Released on December 11, 2014
Twelve Saskatoon individuals and families will have a safe place to call home, thanks to support from the Government of Saskatchewan, the City of Saskatoon and Stewart Property Holdings Ltd. Located at 525-20th Street West, the newly converted building features 12 affordable rental suites in the two upper levels and commercial space on the main floor.The almost $1.6 million project was undertaken by developer Stewart Property Holdings Ltd. The Government of Saskatchewan, through Saskatchewan Housing Corporation, contributed $490,000 to the initiative from the provincial Summit Action Fund. The remaining funding of approximately $1,060,000 was provided through private lender financing, with an additional $39,000 contributed by the City of Saskatoon.
“The conversion of this building will not only help revitalize 20th Street and the surrounding neighbourhood of Riversdale, it will also be home to 12 Saskatoon individuals and families,” Saskatoon Sutherland MLA Paul Merriman said on behalf of Social Services Minister and Minister responsible for Saskatchewan Housing Corporation Donna Harpauer. “Our government is proud to work with our partners to keep Saskatchewan strong by creating quality homes for people in housing need. This project is an excellent example of what can be achieved when we work toward a common goal.”
“Innovation, creativity and compassion are the driving forces changing the face of Riversdale,” Saskatoon Mayor Donald Atchison said. “This project is creating safe and secure homes for these 12 individuals and families. The City of Saskatoon is continuing its long and strong partnership with innovative private sector builders to find creative ways to make Saskatoon a stronger and even more inclusive community.”
“Our motto is ‘changing our city and community, one building at a time’, and this project is a clear example of how that can happen when we have great partners,” Stewart Property Holdings Ltd. developer Tyler Stewart said. “The Government of Saskatchewan has shown a deep commitment to creativity and innovation that encourages the development of affordable housing. This project would not have happened without the support of these partners and we feel fortunate to have their support. We hope the government sees the value in continuing to provide support for this much needed housing. We are creating dignified, quality housing at below market rents in Riversdale, while still revitalizing and attracting new people to the area.”
Stewart Property Holdings Ltd. converted the building’s two upper residential floors to 12 fully contained rental suites (four one-bedroom and eght two-bedroom units). The commercial space on street level will be leased at a market rate, stabilizing rental income and allowing for more affordable residential rents. The project is located within walking distance of downtown and accessible to 20th Street retail, including a food store, medical clinic and community centre.
This project is aligned with a number of strategic priorities that were outlined in the Government of Saskatchewan’s Provincial Housing Strategy. These priorities include the need to increase housing supply, to improve housing affordability and to support individuals and families in greatest need of housing. As of August 31, 2014, there were 3,095 rental and homeowner units completed in Saskatoon since November 2007, including these 12 units at 525-20th Street West. An additional 497 rental and homeowner units are currently under construction.-30-
For more information, contact:
Linda Saliken
Social Services
Regina
Phone: 306-787-0246
Tyler Stewart
Stewart Property Holdings
Saskatoon
Phone: 306-251-0254