A Residential Revival
Downtown housing options continue to emerge. The $40 million in tax incentives under the new Downtown Residential Development Grant (DRDG) Program has invested over $33 million to the downtown, which amounts to 1,767 residential units and 646 more currently planned. People are eager to see progress on the Glasshouse Skylofts at the CentrePoint’s mixed-use development, and the D Condos on Assiniboine. Thanks to both the City and Province for unleashing this powerful and fundamentally needed tool for the development community to respond to – and CentreVenture for administrating this new program, in lighting speed.
CentreVenture provides bridge financing of grants to developers during construction and takes assignment of the future grants as security/repayment. Effective January of 2010, the DRDG program provided $20 million of incremental tax grants, split equally between the Province and the City. Since it was created, the DRDG program has doubled its tax incentives to $40 million, with 28 residential projects currently submitted