Menzies – Affordable Rental Building

PROJECT SUMMARY

Mike Geric Construction has applied to the City of Victoria to build a purpose-built, affordable rental building at 131-139 Menzies Street in James Bay Village. If approved, the project will provide 46 attainable and affordable rental homes for local residents in partnership with the Capital Regional Housing Corporation.

PROJECT DESIGN AND RATIONALE

The building has been designed to complement the surrounding buildings in the diverse James Bay neighbourhood. Ranging in height from three to five stories, the building incorporates studio, one, two and three bedroom homes to accommodate a range of housing needs.

A shared rooftop space, underground parking, secure bicycle and scooter parking, patios and backyard spaces at the ground level are included in the building design.

AN INNOVATIVE APPROACH TO AFFORDABILITY

Mike Geric Construction purchased these three properties in late 2021 to explore the opportunity of creating a purpose-built rental building in partnership with Capital Regional Housing Corporation (CRHC).

The idea was a product of our community consultation and early rezoning application process for another James Bay development site at the corner of Quebec and Montreal Streets, where we had planned to include 15% below market homes for purchase. We heard from the community and housing advocates that they wanted more a more impactful affordability component to our proposal. The result was this separate project, that makes it possible to provide more affordability in a location that’s better served by transit and is closer to local recreation, stores and services.

REGIONAL HOUSING FIRST PROGRAM

Our team has put this project forward to the CRD’s Regional Housing First Program (“RHFP”) to provide a purpose-built, affordable and turn-key rental building the CRHC at a below market, fixed-price. This type of agreement makes it possible for CRHC to provide new housing with reduced risk and certainty about the viability of the project from an economic, social and construction standpoint, even during challenging construction and economic climates like we are currently experiencing.

The Menzies Street project has received initial approval for this program, which requires it to be ‘shovel ready’ by the end of 2022. This program provides a housing mix of 20% provincial income assistance homes, 31% affordable homes and 49% near-market homes.

NEXT STEPS

July 13th, 2022 CALUC Meeting – Visit https://bit.ly/3OF23qb to register to attend. City of Victoria meeting dates, including a Public Hearing for this development have not been scheduled.

We’d Love to Hear from you!

Please contact Greg Gillespie, VP-Development with your questions or comments. Greg@gericconstruction.com or 250-858-6940