Mixed-Use, Mixed-Market Project Expands Housing Options

A new energy efficient project is providing more rental housing options for Winnipegers. Building K is a 74-unit, 6-storey building that has 1, 2 and 3 bedroom units. The mixed-market project features 26 affordable units. It also has 11 accessible units, making the building inclusive to people with mobility limitations.  

Project scope and expected outcomes

Building K is part of Park City Commons, a growing mixed-use, inclusive community that provides affordable, energy efficient and accessible housing options. Park City Commons is transforming the site of a former brownfield and is located between a well established and a newly developed neighbourhood. This makes sustainable reuse of land within the municipal boundary, helping to reduce urban sprawl. The community offers a range of services and amenities, while public transit and employment opportunities are easily accessible.  When complete, the community will have over 600 homes.

A diversity of public and private sector partners, including all levels of government and a for-profit real estate developer joined forces to make this project possible. CMHC provided financing through the Rental Construction Financing initiative for the affordable units in Building K. Financing through the Rental Construction Financing initiative reduces risk for eligible borrowers by providing lower financing fees, favourable interest rates and terms.

35% of the housing (26 units) in Building K have rents at or less than 30% of the Winnipeg household median income. The units provide affordable housing now and into the future, as they will remain affordable for 20 years. Mixed-market housing has several benefits, including building inclusive communities. In mixed-market projects, market rents help a project remain viable in the long term by meeting a lower debt coverage ratio.

The building is designed to achieve close to a 24% decrease in energy use and a 28.5% reduction in greenhouse gas emissions as set out by the 2015 National Energy Code for Buildings.

11 of the units in Building K meet or exceed the local accessibility standards, or the accessibility requirements of the National Energy Code for Buildings.

The Federation of Canadian Municipalities provided support through its Green Municipal Fund. The City of Winnipeg waived land dedication fees because the developer included affordable housing in the project. EdgeCorp Group, a real estate development company, managed all aspects of project development. 

Park City Commons offers residents a community setting with a range of amenities at their doorstep. Grocery stores, restaurants, a library and schools are only a few steps away.