Vancouver Housing Corporation Plan Fails to Pass
The City of Vancouver’s planned entry into the market-rental housing development business has hit a roadblock.
It remains to be seen whether the stoppage is temporary or permanent.
Mayor Ken Sim’s plan to develop market-rental properties on municipally-owned land failed to pass a city council vote. Although council voted 7-4 in favour of the motion, as a financial matter it required a two-thirds majority of councillors to support it in accordance with municipal law, Angela MacKenzie, the city’s associate director of civic engagement and communications, told The Canadian Press.
Sim and all of his ABC Party’s councillors supported the plan, but the four other elected representatives rejected it.
In a social-media post, Sim blamed “politics” for the defeat but vowed to continue his quest.
Sim had sought to create a corporation that would redevelop city-owned properties as market rental housing. Initial plans called for the city to develop 4,000 units at six sites across Vancouver, beginning with a proposed two-tower project at Pacific Boulevard and Hornby Street.
Under the plan, the city would still own the properties after they were built in conjunction with industry partners and senior levels of government.
The two Pacific and Hornby buildings would stand 54 and 40 storeys and comprise up to 1,136 market- rental homes consisting of studio and one-, two- and three-bedroom units.
The intended venture was believed to be the first of its kind in Canada. The Vancouver Housing Development Office was to lead the city’s market-rental housing program.
After completing the Pacific and Hornby property, the city intended to develop future market-rental projects on the southwest corner of Main Street and Terminal Avenue, where a parking lot currently sits. Future proposed projects included a four-tower development at the north end of the Granville Street Bridge, where four towers are proposed.
In addition, plans called for redevelopment of the historic 2400 Motel at 2400 Kingsway in east Vancouver and a property in the Marpole area near the south end of Granville Street.
Pictured: City-owned property in east Vancouver slated to be redeveloped as a market rental-housing project.
Image: Booking.com
Other News
Queens’ Tallest Tower Reaches 90% Leased, Adds First Retail Tenants
BLDG Management Co., Inc announced that The Orchard, Queens’ tallest tower, has surpassed 90% leased across its 824 residences nine months after launching residential leasing. The milestone occurs as the 70-story Long Island City development recently signed its first three retail tenants: K-beauty brand Tokimo, Japanese tea and beverage brand Mollytea and financial technology platform...
Learn more
80-Unit Seniors Housing Development Opens in Suburban Chicago
Leyden Senior Apartments, a new four-story independent senior living development in Franklin Park, recently opened. Located at 2506 N. Mannheim Road, Leyden Senior Apartments offers one- and two-bedroom residences. The adjacent newly constructed Carl Fiorito Senior Center will be available to the entire community. Owned by Leyden Apartments LP, Leyden Senior Apartments was designed by...
Learn more
312-Unit Multifamily in Indiana Changes Hands
Northmarq’s Investment Sales team, led by Bobby Schiavone, Jordan Arand and Adam Klenk, led the sale of The Bend Apartments, a 312-unit garden apartment community located at 1909 Greentree Blvd. in Clarksville, Indiana. Northmarq represented the seller, a regional multifamily developer. The buyer was a private investor. “The Bend generated significant investor demand, further proving...
Learn more
Brokers
View All-
Remax Real Estate Professionals
Re/Max Real Estate Professionals
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Greg Corbin
Northgate Real Estate Group
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout