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Tresah West was conceived as a 12-storey condominium project before converting to a rental development during its construction phase. View the rental profile here.
The project is situated between the 600-blocks of Speed and Frances avenues in the City of Victoria's Burnside Gorge neighbourhood.
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Everything costs much more if the government builds it (or manages it).
It would cost much more if government built it.
I also do not want government building buildings.
But in the very rare exception where they partner with a private builder or developer to bring a project, let's have that project start and be planned from the ground up for purpose. Not offered into a program at completion.
If the governemnt gives no money, those apartments will still become occupied at the very least at market rents, after the bankruptcy pans out. So we are getting the housing one way or another.
Better that Geric and the banks gives up that $20M (or whatever the current shortfall is), than taxpayers.
The feds have money for projects that align with local housing goals.
This housing has now been created with no government money. It's ready.
Why add a bunch of government money now? Use the government money to spur a new build.
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