More fees deferred for proposed rental project in Newmarket

YorkRegion.com
Feb. 25, 2015
Chris Simon

In an effort to get one of the largest rental projects in recent York Region memory off the ground, Newmarket has deferred payment on a series of fees.

Council approved the deferral of about $4,670 in planning fees for 212 Davis Dr. during a recent meeting. Under the plan, a development charge credit will also be issued to the property owner, for dedication of the public road that will be built behind the property.

The developer has asked for a credit of $247,000, though staff have not determined the total amount.

The proposed 15-storey, 225 rental apartment complex will sit on a 2.4 acre property located between Parkside Drive and Lorne Avenue.

Council approved a development charge deferral for the project during the fall. In exchange for the deferral, the building will remain a rental complex for at least 20 years and could include about 56 affordable housing units.