Quote:
Originally Posted by StealthGirl
Sorry if I wasn't being clear. What I was curious about is why the city chose this group to build this project? It's a valuable piece of real estate to not tender out the build on.
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If you read the Finance Committee report on the City's website there are lots of good social reasons. Most importantly Namerind already owns the adjacent parcel which I assume is this building:
https://www.google.ca/maps/@50.4497224,-...1!3m2!1sOi9Jo8_wzVSu6T61mxloIQ!2e0?hl=en
Quote:
Namerind Housing Corporation intends to purchase the land from the City of Regina at the appraised
market value. Namerind Housing Corporation purchased the adjacent property owned by
Saskatchewan Property Management (SPM) and intends on consolidating the subject site referenced
on the attached Appendix A with the land acquired from SPM. Namerind Housing Corporation plans
on leveraging existing City of Regina and Saskatchewan Housing Corporation incentive support for
housing. The incentives are dependant upon the development meeting the requirements for these
programs. Based on the discussion with Namerind the intention is that the development will be
designed to qualify for both City of Regina housing incentive programs.
Given the opportunity to consolidate the City’s parcel with the adjacent parcel to deliver a more
intense use and considering the project will create residential units in the downtown with an
affordable housing component, it is recommended that the sale to Namerind at market value be
approved without a public offering as it is of strategic value. This sale and proposed project would assist in moving towards the Official Community Plan goals for intensification and housing.
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If this is correct, it also answers how they can fit two towers on the land. I also note that they have been working with PCL for 3 years on the design and costs. I expect they are pretty far along and have a lot of grant money lined up. The City has the right to buy it back if they do not build.
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