Promoting an ‘affordable ownership’ model, a non-profit organization wants to build two apartment buildings, reaching 14 and 16 storeys tall, as well as 216 townhouses in the south end.
The pre-submission proposal, which means it’s not yet officially under consideration by city officials, comes from Home Opportunities and involves 266 to 280 Clair Rd. W., just west of Bishop Macdonell Catholic High School.
If ultimately approved, the plan calls for 960 new housing units to be built, with 642 inside two apartment buildings and 314 townhouses split into blocks of between six and 12 units. Also included is a six-storey tall, stand alone parking structure with 960 spaces and a surface lot with 109 spaces.
Company founder Mike Labbe previously told city council the units would be sold at market value, with his company assisting with down payments and arranging loans that don’t need to be repaid until the property is re-sold.
That, he explained, is how the units are kept at more affordable levels.
“The development will support the creation of a complete community through the introduction of affordable housing units within walking proximity to nearby existing recreational, institutional, employment and commercial uses,” states a planning justification report submitted to the city. “Future residents can access nearby amenities and everyday uses via existing sidewalks, bike lanes and public transportation.”
The land is currently undeveloped, used instead for agricultural purposes.
In order for the proposal to go ahead, the land’s official plan designation would need to be changed from employment lands to high density residential. Numerous zoning bylaw amendments are also being sought, including a parking reduction to 1,079 spaces from 1,185.
The plan also calls for a land swap with the city, meant to allow for the relocation of 60-metre ecological linkage for wildlife movement.
“Home Opportunities was founded on the principal that everyone deserves an equal opportunity to own a home. They are working towards a world where home ownership is possible for all communities across the globe, supporting economic development and reducing poverty,” the report states.
“All residential units in the development will be market priced but financial assistance is offered upfront to assist residents in achieving homeownership. In doing so, annual household carrying costs can be scaled up to half the costs of what would occur in a more conventional financing model.”