What do you think of this project?

  • I like it a lot

    Votes: 15 83.3%

  • I like it

    Votes: 3 16.7%

  • I neither like nor dislike it

    Votes: 0 0.0%

  • I dislike it

    Votes: 0 0.0%

  • I dislike it a lot

    Votes: 0 0.0%
  • Total voters
    18
David A said:
The subsidy is $72,000 per unit. However, the net cost per unit after the subsidy is still over $300,000. So, I'm not sure how that qualifies as affordable.

Maybe "near market" whatever those weaselly words mean, but you can buy an average condo in Edmonton downtown right now for under $200,000.

Of course, some of the cost of this project is going towards non residential space (not sure how much), so that should be accounted for too.
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They aren't condos, the 90 units will all be rented at 80% below market, which is the City's maximum threshold to be deemed 'affordable'.
 
The Williams Hall project is very welcome but it's certainly not cheap. Through this program, the city is contributing $6.5 million or about 25% of the cost for the 90 one-bedroom units. Beljan told council committee that each unit is about $300,000 to build and so the city's contribution for this affordable housing is $72,000 per unit. Street level retail as well as on the second level is part of the project along with some rec amenities that were already in the former YMCA building.

Just because it's affordable housing doesn't mean it's cheaper to build, council was told.

I am thankful we have Beljan in this city.
 
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I'm curious to see how affordable these end up being when it's all said and done. Based on the per unit construction costs it seems as if the rents they'll need to ask for won't be much cheaper than anything else on the market, and that's without factoring in the overhead costs for the building.
 
_urbanite said:
I'm curious to see how affordable these end up being when it's all said and done. Based on the per unit construction costs it seems as if the rents they'll need to ask for won't be much cheaper than anything else on the market, and that's without factoring in the overhead costs for the building.
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Remember that the announcement outlined that this is a collaboration with Boyle Street and the Youth Agencies Collaboration. I don't know the details, but it's 100% likely that these will be home to community members that utilize services for vulnerable youth.

It could very well be that there is funding in place where the tenant is paying only a portion of the rent through government income supports. That is to say, this will be affordable to folks that would either be houseless or couch surfing. And we should all be extremely happy about that, because this means 90'ish units for youth whose houseless situation is likely to become chronic.
 
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https://twitter.com/x/status/1719792189851746777
 
TAS said:
They aren't condos, the 90 units will all be rented at 80% below market, which is the City's maximum threshold to be deemed 'affordable'.
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I am guessing the units are a similar size or smaller than the average condo unit. I suppose in this case the city's contribution is fixed and it is nice this site is being redeveloped, but if the goal is more affordable units, total cost is a relevant factor.
 
Avenuer said:
The revised DP has been submitted.
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Reference ID:Job No 498277812-002
Description:Addition to Existing Building, Exterior Alteration, Interior Alteration, Change of Use
Location:10030 - 102A AVENUE NW
Plan F Lots 77-78
Applicant:BELJAN DEVELOPMENT MANAGEMENT
Status:Intake Review
Create Date:2024-01-18T05:03:02Z
Neighbourhood:DOWNTOWN
 
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