Ontario Construction News staff writer
The federal government is supporting construction of about 400 new rental homes in Kitchener with more than $160 million through the Apartment Construction Loan Program (ACLP).
Waterloo MP Bardish Chagger made the announcement last week at the groundbreaking ceremony for the second tower at 3243 King St. E.
The three-phase project, developed by Vive Development Corporation, will eventually include three residential towers connected by a private road and pedestrian walkway. A two-level underground and structured parking facility will serve all buildings, topped by a landscaped rooftop with outdoor amenities and recreation space.
Local officials cut the ribbon on Phase One, which has been welcoming its first residents since August.
“We are committed to working with our partners to rise to the challenge of building more housing in our community,” Chagger said. “Through the Apartment Construction Loan Program, we are taking action to increase the supply of new rental housing by investing more than $160 million in the construction of 398 new homes in Kitchener.”
Vive Development’s Chief Development Officer, Stephen Litt, said the project shows the importance of collaboration between governments and the private sector.
“This project represents more than 390 new homes and a shared commitment to increasing housing supply, supporting local workers and families, and helping the community grow,” Litt said.
The federal government previously announced $115 million in loans through the ACLP to support construction of the first tower in 2023.