Williams Hall | ?m | 7s | Beljan Development | Hodgson Schilf Evans

What do you think of this project?

  • I like it a lot

    Votes: 19 70.4%

  • I like it

    Votes: 7 25.9%

  • I neither like nor dislike it

    Votes: 1 3.7%

  • I dislike it

    Votes: 0 0.0%

  • I dislike it a lot

    Votes: 0 0.0%
  • Total voters
    27
"Williams Hall Ltd. is proposing to rehabilitate the former YMCA Edmonton Downtown Centre at 10030 102A Avenue NW to create 90 new, near-market affordable rental units (90 bedrooms) for low-income young adults struggling to pay market rent. Williams Hall Ltd. will work with Youth Agency Collaboration and Boyle Street Community Services who will refer eligible tenants to the units. The units will be offered at a maximum of 80 per cent of average market rents. This project would be the first affordable housing project located in the downtown neighbourhood to receive grant funding through this grant program.

The estimated construction budget for the entire rehabilitation project is approximately $35 million. The applicant has applied for $6,500,000 from the City to offset capital costs for the 90 units. In exchange for the City’s contribution, Williams Hall Ltd. would provide 20 years of affordable housing use. The applicant is also pursuing funding from CMHC’s National Housing Co-Investment Fund and the Government of Alberta's Affordable Housing Partnership Program."

 
IanO said:
Don't get me wrong, this has great potential, but at $388,888/unit if spread over the total project or a 19% subsidy is a little hard to swallow.

Are there market units as well?
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Greenspace said:
"Williams Hall Ltd. is proposing to rehabilitate the former YMCA Edmonton Downtown Centre at 10030 102A Avenue NW to create 90 new, near-market affordable rental units (90 bedrooms) for low-income young adults struggling to pay market rent. Williams Hall Ltd. will work with Youth Agency Collaboration and Boyle Street Community Services who will refer eligible tenants to the units. The units will be offered at a maximum of 80 per cent of average market rents. This project would be the first affordable housing project located in the downtown neighbourhood to receive grant funding through this grant program.

The estimated construction budget for the entire rehabilitation project is approximately $35 million. The applicant has applied for $6,500,000 from the City to offset capital costs for the 90 units. In exchange for the City’s contribution, Williams Hall Ltd. would provide 20 years of affordable housing use. The applicant is also pursuing funding from CMHC’s National Housing Co-Investment Fund and the Government of Alberta's Affordable Housing Partnership Program."

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I'm always skeptical of the value of grants for in "Near Market" rentals. Does a reduction of rent from $1,239 (current EDM average) to $981 really make enough of a difference for a "low-income young adult" to justify a $6.5M investment? If they are low income that's still pretty damn high. If it was 80% of the bottom of the market I would be way more supportive.

I know Cvidia has been building a bunch of "Near Market" rentals, but as a way to subsidize their income tested units while still supporting their mandate. Not so much as a housing solution directly.
 
SarcasticMarmot said:
I'm always skeptical of the value of grants for in "Near Market" rentals. Does a reduction of rent from $1,239 (current EDM average) to $981 really make enough of a difference for a "low-income young adult" to justify a $6.5M investment? If they are low income that's still pretty damn high. If it was 80% of the bottom of the market I would be way more supportive.

I know Cvidia has been building a bunch of "Near Market" rentals, but as a way to subsidize their income tested units while still supporting their mandate. Not so much as a housing solution directly.
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I imagine low income covers a range. Minimum wage: you could make ends meet at this rental rate, but not by much: https://www.ecfoundation.org/wp-content/uploads/Final-C-Primer-on-Income.pdf. That is also based on 2019 data, so include inflation, and the entertainment budget goes out the window. However, if you're slightly above minimum wage, you could make ends meet. Some projects will need subsidies, while others will need total costs covered. Other types of subsidised housing cover other levels of income though.
 
This seems like an odd location for subsidized rentals when there are unlimited cheap walk ups across the city and vacant land to build new ones, and this location would be prime for some fresh lofts.
 
supaflyryguy said:
IThis seems like an odd location for subsidized rentals when there are unlimited cheap walk ups across the city and vacant land to build new ones, and this location would be prime for some fresh lofts.
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Ideal location since this is a partnership with youth-serving agencies: walkable access to other supportive programs, transit, employment training programs, groceries etc.
 
supaflyryguy said:
This seems like an odd location for subsidized rentals when there are unlimited cheap walk ups across the city and vacant land to build new ones, and this location would be prime for some fresh lofts.
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Lots of students in Downtown and adjacent areas, plus the LRT and general transit access as noted by @Tropical.
 
Greenspace said:
Isn't it $72k per unit (90 units)?

Example - $1400/month unit at 80% without inflation is $67200 over 20 years.
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The subsidy is $72,000 per unit. However, the net cost per unit after the subsidy is still over $300,000. So, I'm not sure how that qualifies as affordable.

Maybe "near market" whatever those weaselly words mean, but you can buy an average condo in Edmonton downtown right now for under $200,000.

Of course, some of the cost of this project is going towards non residential space (not sure how much), so that should be accounted for too.
 
David A said:
The subsidy is $72,000 per unit. However, the net cost per unit after the subsidy is still over $300,000. So, I'm not sure how that qualifies as affordable.

Maybe "near market" whatever those weaselly words mean, but you can buy an average condo in Edmonton downtown right now for under $200,000.

Of course, some of the cost of this project is going towards non residential space (not sure how much), so that should be accounted for too.
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They aren't condos, the 90 units will all be rented at 80% below market, which is the City's maximum threshold to be deemed 'affordable'.
 
The Williams Hall project is very welcome but it's certainly not cheap. Through this program, the city is contributing $6.5 million or about 25% of the cost for the 90 one-bedroom units. Beljan told council committee that each unit is about $300,000 to build and so the city's contribution for this affordable housing is $72,000 per unit. Street level retail as well as on the second level is part of the project along with some rec amenities that were already in the former YMCA building.

Just because it's affordable housing doesn't mean it's cheaper to build, council was told.

I am thankful we have Beljan in this city.
 
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