- three bedrooms: approximately $1,125 to $2,500 per month
The 64 units are part of 3,400 affordable homes that the Province is working in partnership to build across the Capital Regional District.
The Province is providing construction financing of up to $17.2 million for the project, which is expected to be complete in spring 2021.