Burlington Developer Shifts Condo Plans to Purpose-Built Rentals with 50 Affordable Units

Strategic Insights -

Reserve Properties, the developer behind a 19-storey downtown Burlington residential building, has made a significant change in plans. After being approved seven years ago as a condominium, the project is now headed towards a purpose-built rental building with approximately 50 affordable units. This change comes as a response to the poor condominium market and the growing need for purpose-built rental housing in the area.

Key Takeaways:

  • The 19-storey downtown Burlington residential building, originally approved as a condominium, will now be a purpose-built rental with approximately 50 affordable units.
  • Burlington city council approved modifications to the zoning for the property, reducing the required parking rate from 1.25 to 0.66 spaces per residential unit.
  • The building will include 201 residential units, with a commitment to make 25% of them affordable, and is expected to begin construction this summer.
  • The development site includes 11 properties within the block bounded by Brant, James Street, and John Street, with the two heritage buildings at 401 Brant and 444 John St. to be retained and integrated into the mixed-use development.
  • Reserve Properties will provide 25% of the units rent geared to the tenant's income, and the project is receiving funding from the Canada Mortgage and Housing Corporation.
  • The reduction in required parking gives the development flexibility, with the company aiming to build as many as 148 spaces, a rate of 0.74 spaces per unit.
  • The development site is close to public transit, with several routes converging in the area, and is within walking distance to key destinations such as civic facilities, retail, and commercial uses.
  • The Community Benefits Agreement, which included providing $250,000 to help Halton Region purchase up to six units for affordable housing, will be reviewed and amended to reflect the new plans.