Multi-Family rental incentive has spurred massive investment in Cold Lake.
At a council meeting held a few weeks ago, councilors voted unanimously to accept two applications totaling 236 rental units under the Multi-Unit Rental Housing Incentive Program.
Mayor Craig Copeland says one application is for a 63-unit rental row housing development, to be built on 47th Street, just east of Holy Cross Elementary school, while the second application is for 173 apartment units to be built immediately west of the Cold Lake Healthcare Centre.
The two applications passed were made by Broadstreet Properties Limited. Under the Multi-Unit Rental Housing incentive program, Broadstreet Properties will receive a 75-hundred dollar grant per unit, provided units are completed and occupied within 24 months from the time of the applications.
Copeland notes this is a massive win for the community.