Attractive and affordable

Veneto Place, a new 45-unit apartment complex in Fernie, was built with smart growth principles and will be affordable for many

Veneto Place offers tastefully designed units for renters and purchasers. — Kali Love photo

Veneto is a region in Italy that is considered one of the country’s hidden gems. Similarly, Veneto Place in Fernie is likely to become known as one of the city’s gems. Built in what was historically Fernie’s Italian district, this 45-unit complex is headed by Parastone, a construction and development company based in Fernie. The buildings are brand new, and each unit comes with appliances such as a refrigerator and dishwasher—and also an affordable mortgage.

Darren Milne, the director of operations and planning for Parastone, said the units in Veneto Place will stay affordable, there is a restriction on title—meaning only inflation gains will alter the cost of these homes.

The ground-floor units will be retained by Parastone Developments and rented through the Fernie Family Housing Society (FFHS). The second-floor units were designed for senior citizens or people with mobility issues and the third- and fourth-floor units will be sold to residents who make less than $61,000 a year.

“The idea is to offer an affordable home ownership opportunity for people who may have been priced out of the market,” said Milne. “Rent for the bottom floor is $880, but that will be capped . . . so they will stay affordable on a long-term basis.”

Veneto Place is a joint partnership between Parastone, BC Housing, the City of Fernie, Columbia Basin Trust and FFHS. The units are within walking distance of Fernie’s downtown, schools and the hospital.

“With these partners, we lowered cost by about 15 per cent under what you would traditionally pay,” said Milne.