CBRM approves sale of land for proposed apartment buildings in Sydney

A developer is proposing to build up to three 100-unit apartment buildings on a former baseball field in Sydney, N.S., depending on demand.

On Tuesday, Cape Breton Regional Municipality (CBRM) council approved the sale of the former Welton Street Sports Field to a Toronto developer, whose plans include two-bedroom units aimed at students and families.

Coun. Darren Bruckschwaiger said the development is definitely needed.

"We have a real housing issue happening here," he said Tuesday. "It's actually a crisis, I'd say, and when you see 300 possible units over a few years, that's pretty significant and I'm happy to see it."

Coun. Lorne Green said housing is a real problem in CBRM and he is looking forward to the start of new construction.

"It's a good news announcement when you can hear that 300 units are coming to CBRM," he said.

"As [does] any other councillor around this table, I think I field at least one call a week for housing. I wouldn't say every day, but I field at least one a week for housing, so this is welcome news for every councillor around the table."

The Canada Mortgage and Housing Corporation says Nova Scotia will need 70,000 new housing units by 2030.

Green said the demand for this housing project and more will be there in CBRM for some time to come.

"It's badly needed and everybody knows ... that 300 units is just scratching the surface," he said.

In 2016, the land was sold for $1 to a local non-profit group that was proposing a $10-million seniors housing project, but that deal never got off the ground.

On Tuesday, council sold the land to the Toronto developer for its appraised value of $320,000.

The development is being proposed by Greg Nelson, who runs a banking and investment firm in Toronto and his real estate partner Matthew Jacobs.

CBRM lists the developer as Harrison Jay Investment, but Nelson told council it will eventually be a numbered company that has yet to be created.

The apartment blocks will be built in stages, Nelson said.

The first one is planned as a six-storey structure with some commercial space on the ground floor.

The other buildings will likely be five storeys and will get built according to demand, he said.

Developers haven't settled on rentsyet

If demand is high, the other two could also be six-storey buildings, Nelson said.

Councillors asked if any of the apartment units would be considered affordable, but Nelson said the developers haven't settled on construction materials or costs and he couldn't say what rents could be.

He did say the developers' vision is to build with a lower-cost design for example, without balconies, which add to the price of construction given that the target market includes students and families.

Construction is not slated to begin until late next year at the earliest, but most likely in 2025, Nelson said.

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