Belleville, ON, Canada / Quinte News
Jan 4, 2021 12:03 PM
The Canada Mortgage and Housing Corporation is looking for interested developers to potentially turn a federal building in Belleville into an affordable housing complex.
The CMHC says the property at 1 North Front Street, which consists of three floors and a mezzanine has a restricted value of about $4.25 million, but would be sold at a discount or no cost, depending on the “level of social outcomes and number of affordable units created”.
The FLI is looking for a developer to make a “significant investment in the site” and build at least 36 residential units, while keeping the ground floor for commercial use.
The request for interest is coming through the Federal Lands Initiative, which is a $200 million fund supporting the transfer of surplus federal land into other needed projects.
Informal requests of interest are being accepted until February 5, before the formal process begins, with potential developers being asked to submit a letter outlining their intent for the property and their experience in dealing with similar affordable housing projects.
You can click here for more information on the CMHC’s Request for Interest, including how to apply.