A new development broke ground in Hanover last week, one that will eventually bring many new rental units to the growing town.
Mayor Sue Paterson was at the October 21 groundbreaking and said it was a thrill to see work get underway at the corner of 14th Street and 23rd Avenue.
"It was exciting because it's going to be a new, vibrant residential neighbourhood in our community," she said. "It's the first phase of three phases with a full build-out of 142 rental units."
The project, called 'the Avenue', is being developed by the GeoFocus Group.
Paterson said Phase 1 — a three-storey building with 25 units — could be completed by next year.
The mayor said it will help bring more attainable rental housing to the town, and to incentivize that development, the town offered a Tax Increment Equivalent Grant.
"That's part of our Community Improvement Plan and it defers taxes in phases. So eventually in a few years, they'll be paying full tax, but it's an incentive to get developers starting to build right away," said Paterson.
According to Paterson, the tax deferral starts when the property is reassessed by MPAC upon occupancy.
As this project gets underway, across town, residents have begun moving into a new seven storey apartment at 223 10th Street.
Paterson says projects like these will help the growing town.
"It's exciting to realize that our community is growing and there's a need for it. People are attracted to Hanover and we appreciate that and we want to offer various housing options and this will be the result of that. The developers, we've built a strong partnership with them, they're committed to growth just as we are."
