Twenty-six of the rental suites in a new downtown tower being built on city-owned land will be offered at a 鈥渕odest reduction鈥 from market rates, sa国际传媒 councillors will hear Monday.
Details of a housing agreement covering the 25-storey high-rise at 350 Doyle Avenue will be presented to council.
The maximum monthly rent that could be charged for the 26 studio units covered in the agreement would be $2,050. All other units in the building would be rented at going-market rates.
The city has signed a long-term lease for the property, the site of the former sa国际传媒 RCMP detachment, with the developer that includes several conditions. One was that the high-rise contain only rental suites, not units for sale.
Initial plans were for a tower of 13 storeys but the developer won city permission to increase the height, saying a more slender building form would preserve views from nearby buildings.
Affordable housing units are usually considered to be those that are derived through a sliding scale thatsa国际传媒 based on 30 per cent of a rentersa国际传媒 income.
However, the developer of the project at 350 Doyle Avenue is using an 鈥榓ttainable housing鈥 formula, which references 30 percent of the median total income for a sa国际传媒 household based on census data.
In 2020, the report to council states, the median total income of sa国际传媒 households was $82,000, meaning the maximum monthly rent that could be charged for one of the 鈥榓ttainable鈥 units in the new tower would be $2,050.
That is said by city officials to represent a 鈥渕odest reduction鈥 from current going market rental rates.
