KITCHENER, ONT. — The federal government through the Canada Mortgage and Housing Corporation and developer Vive Development have announced the construction of 304 rental apartments in Kitchener, Ont.
Located at 3241 King St. E., the project will offer purpose-built rental homes in three towers. Forty-six units will be accessible, stated a release. The site includes a private road network and a pedestrian walkthrough connecting two entrances.
The towers are connected by two storeys of underground parking, providing parking spaces for the entire site. The enclosed parking will offer a rooftop area for communal use, featuring recreational spaces and landscaped areas.
The project is being financed by a $115 million repayable low-interest loan through the federal government’s Rental Construction Financing initiative. The proponent is contributing $6.2 million in cash equity, $6 million in land equity and $6.5 million in deferred development charges.
The project is expected to be completed by March 2025.
“The SYLK Towers Project, with its partners at Effort Trust, Wavecom Capital and Vive, are grateful for this funding from CMHC to bring much-needed housing units to the Waterloo Region. We’ve also worked hard with our team to advance fully electric building designs, moving away from the reliance on natural gas, with this project exceeding building code requirements for efficiency and GHG emissions by over 40 per cent,” stated Vive Development chief development officer Stephen Litt in a statement.