JWest Breaks Ground On $400M-Plus Vancouver Mixed-Use Campus
JWest has broken ground on a $400M-plus Vancouver redevelopment that will use income from 630 rental homes to help support a major new non-profit community campus.
The 3.3-acre Roadburg Campus, at 950 West 41st Ave., is being developed by JWest Foundation, the non-profit organization created to oversee the project and manage its future revenue.
Plans call for a six-storey, 200,000-SF Diamond Jewish Community Centre, a new King David High School and two rental towers of 37 and 39 storeys.
The residential component is central to the project’s unusual financial model. JWest says rental income from the towers will provide ongoing funding for campus operations, maintenance and future upgrades. The towers will contain 630 secured rental homes, including below-market units.
The first phase will deliver the new community centre, including childcare, recreation, cultural space and offices for more than 20 non-profit organizations. The existing centre will remain open during construction.
JWest Foundation was formed through a partnership involving the Jewish Community Centre of Greater Vancouver, King David High School and Jewish Federation of Greater Vancouver.
The project has also secured significant philanthropic and government funding. Excavation is expected to begin in the coming weeks following a Sept. 14 groundbreaking.
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Brokers
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Remax Professionals
Re/Max Real Estate Professionals | New York
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout