Designed to be affordable for middle income families, 180 new rental homes will be spread out close to Nanaimo’s downtown and university.
At 560 Third Street, ‘DLX on Third’ will be two four-storey buildings with commercial units on the ground floor and residential above. It will be a mix of micro units, studio units, one-bedroom suites, two-bedroom suites, one-bedroom lofts, and two-bedroom lofts. Units will have in-suite laundry, as well as a balcony or patio.
“This new, affordable rental housing project will provide opportunities for Nanaimo residents to live in a vibrant neighbourhood close to where they work, learn and play,” said Sheila Malcolmson, MLA for Nanaimo. “Our government is committed to building more homes like these in Nanaimo and across the province to address the housing crisis that has affected so many.”
Construction is expected to be complete in spring 2023.
“This project is consistent with Nanaimo’s affordable housing strategy, which supports increasing the supply of affordable rental homes for low- and middle-income households,” said Leonard Krog, mayor of Nanaimo. “We are very grateful to the Province and the HousingHub, as these 180 new rental homes for middle-income earners meet the goals and objectives of our plans and, given our low rental vacancy rates, are a much-needed addition to Nanaimo’s rental market.”
HousingHub is a program by the province to ‘help create new affordable rental housing and home ownership options for low- and middle-income British Columbians’ by collaborating with ‘community, government, non-profit and private-sector partners.’
The BC government provided approximately $35.9 million in financing for the project, which will be repaid with interest by the Wertman Development Corporation.
