Apartments planned for old Holland College building in Summerside

The owner of the former Holland College building on Granville Street in Summerside, P.E.I., has new plan for developing it.

Mayor Bill Martin excited about the plan

Tim Banks has owned the old Holland College building since 2008. (CBC)

The owner of the former Holland College building on Granville Street in Summerside, P.E.I., has new plan for developing it.

Developer Tim Banks is working on a proposal to convert part of the structure into apartments, with the hope of having affordable housing units. 

"It could be a mixed structure, similar to what we've done in some other projects"  said Banks.

"Our intent is to get in the neighbourhood of 20 to 24 units … under some form of an affordable housing program."

Ongoing development

Banks said he is looking to do a mix of one- and two-bedroom units, and the plan would involve demolishing part of the structure.

Since buying the property in 2008, Banks has put up a strip mall on the corner of the property and built three other buildings on the site. A convent is under construction on the land. 

"Our goal is simply is to utilize the site, to have a better impact in the community. And we've done a lot of investment in that community and we continue to want to do so," he said.

Mayor Bill Martin didn't want to reveal much about the plan, but says he is excited about the possibility. (Natalia Goodwin/CBC )

Mayor Bill Martin wouldn't say much about the plans, saying it is too soon to reveal everything; but both parties say some kind of government funding, most likely federal, will be needed to offset costs.

"To the extent the province will be involved remains to be seen. Certainly CMHC will be involved," said Martin 

"We're pretty excited about it."

Banks said he is working to make the project fit in with the city's sustainability plan, and is now finishing up costing and engineering studies for the project, which will help determine the rental cost. He said more of the plan should be revealed in about a month.