Revelstoke Employee Housing Project
** UPDATE **
The Revelstoke Employee Housing Society has decided to suspend its purchase of The Cube in Revelstoke. Employee housing remains a core concern to our business community. The Society will remain in tact and use this time to continue to package and refine our offering, its financial model, and our contract structure with participating businesses. The idea is a great one, has received attention and interest across the Province, and will continue to develop. So, instead of saying “No”, we are saying “Not Now” with this initial project.
In reaching this difficult decision, the Society considered the needs of the Seller, our Lenders, our Business Stakeholders, and the volunteers working in the Society. We do not foresee a fundamental momentum shift in this project in the next few weeks, so suspending our purchase earlier enables recovery for all.
- To continue with the Cube Purchase, we did not have enough initial participants. After the end of a multi-week information packaging and open house period, less than 25% of the rooms were committed (5 of 22). Interest was high and follow-through low. For the affordable rental rates to occur, full occupancy is a requirement. Not enough time exists to continue marketing and hit our June 1st opening target.
- Concerns with the Cube property as a “Modern Dormitory” versus fully independent apartments were present.
- To continue, an extension to our purchase and sale contract is required with the Seller. In reality, this places the Seller under business risk and pressure from pursuing alternatives. At our current pace, the Society determined it was not a prudent or fair request.
- To recover, we considered extending our opening date, adding marketing resources, adapting our contracts, and redoubling our efforts. We are not afraid of hard work. With the remaining time, we simply don’t see a path to success at the present time. So, instead of “No”, we are saying “Not now”.
- The Society will remain an active entity and continue to develop employee housing options for the Community to consider. The lack of employee housing in Revelstoke is not going away soon, so neither are we!
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Knowing the struggle many of our businesses in Revelstoke have had acquiring staff and securing a safe place for them to live, the Revelstoke Employee Housing Society was formed. Community Futures along with other community partners are in the process of purchasing The Cube property and turning it into employee housing so that local businesses can attract and house their employees.
More information on this exciting project can be found here, note the information may change as the project evolves. Business that are interested in securing a room for their employee(s) can complete the Expression of Interest form found here.