The province announced Friday (Sept. 13) the opening of 97 rental homes at a James Bay site known as Michigan Square.
The completed project will cater to those with low to moderate incomes and includes two four-storey structures connected by an elevated walkway. The project resulted in a net increase of 44 homes at the Michigan Street site and also features a community garden, playground and a private courtyard.
The province said Michigan Square replaced the 53 apartment units that were located at the property, but were at the end of their life. The new buildings have units ranging from studios to three-bedroom spaces. Twenty-four homes will be rented out at the provincial shelter rate, 22 will tie rent to 30 per cent of the tenant's income and the remaining spots will be offered at below-market rents.
B.C. provided $28 million for the project and will provide annual funding for the Capital Regional Housing Corporation (CRHC) to own and operate the site. The federal government contributed $4.5 million, while the City of Victoria provided $620,000 and CRHC offered the land, which was valued at $2.8 million.
“Families and seniors who call Victoria home don’t want to have to move further away to find housing they can afford,” Housing Minister Ravi Kahlon said in a news release. "Our communities depend on working professionals like teachers, nurses and construction workers to grow and thrive, and we are committed to creating more quality, secure housing within their budgets."
Most of the eight-year timeline to revamp the site was caught up in the approval process. The CRHC board approved the redevelopment of Michigan Square in 2016. The site's former homes were demolished in 2022 and construction also started that year.
"Thanks to the collaboration between all levels of government, we are building more affordable housing in Victoria, and in doing so, we are contributing to the economic and social well-being of the entire community," said Jonathan Wilkinson, federal cabinet minister.
The province also announced the BC Builds program will see another 58 rental homes created at two properties in Victoria. Those middle-income focused projects are still in the planning phase.
Victoria Mayor Marianne Alto said the new affordable homes will provide stability and support for her city's residents.
"As these much-needed homes become available in our community, we take further steps to intentionally build a city where everyone has access to a home that meets their needs,” Alto said in the news release.
