Ontario Construction News staff writer
A chronic housing shortage in Kingston is getting a boost with rental units for 350 people.
Podium Development Corp., Secure Capital Partners Inc. and Blue Vista Capital Management LLC have partnered with OPTrust to develop purpose-built rental buildings in the community.
Currently under construction, Unity Point is the first of three planned phases located at the corner of Princess St. and University Ave. At a cornerstone laying ceremony in early September, representatives labeled Kingston “Ontario’s lowest vacancy rate municipality.”
The building will include 200 residential apartments, ranging from studio to three-bedroom configurations that boast modern architectural design.
Podium Developments’ managing director Bernard Luttmer says the development will address a chronic housing shortage in the city.
“At present, the rental vacancy rate is the lowest in the province at 0.6 per cent, and this ceremony marks an important step towards our commitment to deliver high- quality rental apartments to approximately 350 residents for spring 2021.”
In addition to the 200 residential apartments, the four companies plan to develop two more purpose-built rental residential projects in Kingston, totalling 788 units and housing over 1,300 residents over the next four years.
The three projects combined will also offer more than 26,000 sq. ft. of at-grade retail space.
Residents will have access to a rooftop terrace, yoga studio, gym, meeting rooms and study areas. The residents will also have access to over 11,000 sq. ft. of retail space.
Kingston Mayor Bryan Paterson says the purpose-built development will help boost the housing supply while adding to the vitality of the Williamsville area.