Without a development incentive approved by city council Monday evening, it’s unlikely a 44-unit condo development planned for Waterfront Place would go ahead.

That was the word following the vote from Rich Thompson, the CEO of Northern Vision Development (NVD).

“It’s just a huge win for Whitehorse residents,” Thompson told reporters following council’s unanimous vote.

Council approved a development incentive that will see NVD granted up to $500,000 over a maximum of 10 years toward its property tax bill. It’s based on a rise in property value from the improvements to the property.

NVD’s plan will see River’s Reach Phase 2 – two 22-unit condo style apartments – built at Waterfront Place next to its first River’s Reach building.

As a mixed-use development, there will also be commercial space available on the ground floor.

With the high cost of construction in Whitehorse, Thompson noted, the incentive is “just enough to make it worthwhile to go ahead.”

These types of units, he added, are not readily available in Whitehorse.

Thompson acknowledged the units are not aimed at entry level buyers. However, he pointed out the development creates an opportunity for a number of residents.

Seven units have already been pre-sold.

Interest has been expressed by more, he added. Many are looking to downsize from larger family homes to a condo that’s smaller and doesn’t require the same level of maintenance.

While NVD will sell most of the units, it’s also planning to keep and rent out 10 of the condos.

Thompson described the city’s incentive program as “just a smart policy that really does work” in allowing development to happen.

Thompson’s comments came in light of remarks by Coun. Betty Irwin before the vote.

Irwin said she’s pleased to see 44 residential units proposed. She voted with the rest of council to approve the incentive – with the development meeting all the requirements needed for approval.

However, Irwin said she is also somewhat disappointed with the plans for condos, as it’s largely rental, and supportive housing units that are in demand in the city.

“We do need more rental supportive housing, and the development incentives policy was meant to encourage the development of rental and supportive housing,” she said.

Both Coun. Rob Fendrick and Mayor Dan Curtis were vocal in their support of the development.

Fendrick commented he’s glad to see the city’s incentive policy is working.

Curtis described the program as “very fitting” for this project.

With many long-term Yukoners interested in purchasing the condos, the mayor pointed out, it’s likely some of those people will sell their current homes – thus opening up that housing to buyers.

Curtis also noted the incentive has been approved for a number of non-profits building supportive housing projects. Those include the Blood Ties Four Directions tiny houses project, the Challenge Disability Resource Group’s apartment project at the top of Main Street and more.

“We have a variety of stock,” Curtis said of the projects the incentive is going toward.

The mayor also highlighted the $25-million investment that comes to the city through NVD’s project, as well as the tax benefits to the city in the long-term.

“It’s going to help our tax base in perpetuity as long as that building is in existence,” Curtis said.

A report to council last week noted the policy is “meant to encourage specific development in the city, including rental housing, mixed-used development, multiple family housing and supportive housing.

“Under this policy, developments that meet the specified criteria are eligible for a yearly monetary grant from the city. The value of the grant is based on the increased taxes payable due to the improvements on the property.”

The condos are anticipated to be built and available to new residents in the fall of 2019.

Coun. Dan Boyd attended last night’s meeting by conference call.

Coun. Jocelyn Curteanu was absent from the session, as she was from last Monday’s meeting.