The new project will also be unique in the fact that the property will be subdivided, with the second portion of the land developed by New Horizon as a multistorey building offering a mix of rental units at regular market rates.

This eclectic mix is important because it reflects the needs of the community by providing a full gamut of rental rates and unit sizes, explained Garrison.

Though the property has been officially purchased, there’s still a tremendous amount of work to be done to obtain permits for planning, rezoning and building.

Region of Waterloo officials announced earlier this year $11.7 million for local affordable housing projects, with about $4 million earmarked for the Cambridge site. The funding, made available through provincial and federal grants, is expected to add a total of 100 affordable housing units.

In 2016, the federal government vowed to commit $2.2 billion during 11 years to boost affordable housing across Canada. As part of its 2017 budget announcement, the federal government proposed adding another $11.2 billion to the initiative over the same time frame.

The provincial government promised to support the building of 1,500 new affordable housing units, provide $200 million for up to 6,000 households to improve access to housing assistance over three years, and provide $45 million to create up to 1,150 affordable housing units for those with mental health challenges or addictions.

Meanwhile, there remains a question regarding the future of the motel’s rocket landmark. Garrison said there has been much discussion regarding its fate. Some have suggested putting it up for auction to raise some extra funds for the project.

“We’ll have to wait and see,” he laughed. “No final decision has been made and we’re considering all options.”



