The Town of Banff is a step closer to securing eight lots on Deer Street and six lots on Cave Avenue from Parks Canada in order to develop affordable housing.
Development of rental apartment housing on two lots on Banff Avenue owned by the Town of Banff has been put on hold, in the hope of developing more cost-effective projects on Deer Street and Cave Avenue.
“Talks are ongoing between administration and Parks Canada to obtain release fees for eight lots on Deer Street and for six lots on Cave Avenue,” said Sharon Oakley, the Town of Banff’s housing sustainability coordinator.
“If successful, these lots, obtained through an agreement with Parks Canada, would allow for the future development of affordable rental housing.”
Like most tourism destinations, especially those with a limited land base, Banff struggles to provide sufficient, appropriate housing.
Housing has been identified a top priority by town council to try to address Banff’s housing shortfall, which is predicted to be anywhere between 450 and 700 housing units by 2022.
Banff’s rental vacancy rate has hovered around zero for the past couple of years.
Council’s 2015-2018 strategic plan indicates the municipality will work with Parks Canada to acquire sites for housing. The Town hopes to develop about 100 rental units over the next three years.
Oakley said more information on the Town’s hopes of securing lands on Deer Street and Cave Avenue is expected to come before council this month or next.
“Administration will bring a request for decision to council once the release fees have been set,” said Oakley.
Banff Housing Corporation bought two lots at 338 and 340 Banff Avenue for $1.3 million in 2013, and earlier had plans to build a $9.3 million, 36-unit rental apartment complex there.
The housing corporation, created in 1993 as a not-for-profit developer, is out of the development business and its role has been scaled back to include management of its existing housing portfolio at Middle Springs and downtown Banff.
The Town of Banff will be the developer of any new housing projects, but will likely turn the operation and maintenance of buildings over to BHC once constructed.
