Thorold Municipal Non-Profit Housing Corporation, TMNPH, is hoping to start the construction of the planned 60-unit build at the former Exolon property, now called Artisans Ridge, by spring after finalizing the purchase of the land recently.
"We have gotten to the point of finalizing the financing. What needs to be worked out now is the approval process with the city," TMNPH chair Sergio Paone told ThoroldNews on Wednesday evening.
The project, estimated to $12 million dollars, will feature 60 one and two bedroom suites, with the one bedrooms being subsidized and the other half, the two bedrooms, being rented at market value to seniors.
"Roughly half and half seems to be a good fraction to subsidize with the money from the market. In the end we are non profit, so any money we make goes back into our operations," Paone added.
The next few months will focus on getting all the permits in order from the city, while assessing technical aspects of the project, such as sewer capacity.
"We are moving in the right direction. The seven people on the board are working well together," said City Council liaison John Kenny.
TMNPH bought the land where the housing is being built from the commercial developers of the rest of Artisans Ridge, an old factory property.
The purchase was made possible by grants from the federal and provincial government.
Anticipated move-in date is a year after the project has been started.
