BC Housing advances revised Nanaimo housing proposal

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564 Fifth St., vacant for years, appears primed to be home to a pair of buildings funded by BC Housing.

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BC Housing advances revised Nanaimo housing proposal

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“It’s very exciting to see the project move forward, nice to see the province making that substantial investment in housing. The next step will be for the project to be considered by the Design Advisory Panel,” Holm said.

He expects a development permit will be entertained by City Council in the new year.

Underground and bicycle parking are included for the property owned by BC Housing, while a central courtyard, playground and shared barbecue area are also included.

Two neighbouring properties (owned by the City of Nanaimo and School District 68) had been rolled into a nearly six acre site for a broader development.

BC Housing vastly expanded an original pledge of at least 40 affordable housing units to involve 390 rental housing spaces on the three properties, including culturally responsive services and amenities, including childcare.

A rezoning and official community plan process cleared the path for the permitting process, expected to take place last year, however required funding didn’t materialize.

Referred previously as the Te’tuxwtun project, plans to transform the three sites were first announced in December 2019.

Holm wouldn’t be surprised to see the broader vision eventually come to fruition, but said it’s unclear when.

“There’s no funding in place and no commitment for development of the portion the City currently holds adjacent to 564 Fifth St.”

BC Housing is describing the proposal at 564 Fifth St. as phase one, with further development subject to provincial budget approvals.

Holm said developing the area following altered plans is significant, noting the property is well suited for density with numerous amenities like schools, shopping, transit and recreation nearby.

“It’s nice to see an increase in housing options for families in that area in addition to the 34 affordable replacement units to Sanala.”

Holm expects the initial phase of the project will be entertained by Nanaimo City Council for a development permit in the new year.

M’akola Housing Society is the chosen operator for the buildings on behalf of BC Housing, which involves multiple unit sizes with most spaces at near market rental rates.

BC Housing expects the 201 unit development to have construction completed in 2030.

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