A new seven-storey rental building with 24 affordable housing units has been booked for development, next door to the Painswick Library, at 60 Dean Avenue, off of Big Bay Point Road.
The City of Barrie in partnership with Pratt Homes unveiled the project on Wednesday.
The Library Residences will offer 122 rental units, including 24 affordable homes. The project is one of three surplus city-owned sites sold to create more housing.
"We know affordability continues to be the main driver in the issues affecting both those trying to get into the housing market and those who are trying to downsize as seniors," said Mayor Alex Nuttall.
The mayor addressed what many people ask in terms of what is affordable in today's market.
He says the city obtains rules from the Canada Mortgage and Housing Corporation regarding housing and affordability, which are updated monthly by the provincial housing ministry.
"It's under 11-hundred for a bachelor, it's about $1,520 on a single, and then goes up to 17 to 18-hundred on two and three-bedroom units."
Nuttall hopes council's decision earlier this month to remove development charges on any development that has 20 per cent affordable housing inside of it will spur more projects like the Library Residences.
"It's actually the remaining units that we are waiving the development charges on," explained the mayor. "In a case of an 80-20 split, when you are hitting the 20 per cent threshold of affordable housing, the city is waiving the 80 per cent development charges that allow for that development to take place."
Karen Hansen of Pratt Homes says the 24 suites will remain aligned with municipally defined affordable housing rates, which follow the framework set in provincial definitions for a full 25 years. She noted that while the remaining 98 suites, while not subject to the municipal affordability requirements, have also been carefully designed with cost-effective pricing in mind.
"Our goal is to bring more attainable housing options across the entire 122 suites, not just the 24 that meet the formal affordability definition."
The Library Residences will also feature Barrie's first privately owned public space (POPS), designed for the residents and the neighbourhood. Hansen said the POPS will feature outdoor fire pits, a reading and sitting area, a book exchange, and a cellphone charging stations for the community.
Construction is expected to begin next spring, with the first residents to move in by April 2027.
