17-storey apartment building planned for Highland and Ira Needles area, affordable housing included
Posted May 29, 2024 05:24:34 AM.
Last Updated May 29, 2024 06:19:44 PM.
More affordable housing is coming to Kitchener, through a new partnership between The Region of Waterloo and Savic Homes.
A proposed 17-storey building near Highland Road West and Ira Needles Boulevard will feature over 200 apartments, 64 of which will be listed as “affordable.”
Including utilities, affordable housing is defined as rent that is at or below 80 per cent of the Canadian Mortgage and Housing Corporation (CMHC) Median Market Rent (MMR) for Waterloo Region.
The plan at 1388 Highland Road West includes a mix of one-bedroom, two-bedroom and three-bedroom units, with a focus on affordable childcare.
A third-party company is said to be involved in getting a child care centre in the building, when it is move-in ready, in about three years (2027).
Savic Homes is a Kitchener-based rental housing development company, working in the region for over 25 years.
“We are thrilled to be partnering with the Region of Waterloo on this exciting affordable housing opportunity,” said Nemo Savic, director of operations at Savic Homes Limited.
“We truly believe that a cohesive mix of Affordable and market units, and different unit types, is fundamental to creating a complete, inclusive and successful community.”
The project is part of the Building Better Futures Initiative, which is the Region’s goal to build 2,500 affordable homes across Waterloo Region over a five-year period.
