Work on a new five-storey apartment complex will begin in the coming months after Cranbrook city council gave their approval.
The planned building will have 75 market rental units, with a mix of one and two-bedroom rental units, along with studio apartments.
“We did a housing study here a while back, and we were told we were short about 500 beds for a housing requirement,” said Mayor Lee Pratt. “This project and a couple of others that are on the go here will fill that need.”
West Urban Developments Ltd. said the building will be located along 10th Street North, near the Tamarack Centre.
The application said the property will provide a long-term rental option with easy access to transit routes, cycling and walking paths and shopping access.
Mayor Pratt said the building will alleviate some pressure on the local housing market.
“There are several buildings that are renting out for prices that they shouldn’t be, but because there’s nothing else available, that’s the price they get,” explained Pratt. “Once these are done, that rent is going to have to come down because they’re going to be in the same price range as these brand new units with new appliances and everything, Those other units will come down in price, which will free up some of the market for lower-income people.”
Pratt said construction will likely start in the spring, with hopes that people will be able to move in by the summer of 2023.