Connaught housing plan met city's 'rigorous' guidelines

The proposal to redevelop the Royal Connaught for affordable housing received the highest grade in the city's screening process.

Staff pored over a dozen proposals to judge which ones were most viable and should be submitted for government funding, said Keith Extance, the city's director of housing.

"We're fairly rigorous in our ... evaluations."

Six proposals made the cut, with the Connaught project earning the top mark for its overall plan.

Extance said the proposals are ranked based on the strength of the bidder, site characteristics, readiness of the project, location and the business case. To qualify, private developers must provide financial statements to show they have 10 per cent equity.

Grand Connaught Development Group Inc. wants to redevelop the downtown landmark to build 100 affordable housing units, another 106 market-rate units and 20,000 square feet of commercial space.

The affordable units, targeted toward seniors, the disabled and working poor, will offer rents 20 per cent below market value. Tenants must qualify for city housing.

The consortium is seeking some $18 million in government assistance for the $27-million proposal.