The federal government is providing an $18.4 million low-cost loan to help construct affordable rental housing near Del Crary Park in downtown Peterborough.
The Sawmill Residence is a six-storey 64-unit residential building under construction at 191-203 Rink Street and 59-63 Olive Avenue in Peterborough.
The funding is being provided through the rental construction financing initiative of the Canada Mortgage and Housing Corporation (CMHC). Ahmed Hussen, federal minister of families, children and social development and minister responsible for CMHC, announced the funding on Monday (June 7) along with Peterborough-Kawartha MP Maryam Monsef and Peterborough Mayor Diane Therrien.
Developed by Ashburnham Realty and designed by Lett Architects Inc., the 60,000-square-foot building will be located near major amenities including retail, culture, parks, and public transit.
“Breaking ground on this project has been a long time coming for us and our community,” states Ashburnham Realty owner Paul Bennett in a media release. “The location around Little Lake and Del Crary Park is a true picture of all our city has to offer.”
According to Bennett, the building’s name stems from the area’s lumber industry heritage.
“Even to this day, we found sawdust in the ground during the initial site examinations,” Bennett says.
The Sawmill Residence will include a mix of one, two, and three-bedroom suites and will feature universal design, accessibility, and sustainability upgrades. The building will include fiberglass window systems and increased insulation values that will result in lower day-to-day operating costs for the tenants.
“Affordable, accessible housing is a priority for the City of Peterborough,” Mayor Therrien says. “We are grateful to Ashburnham Realty for recognizing the importance of the private sector in providing housing to all. We thank the Government of Canada for continuing to invest in housing in our community. Housing is a human right and we will continue working to ensure that everyone has a safe place to live.”
The Sawmill Residence will include common spaces for the residents and will feature a large exterior mural by artist and Peterborough native Alex Bierk.
Construction on the project has begun, with occupancy expected in early 2022.
