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Originally Posted by ColdRain&Snow
Anyone know what's going on with the proposed building at 350 River Ave? The old building was knocked down back in December and the lot has been an empty pit ever since.
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Most recently approved and permit issued in June 2021, after years of wrangling with the city, appeals from neighbours, etc.
What was approved is 5 regular units and 10 single-room-occupancy units (small half bathroom in each, shared main bathroom and shared kitchen). At the project's inception, the idea was that these would be affordable units priced at $600 a month.
Here was the rendering as of 2021:
I don't know anything about the economics of this project, but the original plan was 30 SRO units and the approved plan was only 10 SRO + 5 MFR. That's a lot fewer doors, and meanwhile we've had two years of double-digit construction inflation.
I wonder if the feasibility just isn't there anymore.