TORONTO — Bluevale Capital Group recently announced the $8.2 million acquisition of the former Queensway Hotel in St. Catharines, Ont., a historic 52 unit building that will be revitalized as an apartment complex focused on providing affordable housing.
The building, located at 8 Queenston St. is the fourth major multi-residential complex in Bluevale’s portfolio and marks their first acquisition of 2022.
Bluevale, based in Toronto, plans to invest $2.6 million to upgrade the existing interior, the facade and to add an additional seven units in the basement. The former hotel was converted into low-income housing in the late 1990s and has seen a steady decline since, states a release.
As Niagara Regional Housing amassed a 7,700-long waitlist for affordable housing, the Bluevale team plans to work with the City of St. Catharines to expand the supply in the region.
“We’ve taken this project on as we felt that the building was underutilized. This improvement and conversion project will not only invigorate the building, but it will also provide more affordable housing opportunities for the community, which is something our team is passionate about,” said co-founder and managing director of Bluevale Jefferson Huang in a statement.
“We see a lot of opportunity for transit-oriented development in St. Catharines, especially in this area given its proximity to Brock University and the Go Transit Station. It is also well situated for students and employees of the area with various direct bus routes,” said co-founder and managing director of Bluevale Samuel Karamanis.
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