The Canada Infrastructure Bank (CIB) and Avenue Living Asset Management (Avenue Living) announced a commitment of $150 million towards sustainable retrofit projects in low-density residential buildings across Western Canada.
Under the agreement, the CIB’s investment will represent 80 per cent of the overall capital value of the work. The timing of this investment coincides with Avenue Living’s corporate commitment to reduce greenhouse gas emissions while collectively addressing the prairie’s aging housing supply.
“With over 90 per cent of Canada’s rental universe built before 2000, Avenue Living is excited to be a pioneer in retrofitting these older units. We are eager to set a new standard and enhance green infrastructure programs for the entire industry – for years to come. The work that we are doing with CIB represents nearly 50 per cent of Avenue Living’s overall portfolio. By 2027, we have the vision of completing 100 per cent of our growing Canadian portfolio, continuing to positively impact the communities we serve,” says Anthony Giuffre, CEO, Avenue Living Group.
The goals of the sustainable retrofit projects include optimizing building performance, decreasing GHG emissions by more than 49 per cent, and enhancing functionality and comfort for occupants.
Projects will be delivered simultaneously and focus on renewable energy generation on-site, low carbon heating and cooling, sensors and smart thermostats, optimized air filtration, water and vapour management, and energy consumption strategies to effectively reduce in-suite utility costs for lower-income renters.
The investment is expected to reach financial close in late 2022 with projects commencing shortly thereafter.