The Canada Mortgage and Housing Corporation says interest in turning a Belleville federal building into an affordable housing complex is strong.
The building at 1 North Front Street could be redeveloped though the Federal Lands Initiative (FLI), a $200 million fund supporting the transfer of surplus federal land into other needed projects.
The FLI is looking for a developer to build at least 36 residential units while keeping the ground floor for commercial use and would sell the land at a discount or even at no cost.
The CMHC’s Audrey-Anne Coulombe tells Quinte News that a Request for Interest (RFI) window closed on February 5 and that they were happy with the results though she would not say exactly how many parties expressed interest.
Qualifying proponents who expressed interest during the RFI stage will be provided more information on the property and then be invited to submit a full proposal via the Request for Proposals (RFP) process.
The RFP process will run between 60 and 90 days.
The Federal Lands Committee will then review proposals and approve a proponent though there is no timeline for that decision.
The North Front Street building consists of three floors and a mezzanine and has a restricted value of $4.25 million.
