A private developer is starting work on a long-awaited 38-unit rental apartment complex at the corner of Banff Avenue and Moose Street.
On Aug. 29, The Town of Banff’s planning and development department issued a development permit and building permit to allow Calgary-based Birchwood Properties to begin construction on three lots at 344-348 Banff Avenue.
Town of Banff officials say the three-storey apartment complex is good news given Banff’s lack of affordable rental housing, especially for entry-level residents, a segment most acutely affected by affordable housing issues in Banff.
“From the Town’s point of view, it’s exciting. We haven’t had purpose-built rental housing come online in a very long time, especially from a private developer,” said planner Keith Batstone.
“The vacancy rate is near zero right now and we hope projects like this will not only create new dwellings, but it might have the affect of encouraging existing property developers to redevelop to keep up with the new offerings on the market.”
Banff’s most recent housing needs assessment concluded that a lack of affordable rental housing is perhaps Banff’s most pressing need. The report predicted Banff would have a shortfall of 455 units to upwards of 730 units by 2022.
Provincial surveys also indicated Banff has a zero rental vacancy rate.
Banff’s Municipal Planning Commission initially approved the Birchwood development in March 2013, however, uncertainty surrounded the development when the property was listed for sale with commercial realtors Colliers International for $2.975 million.
A spokesperson for the company could not be reached for comment at press time.
The 38-unit apartment three-storey building includes 15 one-bedroom units and 23 two-bedroom units. Floor plans indicate 12 different styles of self-contained apartment layouts throughout the building. Each unit has living room and a full kitchen.
Batstone said trees on the property have been removed and the lots fenced off ready for construction to begin.
“We expect to see the underground parkade put in through early winter and then construction of the main floor, second floor and third floor to proceed, maybe in winter, but more likely in spring,” he said.
Mayor Karen Sorensen welcomed news that Birchwood was building housing.
“Housing is a top priority for this council,” she said. “We’re delighted that this private developer is building much needed housing in a great location.”
Meanwhile, approval of a 38-unit staff accommodation project by Caribou Properties on Beaver Street was set to go to Banff’s Development Appeal Board today (Sept. 4). Connie Beatson, Jamie MacVicar, Kerry Campbell and Joanne Geyer all filed appeals.
The 38 units equals 100 bedrooms of rental housing for Caribou employees and has a maximum number of occupants of 148 people, including a manager to oversee the employee housing complex.
Beatson, MacVicar and Campbell all put forward a position that the development is of a dormitory style and does not belong in a residential neighbourhood.
