PEI

5-storey waterfront apartment building proposed in Stratford

An Island developer is proposing a five-storey apartment complex in Stratford but the land will need rezoning and public consultation before he can go ahead with the project.

79-unit building would have underground parking, connect to new park

Developer Tim Banks wants to develop a parcel of land between the Southport Motel and the waterfront in Stratford, P.E.I. (Katerina Georgieva/CBC)

An Island developer is proposing a five-storey apartment complex in Stratford but the land will need rezoning and public consultation before he can go ahead with the project.

The property beside the Southport Motel by the waterfront is zoned for a mix of  commercial and residential use. The parcel of land is a former recreational site where people used to park RVs. If the rezoning is approved, it would be zoned solely for residential use.

Tim Banks, CEO of the APM Group, is proposing an apartment building consisting of mainly two-bedroom apartments. The plans for the building include 79 apartments and underground parking.

The proposal also calls for a public boardwalk along the waterfront, with 10 per cent of the land donated to the town. It would connect to the green space that Stratford plans to create nearby.

"We're excited about the project, we've been trying to do it for a number of years, and we think the timing's pretty good right now particularly with the vacancy rate," Banks said. "And … we've got a lot of support coming from people who've actually raised their families here in this community and are now looking to find a place to enable them to sell their property and retire and move into a well-managed project."

Island developer Tim Banks wants to build a five-storey, 79-unit apartment building beside the Southport Motel. (Katerina Georgieva/CBC)

A public meeting is set for Jan. 3. After that, the project will need to go back to council for approval and next steps.

"We'll make a presentation to the public and show them essentially what our project is going to look like and what it's all about, how it fits into the 206 core plan that they developed for the area and why we think it's a good project, and why we think it should be a good opportunity for the community," said Banks.

Banks hopes to start construction in May and have the building ready for occupancy the following spring.

Keith MacLean, the chair of the planning committee for Stratford, said the proposal was in its early stages and the town was still gathering information about what effect the building might have on the town's waterfront plan.

Members of the public can get more information and give their feedback at the meeting on Jan. 3 at 7 p.m. at the Stratford Town Centre.

With files from Katerina Georgieva

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