The investment is intended to boost the supply of valuable rental units in the city
A significant multi-million-dollar investment in Edmonton housing was announced yesterday by Ahmed Hussen, federal minister of families, children, and social development and minister responsible for CMHC, and Adam Vaughan, parliamentary secretary for housing.
The tranche is a $46.5 million insured loan that will fund the construction of 248 new rental units in Edmonton. These homes are part of the new Riverview Residences project, which is located at 11804 Abbottsfield Road NW.
“By providing funding for new housing builds like we have for Riverview Residences, our government is taking action to not only increase the supply of new rental developments, but to also provide housing options that are closer to jobs, services and amenities for middle-class families here in Edmonton, and across Canada,” Vaughan said.
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The project is under the auspices of Ayrshire Group, an investment firm focused on socially and environmentally responsible real estate developments. Ayrshire estimated that Riverview will use approximately 30% less energy compared to similar buildings, as defined by the National Energy Code of Canada.
“This mixed-use project is a great example of how a collective effort from municipal, provincial, and federal levels of government can transform a property into a hub of activity, entertainment and community services,” said Graham Gooch, managing director of Ayrshire Group.
