Over the next 30 months, Troika Developments will build approximately 500 purpose-built rental homes in Kelowna.
A ground-breaking for one of those projects, at 1110 Lawson Avenue, was held on Apr. 26 and attended by construction stakeholders and city officials.
Partner and co-CEO, Renee Merrifield, said the project is a direct response to B.C.’s critical housing shortage.
“Providing a significant boost to the local housing stock, ensuring residents have access to high-quality living spaces.”
The Lawson Ave. building, under the Troika Living banner, is six-storeys with 130 units ranging from studios to three-bedroom townhomes.
City council has previously expressed a desire for more three-bedroom rental units in new builds. Merrifield said they are included, as townhomes, in the Lawson project.
“Specifically to accommodate those young families that desperately need help, or two families wanting to live together.”
Mayor Tom Dyas noted affordable housing is a priority for council.
“It is an important issue that is affecting the quality of life for many in our community and across the country.”
A Housing Needs Assessment, done by the city last year, shows Kelowna currently has a deficit of 3,700 to 5,000 homes and will need roughly 26,000 homes by 2031 to meet demand.
“This includes approving a historic amount of new purpose-built rental housing like this project we are announcing today,” Dyas added.
The Lawson project is expected to be completed by fall 2025, and Merrifield anticipates rents will be slightly below market.
“We also know the market could be anywhere by the time these are constructed, so we have to be prepared,” she added.
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