Clay Cup Developers (CCD) is expected this week to finalize a long-awaited deal to secure land for a multi-million dollar affordable housing complex.
The pending agreement with a private land owner follows months of stalled negotiations with the town on a deal to secure property.
Brittany Wickham, chief operating officer for CCD, said her company and the town worked diligently over the past three months to reach a deal but were unable to do so because of timing.
“It was because of provincial government grant timelines that we needed to move forward with the project. It really came down to a timing thing,” said Wickham. “We had to seek out alternative land.”
In the meantime Wickham would not disclose details of the pending agreement with the private landowner other than to say negotiations are in the final stages to secure one acre of land for a three-storey, 24-unit building.
She said the building will have eight units per floor. Eighteen of the total units will be one-bedroom while six will have two bedrooms.
She said CCD has secured a provincial Housing Capital Initiative grant of $1,740,391 for 16 units of the building. The remaining funds needed to complete the project will come from private sources, said Wickham.
She said the building's units will serve Sundre residents who meet the low income threshold.
“It will be affordable housing. People will be offered rents below market value,” she said, adding CCD will be partnering with Mountain View Senior Housing. “We will be utilizing the knowledge and resources they have to place local residents in this apartment complex.”
She said if everything goes as hoped in the final stages of negotiations with the private land owner CCD will be “pushing” to start the project “before the snow hits.”
Wickham said the next step is detailed site planning and engineering.
“This is so we can move forward with the development permit with the town,” she said.
Meanwhile, CCD is now doing detailed engineering work for its ambitious $8 million housing project in Innisfail.
Construction of the project is targeted for four and a half acres of land within the Hereford Meadows area structure plan. It includes a significant affordable housing component. The project is expected to start this fall.
“We want to begin installing services before the snow hits,” said Wickham.
She said the Innisfail plan envisions a total of 76 residential units. The project will offer citizens a range of ownership options with some going for sale.
Earlier this year CCD officials said the Innisfail project will feature a three-story 24-unit housing complex. Sixteen of those units will be classified affordable housing, which will be provided to residents with rents at least 10 per cent below market value.
As well, the project will also include 16 entry-level townhouses, which will be subsidized by Clay Cup. Carlson said the sale prices will be “slightly” below market value.
Company officials added all profits will be directed to the Clay Cup Foundation, the company's non-profit agency. Profits will be used in the development of the foundation's other non-profit projects.
