June 12, 2019 3:05 pm
Updated: June 12, 2019 5:17 pm

Large apartment complex proposed for area near Peterborough Lift Lock

The complex would have an 11-storey building and an eight-storey building built behind the Time Square building on Hunter Street East. Mark Giunta reports.

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The area around Peterborough’s lift lock will soon be a major construction zone.

A subdivision, an elementary school and eventually the new canoe museum will be built in the area.

You can now add a proposed apartment complex to the mix.

READ MORE: $19.9M tender awarded for new elementary school in Peterborough

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The Skyline Group of Companies, which owns and operates the Time Square building on Hunter Street East, is proposing an 11-storey building with 123 units along with an eight-storey building with 81 units for the parking lot behind their building.

In all, the complex would have 259 units when combined with Time Square.  It will have a mix of one-, two- and three-bedroom units.

“The current concept plans show an eleven storey and eight storey building with four storey podium connections and three levels of below grade parking to replace the existing parking and provide parking for the new rental apartments,” said Skydevco president Greg Jones in an email.  “Future residents would enjoy indoor and outdoor amenity spaces as part of the development in addition to scenic views of Westclox Park, the Trent-Severn Waterway Lock 21, and the Liftlock Golf Club to the East.

“We need more apartments in Peterborough,” said Rebecca Morgan Quin, manager of housing for the City of Peterborough. “Any infusion of other types of housing than single-family units is definitely welcome.”

The current vacancy rate in Peterborough is 1.5 per cent.

“A good vacancy rate, where people can find a new unit in a reasonable amount of time, would be closer to four or five per cent,” added Morgan Quin.

READ MORE: Average cost to rent 1-bedroom converted apartment in Peterborough is $1,100

There is no information on what the rental rates will be for the proposed apartment.

An open house will be held on Thursday from 5 p.m. to 7 p.m. on the main floor of the Time Square building.

A public meeting on the project is contemplated for the fall.

© 2019 Global News, a division of Corus Entertainment Inc.

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