CORNWALL – A report to the city’s Planning Advisory Committee (PAC) is recommending it go ahead with a condominium conversion for the Lorneville Apartments.
The conversion — primarily for tax and financing purposes for the building owner — was delayed in January to allow for more information from the chief building official on the city’s rental vacancy rate.
The report for Tuesday’s PAC meeting shows the city’s vacancy rate is 4 per cent and the region is at 4.5 per cent, according to the Canada Mortgage and Housing Corporation, providing an “adequate supply and availability” of rental units.
The concern from the PAC was the fallout from removing 248 rental units from the housing stock in Cornwall, by converting the buildings at 1430 and 1450 First Street East to condos.
A letter to building tenants from the owner says their situation won’t change – they won’t pay condo fees, their lease will still be governed by the provincial rent controls and the owner has no plans to sell any units.
In fact, some tenants might end up paying a bit less for their rent after the conversion takes place.
Tuesday’s PAC meeting starts at 7 p.m. at city hall.