A proposed $3-million bridge could be the key to keeping Whistler’s latest employee housing project on schedule, as delays in securing senior government financing threaten to pause construction on Lot 3—Cheakamus Crossing’s last shovel-ready site in Phase 2.
Whistler Development Corporation (WDC) president and COO John Morley appeared before council on July 22 to present an updated project plan for the 125-unit rental development at 1600 Mount Fee Road. He said the requested interim funding would cover construction through the end of the year and carry operations through to March 2026, allowing foundations to be completed while financing is finalized.
“We are anticipating WDC would need an additional $3 million in interim financing until such time as I'll say the financing facility is in a steady state of making draw payments," Morley said. "A delay in the finance commitment beyond September would maybe necessitate some additional interim funding or construction costs."
If the commitment is delayed, construction could stall. “If there is no interim ... we could pause construction at the end of foundations while we look at some of the alternate plans in the project plan,” Morley warned, noting a pause would still cost $50,000 to $60,000 a month in expenses. Foundation work is expected to wrap up by the end of this year and is currently ongoing.
Lot 3 is the latest in a series of WDC-delivered rental projects for the Whistler Housing Authority (WHA), and will include: 105 apartments in a five-storey, wood-frame building (14 studios, 75 one-bedroom units, and 16 two-bedroom units); and 20 townhomes in four two-storey buildings, each with three bedrooms and two bathrooms.
Most apartments will have access to a common laundry room, though all 16 two-bedroom units, including three which are accessible units, will include in-suite laundry.
Projected monthly rents, aligned with WHA’s K-01 policy and current funding applications, are as follows:
- Studios: $1,900
- One-bedroom (regular): $2,000
- One-bedroom (premium): $2,500
- Two-bedroom (1 bath): $2,560
- Two-bedroom (2 bath): $3,400
- Three-bedroom townhomes: $4,600
These rates are significantly below Whistler’s market average. For comparison, current advertised rents for three-bedroom homes in Whistler are averaging over $6,200 per month, according to an analysis provided by WDC.
Morley confirmed the total project cost remains $62.9 million, consistent with the February plan. However, revised rental and operating assumptions have reduced the total equity requirement to $14.5 million, down from $16.1 million.
Councillor Cathy Jewett applauded the decision to add in-suite laundry to two-bedroom units, especially for accessibility purposes, and encouraged the team to explore rough-ins for future upgrades in other units as was done for Whistler Valley Housing Society projects.
Coun. Ralph Forsyth said he’d favour continued financing over a pause.
“Hopefully everything's fine, because technically it's all systems go. But if there isn't, and then there's an inflection point where we need to decide on financing or stopping, I think I'd be more inclined by financing than stopping the roll of this because everything is going so well.”
Council unanimously passed a motion to refer the updated plan to staff and return with a report on next steps.
