The Revelstoke Community Housing Society is dropping plans to develop affordable housing units on the Bridge Creek Properties.
At their July 11 meeting, society members agreed to cancel plans to develop a mixed-use affordable housing project on the property. They cite dropping housing prices and better availability of rental units as factors that would make entering into development now a bad idea.
They had sought proposals from private companies and received three. They will now write those companies telling them they’ve postponed the project indefinitely.
Nevertheless, they felt getting the proposals was a useful exercise. “If the housing situation changes, and there is a severe shortage of affordable housing, the Board felt that they would be ready to move quickly to try and develop additional affordable housing if requested to do so by city council,” they wrote.
City council was scheduled to discuss the development at their July 26 meeting.