The Anavets Society needed to replace the three aging apartment buildings on their site. Terra worked with the Society for more than a decade to develop a successful redevelopment plan which minimized disruption to existing tenants, allowed the Society to operate throughout the construction process and resulted in a new building that could accommodate all existing tenants on a rent geared to income basis.
Terra was instrumental in helping the Society find the right private developer/partner for their project and in nurturing the relationship between the parties to forge a mutually rewarding partnership. Terra was also key in the community consultation process, working with the Society and the neighbours to garner support for the redevelopment.
Terra managed the process of securing financing from the government funder and negotiated on behalf of Anavets to ensure all legal agreements between the funder, Society and developer were in Anavets’ best interest.
One original building was demolished to make way for the new construction; the other two original buildings remained standing throughout to house Anavets tenants. Anavets retains ownership of their portion of the site. Funding for the redevelopment came in large part from the sale of the remaining land to the developer, who constructed a new market condominium building on the remainder of the original site.