Work on new housing units to replace the Victoria and Albert Row will begin this summer, according to Public Works Minister Michael Weeks.Speaking at a press conference yesterday, Mr Weeks said that phase one of the project, 45 housing units to be built adjacent to Victoria Row, should begin in July or August, creating more than 100 new construction jobs.When phase one is completed, residents of Victoria and Albert Row will have the opportunity to move into the new units before the old buildings are torn down and new units built in their place.The project will also include an infrastructure expansion, linking the new housing development and other nearby buildings to the existing potable water supply, sewage collection and treatment, and treated water for flushing toilets and irrigation.“Completion of this project will mark another significant enhancement for the West End of the Island, and is an example of prudent sustainable development,” Mr Weeks said.“Additionally, the project provides a solution to the long outstanding housing challenges within the West End without displacing existing tenants.”The development will contain one, two and three bedroom units, with rental values set between $1,600 and $2,100 per month.Once work has begun, Mr Weeks said the project is expected to take around 18 months.Wedco will pay for the $36 million project, but the Minister explained that Government will be providing a shortfall guarantee for the project.“It is not anticipated that there will be a need for the Government to activate the shortfall as the projected rental revenue and sales proceeds from existing Boaz Island Village condominiums will cover the cost of financing the project,” Mr Weeks said.“However, in the unlikely event that there is a shortfall, Wedco has already put in place the provision of a board resolution that fund provided through a shortfall will be paid back to the Government.”Those currently living in Albert and Victoria Rows have been invited to take part in an upcoming residents meeting, where all aspects of the project will be discussed.The 100-unit project was first announced in October, 2010 with a $34 million price tag, but Wedco General Manager Andrew Dias said work was delayed due to planning difficulties and the economy.The Development Application’s Board refused the original plan for the project last November due to concerns about a lack of outdoor living space and communal spaces.However Mr Dias explained that the plan was approved on appeal after an independent inspector backed the application.Regarding the economy, Mr Dias said: “When we were first looking at the project, it wasn’t going to have any sort of guarantee. Due to the nature of where we are today, it seemed prudent.”