OLDS – Town council has given final approval to a bylaw that allows residential suites at grade, above or below businesses in the Uptowne area, as long as they’re not at the principal entrance at the front of the building.
The bylaw change arose from an application to create suites in the basement of the former Stevens Jewellers building.
Prior to passage of the bylaw, residential suites were allowed above businesses in the area, but not below.
Council gave initial approval (first reading) to the bylaw during its May 13 meeting, setting up a public hearing on the matter on June 10.
No one spoke during the public hearing so it was closed and after some discussion, council gave second and third readings to the bylaw, thereby giving it final approval.
The former Stevens Jewellers building is located at the corner of 50th Avenue and 50th Street. The street address is 5018 - 50th Ave.
During discussion on the bylaw, Coun. Darren Wilson noted there’s now lots of effort and activity underway to provide new rental housing in Olds.
"At what point do we need to start looking at – if at all – requirements to make sure that home ownership is affordable, not just dealing with vacancy rentals,” he asked.
Chief administrative officer Brent Williams said developers -- certainly of big developments of 100 units or more -- tend to obtain at least a portion of their financing or mortgages via the Canada Mortgage & Housing Corporation.
“For the town of Olds to implement that, I don’t want to say it would never happen, but certainly that we’re just starting this uptake in development,” he said.
“We won’t really see the results of what the end product is for at least another year, probably 24 months for the larger developments, once they’re ready to open.
“It could be a conversation we revisit, but for now I would say I’m comfortable just … saying we need housing and the more supply we dump onto demand, it’ll work itself out.”
