The City of Nanaimo has received a development permit application from Highstreet Ventures Inc. proposing the construction of 172-unit multi-family rental development near Long Lake at 4800 Cedar Ridge Place.
According to The Nanaimo Bulletin, the development will be energy efficient with high-efficiency windows, water fixtures and solar panels. Wilson said she anticipates the building receiving platinum certification by Built Green Canada. She said Highstreet Ventures is aiming to own $200 million worth of net-zero real estate by 2024.
“What net-zero means is basically, you produce as much as you consume in energy and electricity, so it is a pretty lofty goal … but for us though, it is the right thing to do.”
Highstreet Ventures company hopes to begin construction in February and be open in 2020, provided it receives approval from city council, according to Wilson, who said they the company may consider other projects in Nanaimo down the road.