Deep River is partnering with a private developer to bring new rental housing to town.
Town council signed off on an agreement last week with Deep River OVD Inc, which will see the former Keys School demolished and replaced by a phased series of apartments which could total 149 rental units when all is said and done.
The first phase of 47 units is set to break ground early next year, with a completion date set for the summer of 2027, in line with the opening of the new 96-bed long-term care centre in town, to accommodate the people who will staff that facility.
The other two phases of the project will be contingent on market demand.
The agreement is the culmination of a process which began two years ago when the town, in partnership with the County of Renfrew, purchased the former school for $299,000, with that cost split equally between the two municipal partners.
The goal at the time wasn’t to own the property for long, but to test the market for its potential as housing and/or community space.
The joint municipal agreement stipulated that, if by April 30, 2026, an agreement with a developer had not been reached, the land and building would be put up for sale again on the open market.
Deep River subsequently issued a call for expressions of interest in the property and received responses from four interested developers.
In order to facilitate new rental units on the Keys property, town council agreed last week to transfer its ownership of the property to the developer in exchange for a 10 per cent share in a limited partnership with Deep River OVD…
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