Following unanimous support from Council at its December 20, 2022 meeting, the Town of Golden and Golden Community Economic Development (Golden CED) has entered a memorandum of understanding (MOU) for Golden CED to purchase property owned by the Town to develop a mixed-use and affordable residential development in Golden’s downtown core.
Located at 525 and 527 9th Avenue North (next to DJ’s Paper Place), the new building will consist of commercial units on the ground floor with residential units on the floors above. Golden CED anticipates a design incorporating a mix of unit sizes with 30 rental apartments in total. Depending on the demographic composition of the future tenants, 40-50 residents will be able to call this new building home.
“This is an incredibly exciting and important project for our community,” said Mayor Ron Oszust. “We know there is a need for affordable housing, and we’ve been waiting a long time for someone to approach Council to own and operate a project of this nature. By adding more affordable housing units to our community, we are helping ensure that residents have more access to housing so that they can continue to live, work and play in Golden.”
The property was initially purchased by the Town in the summer of 2021 for $425,000 and is being offered to Golden CED at a reduced purchase price of $280,000, demonstrating the Town’s commitment to supporting the development of affordable housing. The sale is contingent on Golden CED obtaining funding through the provincial and federal government and other sources; the land contribution from the Town is pivotal in making this project a reality. In the future, Council will need to consider a rezoning/variance land use application as part of this project.
“I am thrilled that the new Council was ready to jump on this opportunity to make affordable housing a reality for low- and moderate-income residents of Golden,” said Jill Dewtie, Golden CED’s Executive Director. “The location is fantastic for people seeking walkability to shops and services and accessibility for anyone with mobility challenges. We’re creating a building that will offer new rental spaces for businesses in our downtown core, and stable homes for residents that they can afford. This project truly exemplifies community economic development in action.”
In 2020, the Town partnered with Golden CED to hire CitySpaces Consulting to develop a Housing Needs Report and Affordable Housing Strategy for Golden and Area A. The process involved engagement with the community, non-profit partners, local businesses and developers through key informant interviews, focus groups, a survey, and an open house. The MOU builds on the Town’s 2021 housing needs assessment that estimates Golden needs 307 new housing units by 2028 of which 92 units are to be non-market housing units. To learn more about Golden’s Housing Needs Report and Affordable Housing Strategy, visit golden.ca/housing.
To learn more about Golden CED’s affordable housing initiatives, including the concept for the Downtown Affordable Housing project, visit goldenced.ca
For more information, contact:
Golden Community Economic Development:
Jill Dewtie, Executive Director
Town of Golden:
Alysha Saville, Director of Corporate Services & Communications