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The largest affordable and co-operative housing development in Niagara is set to be built on the former Hotel Dieu Hospital site in downtown St. Catharines.

Partners for the 492-unit build are Elevate Living, the Golden Horseshoe Co-operative Housing Federation and the Co-operative Housing Federation of Canada. The construction company leading the project is Niagara Falls-based Niacon Ltd.

The $183 million in funding is from the federal government, through the Co-operative Housing Development (CHDP) Program.

The City of St. Catharines council waived up to $743,499 in building permit fees for the project and approved tax rebates through the municipality’s community improvement plan.

Also, according to the St. Catharines Planning and Building Services department, Niagara Region has approved matching funding of 45 per cent or 65 per cent (dependent on the creation of affordable units) of the tax increment for 10 years.

“The Niagara Region, Enbridge Savings by Design for Affordable Housing, and the City of St. Catharines have also provided a number of significant incentives and grants, above the project budget. Any surplus will directly reduce the amount of rents paid by future residents,” said Drew Toth, founder and CEO of Elevate Living.

The roles Elevate Living have in the development are advancing the project from concept to reality, including securing the site and first-mile financing; leading planning and development efforts; working with municipal partners to obtain critical incentives and fee waivers; and supporting the successful pursuit of CMHC funding.

“The future of housing relies on this kind of vital collaboration between the public, private and non-profit sectors to truly move the needle for our community,” said Toth.

Designed as a net-zero ready community, the project will incorporate geothermal energy systems and other innovative technologies to reduce greenhouse gas emissions and operating costs while creating long-term housing affordability for residents.

Located at 159 Ontario St., The Collective Housing Co-operative provides affordable, non-profit and community-governed rental housing.

The project includes a mix of studio, one, two and three‑bedroom homes and will also feature shared amenities, including rooftop terraces, outdoor barbecue areas, pickleball courts, a fitness room, party and multipurpose spaces, a spa and a dog wash station.

The ground floor will reportedly include commercial space and there will also be 368 underground and ground-level parking spaces, including 13 accessible spaces and electric car and scooter-sharing services.

“This is exactly the kind of housing investment St. Catharines needs. Nearly 500 new rental homes at 159 Ontario Street means more choice for residents, more momentum for our city, and another important step toward building a stronger, more livable community. We are grateful to the Government of Canada for its partnership and for helping move projects like this forward,” said St. Catharines Mayor Mat Siscoe.

The CHDP is the largest federal investment in new co-op housing development in more than 30 years, with $1.5 billion in funding. The program supports the creation of co-op homes that are more affordable than private market rentals, providing options for middle-income households.