The Main Street slope from East 2nd to East 7th continues its rapid transformation from mostly light industrial buildings into a mixed-use residential and commercial district.
Now Cressey Development Group plan to develop an 11-storey market rental building at the corner of Main Street and East 2nd Avenue, on a surface parking lot.
The building will contain 131 “secured for-profit affordable rental housing units.” The secured affordable rental program allows for development cost levy (DCL) waivers, as long as rents are at or below the average rate for the area as defined by the CMHC.
Unit sizes will range from studios up to three bedrooms, along with 11,000 sq ft. of commercial space on the ground floor.
Architects are Francl Architecture.
There will be three levels of underground parking with 55 spaces, reduced by 20 per cent given the building’s location in close proximity to rapid transit.
The building is across the street from the 12-storey Second and Main development, and north of the upcoming Elenore on Fifth by Chard Development.
