A new apartment building in downtown Okotoks will include retail space and affordable rentals if all goes according to plan.
Cornerstone Homes is building The Station, with 10 purpose-built rental apartments and four retail spaces, on an empty lot at the corner of McRae Street and Clark Avenue.
Company president Justin Dallaire said they've applied for an incentive program through the Canadian Housing and Mortgage Corporation (CMHC) for affordable housing.
Under the program, at least 25 per cent of suites in the building need to meet CMHC affordability criteria, and there are other requirements that need to be met, Dallaire said.
“It has to be dedicated for affordable (housing) for at least 10 years,” he said.
The project is still waiting for CMHC approval, but Dallaire said the builder plans to offer three or four of the apartments as affordable rentals.
The building includes a ground-floor wheelchair accessible unit, which Dallaire said is “pretty unique” and is likely to be one of the affordable suites.
He said there's been a lot of interest in the project and that demand for rental apartments remains high in Okotoks.
“Availability for rental units in Okotoks is probably lower than most of the other bedroom communities,” he said.
“That being said, I think there are a lot of projects on the go and in the books here, and it won't be long before they catch up."
Construction of The Station could begin this fall and should take about 18 months to complete, he said.
