'We can't be afraid of height': 10-storey apartment building proposed near downtown St. John's
Shovels could be in the ground by May, says developer
A St. John's property developer has proposed a new 10-storey apartment building near the city's downtown, saying a key way to increase housing density is by building up.
KMK Capital has proposed the site at 34 New Cove Rd., the current site of a Max Fitness gym. The building would create 108 new one- and two-bedroom units along with a parking level, according to KMK CEO Justin Ladha.
"Really to make this work, we needed to go up," Ladha said Thursday. "This is an excellent location. The road network is great, the neighbouring amenities, the supermarket, the trails, it's right on transit."
Ladha said the company has proposed more 10-storey units in the city, saying creating larger builds is a way to make them more financially feasible.
He's part of the group working with the City of St. John's and Newfoundland and Labrador government on the proposal — as it requires the land be rezoned and an amendment to municipal plans — but believes apartments could be ready to live in in the next two years.
"We think we can be shovels in the ground if everyone pulls on the same oar, and obviously the public consultations go well, in April or May. Now that is ambitious, but it is certainly possible," he said.
Ladha said he hopes to make the units as affordable as possible, but couldn't commit to them being affordable in the same vein as properties from the Newfoundland and Labrador Housing Corporation.
KMK Capital is developing several other sites around the city, including a project that will build 69 apartments at Churchill Square.
"The demand is significant," he said, estimating a shortage of 3,000 to 4,000 units.
St. John's Mayor Danny Breen told CBC News the proposal has been approved by council and is awaiting a land use assessment report that will be followed by public consultation.
"It's a significant building.… Increase in supply is good for the market, and good for people that are renting," Breen said.
"We can't be afraid of height, but we have to do it smartly and we have to do it in the appropriate places."
Breen said the city is also looking at other ways to help create more density and address the housing crisis, like working with other levels to government to get shovels in the ground quicker and looking at land that the city could potentially free up for builds.
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With files from Heather Gillis
