A vacant lot in Campbell River will soon be the home of new affordable housing.

At its latest meeting, council approved the complex at 850 Dogwood Street, across from Phoenix School.

The new building will offer what it calls “affordable market rates.”

Canada Mortgage and Housing statistics show the city’s vacancy rate sitting at 0.4 per cent. The lack of rentals has pushed rental rates up, and out of reach for some people in the city. 

Mayor Andy Adams says the five-storey building will be constructed by a private developer in partnership with BC Housing and will include 79 units.

“It’s not a supervised facility,” says Adams. “It’s just like a regular apartment building, but will target more of that affordable market housing.”

It will include studio and bachelor suites, as well as one, two and three-bedroom units.

A bus shelter will be installed in front of the building, and the development will remain a rental building for at least ten years, with rental rates that meet provincial guidelines for affordability.

As to when construction is set to start, Adams adds “We always try to get all the planning and approval through as quickly as possible, but then it’s really up to the developer as to when they actually start.”

The building will be down the street from the 580 Dogwood Street site, which is the future home of new permanent supportive housing.

READ MORE: New permanent supportive homes coming to Campbell River

It will also be located beside the Pacific Heights complex, which caught fire back in April and left nearly 100 people without a home.

The city has since worked with BC Housing to offer temporary homes in nearby hotels, and at the former Rosebowl restaurant, which was recently converted to temporary housing for the homeless.