OkotoksOnline/Harrison O'Nyons
The empty lot on McRae Street may not be empty much longer.
Signs promoting a new development called "The Station", from Cornerstone Homes, recently appeared on the long-vacant corner property.
"It's been an empty space for years and years," said Cornerstone president Justin Dallaire. "There have been plans before that didn't move forward, so we're really excited to bring something meaningful to the site."
One earlier plan for the site was a distillery project that broke ground in February 2020 but stalled before full construction began.
This new project, named "The Station" in reference to the fire hall that once stood on the lot, will include both commercial and residential units.
The building will feature up to four retail spaces on the ground floor.
"Those will be flex-use, ranging from retail stores to small coffee shops," said Dallaire. "There's no space for a restaurant, we didn't get approvals for that, but the units would suit doctors, dentists, chiropractors, accountants, lawyers, things like that."
The ground floor will also include a fully wheelchair-accessible two-bedroom apartment.
Above that, the top two stories will house a mix of one- and two-bedroom rental apartments, all with patios or balconies.
The development is part of the Canada Mortgage and Housing Corporation's Low Market Initiative (LMI) program, which aims to improve access to affordable housing.
"We're guaranteeing a minimum of 25 per cent of those suites will be rented below market value, on the affordable scale as defined by the CHBA," Dallaire said.
Cornerstone owns both the land and the future building. While the units will all be rentals for now, Dallaire said there's potential to convert them to condominiums in the future. For the next 10 years, however, the company has committed to maintaining the project as an LMI rental development.
"There is a qualification process renters will need to go through under the LMI program," Dallaire explained. "But once they're approved, they can apply for units like the ones we'll have at 'The Station'."
The project is still awaiting CMHC approval, but Dallaire is hopeful that construction could begin as early as late August.
The signs on-site appear to already be generating buzz.
"The sign's only been up a short time, and the phone hasn't stopped ringing," said Dallaire. "There's definitely a lot of interest."
More information on the project can be seen on the Cornerstone Homes website.