City to provide $2M worth of grants to help build downtown condos

Mayor Brian Bowman's inner circle has approved $2 million worth of grants tohelp build downtown condo buildings that missed the deadline to be eligible for a city-provincial program aimed at stimulating downtown housing.

City council's executive policy committee voted Wednesday to approve a $1.9-million grant to help build D Condos, a $25-million, 91-unit residential tower under construction at the former Dubrovnik restaurant site on Assiniboine Avenue.

EPC also approved a $135,000 grant to complete the $2-million, 11-condo YouCube project on Waterfront Drive.

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According to a pair of reports authored by the city'seconomic development staff, both projects were no longer eligible for a downtown residential grant program offered by the city and province.

The economic-development grants will, however, mirror that program, in that they will effectively refund new property taxes that will be generated by the projects.

The grants still face council approval next week.

EPC did not approve a third, $6.5-million grant that would have built the $177-million, 388-unitSkyCity tower at the corner of Graham Avenue and Smith Street. The developer requested the vote be held off, Mayor Brian Bowman said.