A 73-unit seniors housing project could be built in Whitehorse at 468 Range Rd.
Details of the project will be part of city council’s April 15 meeting when a major development incentive agreement between the city and proponent KBC Developments Inc. comes forward for discussion.
The incentive — to a maximum of $500,000 or 10 years — would provide KBC Developments Inc. with grant equal to any property tax increases resulting from improvements to the property due to the new construction. The grant is paid annually only after the property taxes have been fully paid by the owner.
A five-storey structure with 73 studio, one-bedroom and two-bedroom units would be built. A staff report to council about it does not detail how many of each type of unit are planned.
Underground parking along with shared dining, a salon, exercise and reception/office space would also be part of the building plans.
The project meets the development incentive criteria for rental housing.
“This development will be owned by a private, for-profit company,” says the report to council.
Under the incentive agreement KBC would be required to maintain its ownership of the rental units for a minimum of 10 years, though the agreement could be transferred to a new owner with city approval and provided new owners meet the conditions of the agreement.
The incentive also specifies the units not be used for short-term rentals such as AirBnB.
Council could vote on the incentive agreement as early as April 23.
Contact Stephanie Waddell at firstname.lastname@example.org