Almost 300 new apartments for low-income seniors look set to be built after a City of Richmond planning committee gave the go-ahead.
The five-tower Polygon development would replace the current dilapidated 122-unit Kiwanis Court complex next to Minoru Park.
Two of the five towers would cost $58.5 million and would house 296 rental units specifically for seniors on low income and which would be owned by the Richmond Kiwanis Senior Citizens Housing Society.
The other three towers holding 335 units would be Polygons Carrera condo development.
Should the relevant rezoning for increased density be granted, the city has pledged to kick in $5.5 million from its affordable housing pot.
And yet more city funding could arrive, possibly $18 million, via affordable housing funds generated from other Polygon projects across the city, which are still subject to council approval.
However, the sale of the land, city and Polygon affordable housing contributions still leaves the Kiwanis society $13 million shy of the total construction costs for the two towers.
The plan is for the outstanding amount to be mortgaged via a deal with BC Housing.
The citys planning committee heard last week how the current Kiwanis Court tenants would receive assistance in finding temporary accommodation during construction, before getting first refusal on the new apartments.
