A new multi-use residential and commercial tower along Broadway Avenue won’t have to pay property taxes for its first five years of use.
The building, being erected on the lot formerly occupied by the Whole Foods grocery store, is being constructed to house 124 rental units and host 6,400 square feet of retail space on the main floor.
City council voted unanimously Wednesday to provide WestCliff Properties a five-year abatement of property taxes, including payments into the provincial education tax, which will total $1.6 million.
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The tax break was approved under the city’s vacant lot and adaptive reuse incentive program, which aims to entice property developers to engage in infill development.
The apartment tower is expected to be completed in 2027, featuring three floors of above-ground parking, 40 one-bedroom units, 60 two-bedroom units, and 24 three-bedroom units.
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