The West Meadows development by Port Picton Homes is adding two five-storey apartment buildings. A two-acre site adjacent to the new Bank of Montreal in the Foodland Plaza will soon see two 78-unit buildings with 156 rentals.

Nearby are Starbucks, Dollarama, and some fast food eateries. George Wright Boulevard leads into the development from the Loyalist Parkway.

“The location of an apartment building is absolutely critical,” noted Port Picton CEO David Cleave. “There must be amenities within easy reach, especially transit and food.”

While transit options are a challenge in Picton, Mr. Cleave is optimistic that new households will eventually create the ridership County Transit needs to maintain and expand service.

Meanwhile, the buildings are within walking distance of every major amenity in Picton.

“They are are close enough to the core that you will not need a car to live here,” notes Mr. Cleave. “That means they are a possibility for all age groups — from those who have given up on driving to those who cannot yet afford a car.”

“The location of an apartment building is absolutely critical. There must be amenities within easy reach, especially transit and food.”

David Cleave, CEO, Port Picton Homes

Most of the parking is underground, leaving some room around the buildings for landscaping. There is one parking spot per unit.

The buildings are designed for high efficiency; heating and cooling is through heat pumps.

Phase 2 of the project will see another two apartment buildings of the same size, right next to these, fronting onto the Loyalist Parkway directly across from PEFAC. That phase awaits further approvals, but has been factored into all of the engineering plans for the site.

Mr. Cleave is very excited about the project, which was approved at Council last month. Rental housing is in extremely short supply in Picton and throughout the County. He is aiming for affordability, and thinking of the kinds of housing that workers need.

“The going rate for rental units across Eastern Ontario, from Kingston to Smith’s Falls to Carleton Place,” he explains, “is $3 a square foot.” That’s the figure the banks use to calculate funding and the rate of return on investment.

A 700-square foot, 2-bedroom apartment reliably rents for about $2100 a month. It’s pretty much the same across Ontario, from Ottawa through to Toronto, though the quality will vary.

The provincial policy statement calculates rental affordability at 30% of the 60th percentile of renters’ household income. In Prince Edward County, that is $69,000 a year.

For reference, the 90th percentile of renter’s household income in PEC is $131,000, and across Ontario it is $155,000. The 40th percentile of renters’ household income in PEC is $47,000. The 30th percentile is $38,000.

The Ontario average at the 60th percentile is $81,000, and so the average affordable rent is defined as $2000 a month.

The affordable rent for a two-bedroom apartment in PEC is $1720/month. The province mandates that 5% of new units must be affordable, even if the builder takes a loss.

Mr. Cleave says he is committed to affordability; the new buildings are designed to be attainable. A full range of sizes will be available: 15-20 units in each building will be bachelors;  6-8 will have three bedrooms. The rest  are two bedrooms.

Construction could start as soon as this fall, and the apartments ready for market by 2026.