By paNOW Staff

Governments help restore P.A. apartment complex

Dec 15, 2014 | 11:08 AM

The life of an apartment complex in Prince Albert was just extended thanks to help from the provincial and federal governments and Stewart Property Holdings Ltd.

The three groups announced on Monday morning that the renovations being done at the Pineland Apartments on 10th Street East have been completed. The renovations included upgrades to plumbing, heating, electrical and fire safety systems.

MP Randy Hoback and MLA Victoria Jurgens both issued statements about the renovations.

“Funding renovation projects like this one is a great way to get the local economy moving, because it puts construction workers and trade[s] people to work quickly,” Hoback said in a statement.

“Our government is not only helping to revitalize an older neighbourhood and building, it’s providing access to newly renovated, affordable housing to members of this community. These units are more than just safe and affordable places to live, they are key to a better life for the residents who will call them home,” he continued.

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“Our government is pleased to work in partnership with the Government of Canada and Stewart Property Holdings to help preserve these homes,” Jurgens said in a statement.

“Pineland Apartments is an integral part of this community, and these renovations will ensure that the building will continue to be a part of Prince Albert’s landscape for years to come. Most importantly, the tenants will continue to live in safe, quality homes that will remain affordable.”

Tyler Stewart, the president and CEO of Stewart Property Holdings said the project has changed people’s lives, and by preventing the building from being torn down, they’ve helped to “rejuvenate” the area.

“Without government funding, it’s impossible to do this kind of project because of the tight margins. Thanks to government support, we created an awesome project that’s not just a balance sheet. It’s something with character that affects the community and has a positive effect on the residents,” Stewart said in a statement.

The total cost of renovations shared through multiple partners is approximately $1 million.

The federal government, through Canada Mortgage and Housing Corporation, and the provincial government, through Saskatchewan Housing Corporation, contributed a combined $600,000.

Stewart Property Holdings provided $407,000 through mortgage financing.

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