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Vancouver Island starts construction of $250 million affordable housing project

Vancouver Island starts construction of $250 million affordable housing project
BC HOUSING — Construction has begun on the Nigel Valley housing redevelopment in Saanich, B.C., a $250-million project that will provide approximately 800 new affordable homes.

SAANICH, B.C. – Construction has begun on the $250-million Nigel Valley housing redevelopment in Saanich, B.C. which will provide approximately 800 new homes.

The Province of B.C. is leading redevelopment through BC Housing in partnership with Broadmead Care, the Garth Homer Society, Garth Homer Foundation, Greater Victoria Housing Society, the Island Community Mental Health Association and the federal government.

“The Nigel Valley redevelopment represents what a community can accomplish by working together to redevelop a neighbourhood that’s focused on the needs of the people who will live there,” said Victoria-Swan Lake MLA Rob Fleming in a statement.

The redevelopment will provide hundreds of new homes for individuals, families, seniors, veterans, people living with disabilities and people with mental-health challenges, a B.C. government release stated, including approximately 440 affordable rental homes, approximately 255 units of market housing, 41 long-term care beds, 37 homes with supports for seniors and veterans and 25 homes with supports for people with mental-health challenges.

Phase 1 of the redevelopment is underway with construction of Broadmead Care’s new long-term care home, Nigel House, which will provide 88 units, including 41 long-term care beds, 37 homes with supports for seniors and veterans, and 10 affordable rental units for independent seniors and veterans. Construction is expected to be completed in summer 2024.

The first phase of redevelopment also includes a second housing project, a five-storey apartment building proving 70 rental homes for moderate and low-income individuals. The project will be run by the Greater Victoria Housing Society and is scheduled to break ground in late 2022, subject to government approval.

The province, through BC Housing, is providing $47.5 million in construction financing and a grant of $5.2 million for Nigel House, the release stated. The federal government, through the Canada Mortgage and Housing Corporation, is contributing $3.2 million from the National Housing Co-Investment Fund. Broadmead Care is providing approximately $2 million and a further $3.2 million in fundraised equity. The Capital Regional Hospital District is providing approximately $1.3 million. Island Health will be providing operating funding of approximately $5.3 million.

The Nigel Valley redevelopment is estimated to be complete in three phases over the next decade.

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