$100 million in financing secured but they need $30 million more
A proposed 240-unit co-op high-rise with vertical farming is heading back to Kingston city council on March 4 after an initial funding request was denied last year.
Limestone City Co-Operative Housing Inc. (LCCH) is asking the city to transfer land at 900 Division St. through a lease, $1 sale, negotiated price, or market-rate sale. The project aims to combine housing with on-site food production, reducing emissions and promoting sustainability.
Since council’s rejection in September, LCCH has secured $100 million in private mortgage financing and identified over $26 million in potential grants. The group still needs $30 million through donations and loans.
LCCH has also strengthened its board, adding former mayor Gary Bennett and hiring financial and procurement experts.
The group says the project is financially viable but depends on securing land. They believe it could be a game-changer for affordable housing and urban farming in Kingston.
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