Ontario Construction News staff writer
The Canada Mortgage and Housing Corporation is looking for developers interested in turning a federal building into an affordable housing complex.
The property at 1 North Front St. in Belleville, is a three-storey building with a mezzanine and a restricted value of about $4.25 million. However, it would be sold at a discount or no cost. The purchase price will be determined based on the level of social outcomes and number of affordable units created.
The property includes a surface parking lot and an underground garage, which require repairs due to a structural defect and repairs “can be done without delaying the occupancy.”
A request for interest was issued through the Federal Lands Initiative, a $200 million fund supporting the transfer of surplus federal land into other needed projects.
The FLI is seeking one committed proponent who will make a significant investment in this site in order to develop it into a mixed-use project of no fewer than 36 residential units, while maintaining commercial use for the ground floor, thereby creating a desirable place to live for members of the community.
Informal requests of interest are being accepted until February 5, and potential developers must submit a letter outlining in broad terms, the type of project they would like to develop on this site. Additionally, their Expression of Interest should detail their experience in developing and operating affordable housing projects of similar size and scope as well as a confirmation that they will be willing to meet or exceed the following minimum requirements.
“Before formally launching a competitive process to select a proponent who will acquire this property and develop it into an affordable housing project, the FLI is seeking to ascertain whether there is sufficient interest from the pool of qualified proponents in this market to acquire this property for that purpose,” a notice on the FLI website explains., including
To request access to CMHC’s Document Vault, which includes relevant documentation, proponents are highly encouraged to connect with a regional Multi-Unit Housing Specialist or an Indigenous and the North Housing Solutions Specialist.