Photo: Contributed
It has been almost 30 years since the Colombian Centennial Housing Society of Kelowna brought new, affordable housing units to its residents.
That day will finally return in a few months when the Columbus Center on Sutherland Avenue south of the Capri Center Mall is completed.
“We are expanding our portfolio of affordable rental apartments by 36 units. It’s an exciting time for society, ”says Managing Director Keith Bepple. “CCHS hasn’t been involved in a new build since 1992, so it’s been quite a length of time. We certainly see the need every day. “
CCHS is a not-for-profit housing association that provides and maintains high quality, affordable rental housing for people and families with low to middle incomes. Between 1986 and 1992, the company worked with the Culos Development Group on one apartment and four townhouse developments across Kelowna. It is now benefiting from the equity it has built up over the past three decades for the construction of the Columbus Center.
The new project will include commercial space at street level and three residential floors above. There will be two floors of affordable housing and the top level will consist of 12 rental units. There will be 24 one bedroom apartments, eight two bedroom apartments, two small one bedroom apartments and two studio units.
Rents will be below average in the private market, and it won’t be long before CCHS has filled the building.
“We have hundreds of requests for units in our apartment buildings,” says Bepple. “We may only see two or three sales a year in our apartments, and in the family houses it’s a little more than that, but there is a great need and a great demand. In Kelowna it is becoming increasingly difficult to accommodate a family with two incomes. “
The life lease units are essentially market condominiums, but they are offered at around 12% below the estimated value.
The Columbus Center’s location makes it a convenient place to live for many as it is right across from the Capri Center Mall and there is plenty of public transportation nearby.
The $ 16.5 million project is funded entirely by CCHS and the Columbus Holding Society, which owned the land. CCHS has received US $ 50,000 and US $ 19,300 in funding from the Canadian Mortgage and Housing Corporation and the City of Kelowna, respectively. BC Housing guarantees the mortgage.
This article was written by or on behalf of the sponsoring client and does not necessarily reflect the views of Castanet.
