More housing is on the way in 2024, after Whistler’s mayor and council voted to endorse the Whistler 2020 Development Corporation’s (WDC) project plan for Lot 5 at Cheakamus Crossing Phase 2 on Dec. 19.
The Lot 5 project is envisioned to add 104 units to the Whistler rental market, and has been in active planning since spring.
Council heard a slightly-revised and further-along assessment of the project at the Dec. 19 council meeting. Staff were seeking council’s endorsement to continue with the project as presented.
In his presentation, the RMOW’s manager of planning, John Chapman, gave a brief rundown of what Lot 5 will be made up of: Two buildings with a shared parkade, with studio, one-, two-, and three-bedroom units all restricted to rentals.
“This responds to our community need. It considers the WHA (Whistler Housing Authority) rental waitlist, and our housing needs report,” he said. When complete, the building will be owned and operated by the WHA.
As of December 2023, the project is estimated to cost $47.7 million—a number that accounts for inflation, and uses lessons learned from previous WDC projects underway to guide expectations.
According to Chapman, the currently under-construction Lot 2B project (across the street from Lot 5, at 1450 Mount Fee Road) saw a 17-per-cent increase in cost estimates during construction.
“If we look at a similar increase on this budget, that would account for an additional $6.8 million,” said Chapman in talking about cost certainty.
“I think we can caveat at this point that the Lot 5 design is somewhat further advanced at this stage than the previous building was, and that does give us some greater confidence in the project plan, the accuracy of the [$47.7m] estimate.”
The project plan as presented has five sources of funding suggested, with three to make up the RMOW’s equity contribution, which is estimated to be $20 million.
Those three sources of RMOW equity funding are the WHA’s surplus funds and the RMOW’s two housing reserve funds in the Cheakamus Crossing Affordable Employee Housing (CCAEH) Reserve and the RMOW Employee Housing Reserve.
Two additional funding sources are not locked in, being grant funding applications pending with BC Builds, and the Community Housing Fund. Chapman said RMOW staff are working to line up Lot 5 with those sources. Both are expected to announce projects that will be supported in the first quarter of 2024. The amount of funding from the grant sources (if any) will determine how much equity funding the RMOW will need to plow into the project.
Looking ahead, Chapman said the project plan will proceed to a housing agreement with the RMOW in January, and a development permit in February. A decision to allocate equity to the project will be needed in the first quarter of the year, and a building permit is expected to be issued by March.
Construction could start as early as Spring 2024 with framing in 2025, and occupancy in the second or third quarter of 2026.
Councillor Jen Ford, who moved the motion to endorse the staff recommendation, said it is an important project that helps the RMOW have some influence over the housing situation in Whistler.
“We have a letter later on in our package talking about rental rates in this town, of which we have zero control. Here’s where we do have control over rental rates, and this shows real commitment, and anything we can do to keep it moving, we gotta go, go, go,” she said.
All members of council spoke to the item, indicating support and excitement to see it moving ahead.
Mayor Jack Crompton applauded the RMOW for having the bravery to wade into the housing market in the way it has, constructing housing owned by the municipality.
“The idea of driving past buildings that have had so much work put into them by people who work at the RMOW, by members of this council and others who dig in and get their hands dirty, and by volunteers from our town is a really big deal and I’m grateful for it,” he said.
“It’s pretty exciting to be going down this path, and there is a heck of a lot more to do, so let’s not pat ourselves on the back too much, and get back to work in the new year on it.”
Council voted to endorse the project plan, with staff bound to return to council if the equity required for the project changes by more than 10 per cent (though the equity decision is not slated to happen until 2024). Council also directed staff to draft a housing agreement restricting the building to rental tenure only, with maximum rental rates designed to ensure long-term affordability.
