Calgary’s city council recently decided to sell seven pieces of land in various parts of the city. These locations were seen as surplus to the city’s requirements and will now be sold to non-profit groups in order to create more affordable housing units (up to 350).
The land parcels in question are located in downtown Calgary, Forest Lawn, Saddleridge, Albert Park and Hillhurst. All seven locations have been chosen because they are close to transit and other amenities, such as grocery stores.
More than 60 non-profit groups are in the running to buy the land, but will all need to meet a list of criteria before any purchase will be approved. These criteria will include “project readiness, capacity, demonstrated experience in building affordable housing projects,” according to Doug Cassidy, director of real estate for the City of Calgary.
He added that the city expects “that in some cases there will be a partnership between a market builder and an affordable housing provider.” Applications for these land parcels will be accepted up until October 6th, 2017.
If you have any questions regarding this or any other aspect of Calgary’s real estate market, feel free to contact Jesse for more information.