Building Better Futures: Region of Waterloo selects Savic Homes as development partner for innovative, new affordable housing project

Savic Homes to build 64 new affordable apartments in mixed-income housing project at 1388 Highland Road West, Kitchener. 

Waterloo Region – Regional Council has awarded Savic Homes as the development partner for an innovative mixed-income housing project at 1388 Highland Road West in Kitchener. The project is part of the Building Better Futures Initiative, a Regional strategy to accelerate the development of 2,500 affordable homes across Waterloo Region over a five-year period.

The conceptual proposal for the project includes a mix of 1-bedroom, 2-bedroom and 3-bedroom units in a 17-storey building. Of the 208 units, 64 will be affordable units as the Region continues to prioritize the creation of affordable homes. The development will also feature public art, and provide space to a third-party childcare centre to provide much needed high quality, affordable childcare in the neighbourhood. Located off Ira Needles Boulevard, 1388 Highland Road West is well serviced by transit and a 10-minute walk to shops, restaurants, schools and daily services.

Savic Homes will lead the design, build, and provide long-term management of the property as was outlined in the Region of Waterloo’s Request-for-Proposal (RFP) earlier this year.

Established in 1998, Savic Homes is a Kitchener-based rental housing development company with a portfolio of nearly 500 rental units and over 1,000 new units upcoming. Savic Homes is a developer and operator of a broad mix of rental apartment and townhouse types at various rent levels, including many Affordable units across Waterloo Region.  

“Savic Homes’ thoughtful proposal for 1388 Highland Road West is a strong step forward in using Regionally-owned land to creating more affordable homes for our community,” said Regional Chair Karen Redman. “It is wonderful to be partnering with a local development company that has over 25 years of experience in Waterloo Region.”

The project is committed to affordability, meaning at least 30% of the units will remain affordable for a minimum of 40 years. Affordable housing is rent that is at or below 80% of the Canadian Mortgage and Housing Corporation (CMHC) Median Market Rent (MMR) for the Waterloo Region, inclusive of utilities.

 “We are thrilled to be partnering with the Region of Waterloo on this exciting affordable housing opportunity” said Nemo Savic, Director of Operations at Savic Homes Limited. “We truly believe that a cohesive mix of Affordable and market units, and different unit types, is fundamental to creating a complete, inclusive and successful community.”

1388 Highland Road West is one of four Regionally-owned properties that were identified for the acceleration of affordable housing through developer partnerships. Since that time, the Region of Waterloo has completed community profiles for each site, conducted background work to prepare the land for development and established a criteria for development partner selection.

Part of Homes for All under the Region’s new strategic plan Growing with Care, 1388 Highland Road West will further the Region’s goal of investing in affordable homes and economic opportunity for all.

As the project advances, additional community engagement sessions will present refined designs and features of the development. Occupancy is expected in 2027.

More information can be found at: Building Better Futures: 1388 Highland Road West, Kitchener | EngageWR

About Building Better Futures:

Building Better Futures: 2,500 Homes in 5 Years, is the Region of Waterloo’s affordable housing plan. The plan aims to develop up to 2,500 new homes by the end of 2025, increasing affordable housing generated from an average of 50 homes per year to 500 homes per year. Currently at 2,350 new homes in development, the Region of Waterloo is committed to making housing affordable for all because we believe communities thrive when everyone has a place to call home. With the need for affordable housing growing, the Region is dedicated to increasing the number of affordable homes. The plan includes the use of lands, funding and resources, community engagement, and cross departmental staff support to increase the development of affordable homes.

About the Region of Waterloo

The Regional Municipality of Waterloo, situated in Southern Ontario, is a diverse and thriving community that encompasses the cities of Kitchener, Waterloo, and Cambridge, along with the townships of Woolwich, Wilmot, Wellesley, and North Dumfries. The Region of Waterloo provides a range of programs and services that touch the lives of residents every day, with a commitment to innovation, sustainability, and inclusivity. The Region is dedicated to building a resilient and vibrant community for all. For more information, visit regionofwaterloo.ca.

About Savic Homes

Established in 1998 as a small residential builder, Blagoje (“Bob”) Savic has grown Savic Homes Ltd. into a rental apartment and townhouse development force in the Region of Waterloo. Not only does Savic Homes self-perform the majority of all construction tasks, they also take full operation and management of the rental properties upon completion.

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