Publish Date : 17-Dec-2014
The Government of Canada and the Province of Saskatchewan, along with Stewart Property Holdings Ltd., today announced the completion of renovations to extend the life of Pineland Apartments, located at 235–10th Street East in Prince Albert. Twenty-three tenants will enjoy improved housing quality as a result of the repairs, which included improvements to plumbing, heating, electrical and fire safety systems. The renovations, undertaken by Stewart Property Holdings Ltd., were made possible by a joint investment from the Governments of Canada and Saskatchewan. Randy Hoback, Member of Parliament for Prince Albert, on behalf of Candice Bergen, Minister of State (Social Development), along with Member of the Legislative Assembly for Prince Albert Northcote Victoria Jurgens on behalf Social Services Minister and Minister responsible for Saskatchewan Housing Corporation Donna Harpauer, made the announcement today.
“Funding renovation projects like this one is a great way to get the local economy moving, because it puts construction workers and tradespeople to work quickly,” said Hoback. “Our government is not only helping to revitalize an older neighbourhood and building, it’s providing access to newly renovated, affordable housing to members of this community. These units are more than just safe and affordable places to live, they are key to a better life for the residents who will call them home.” “Our government is pleased to work in partnership with the Government of Canada and Stewart Property Holdings to help preserve these homes,” Jurgens said. “Pineland Apartments is an integral part of this community, and these renovations will ensure that the building will continue to be a part of Prince Albert’s landscape for years to come. Most importantly, the tenants will continue to live in safe, quality homes that will remain affordable.”
“This project has changed people’s lives and by keeping the building from being torn down, we’ve helped to rejuvenate the area,” Stewart Property Holdings Ltd. President and CEO Tyler Stewart said. “Without government funding, it’s impossible to do this kind of project because of the tight margins. Thanks to government support, we created an awesome project that’s not just a balance sheet. It’s something with character that affects the community and has a positive effect on the residents.” The total cost of renovations to the 23 one-bedroom rental suites is approximately $1 million. The Government of Canada, through Canada Mortgage and Housing Corporation (CMHC) and the Province of Saskatchewan, through Saskatchewan Housing Corporation (SHC), contributed a combined total of about $600,000. Stewart Property Holdings Ltd. provided the funding balance of $407,000 through mortgage financing.
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