The Village of Radium Hot Springs has entered an agreement to acquire just over four acres of vacant land to build rental housing.
Mayor Mike Gray says the Village plans to develop purpose-built rental housing, a new park and some road network improvements on the lot.
“We’re really excited that we were able to take a stab at our rental housing market that we need to build up in Radium, and provide a park in the same property where the rental property will be,” said Gray.
The Village says the land, along Ridge Road at the north end of town, will cost $410,000.
Money to purchase the site comes from Radium’s Parkland Acquisition Reserve Fund, a Federal Housing Accelerator Fund grant, and a Provincial Growing Communities Fund grant.
The land will be split, with 2.3 acres dedicated to future housing and 1.1 acres left for park space.
Gray says the local government has taken a direct role in building new rental housing.
“We don’t really want to be landlords or play in that market. Having said that, the community said there is a need and this seems like the most logical thing for the time being,” said Gray.
Gray says the future rental housing is meant to ease pressure from the strained rental market.
“We want to make sure we’re not adding to the market for outsiders to come in and scoop it up. We want to find a way to make sure the rental housing goes to serve the needs of the community, attract the people we need to attract, and provide housing for the people who are already here,” said Gray.
Once the land acquisition is finished, Gray says the Village will begin seeking funding, creating designs and considering resident feedback as the project progresses.
“Our plan is to do a lot of consultation with the community and see exactly what that need is and make sure we’re building something to suit that and the community surrounding it.”
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