Is Vancouver Becoming A Purpose-Built Rental Hotbed?
The city's Rental 100 program incentives have spurred an uptick in proposed purpose-built rental projects, with 1,069 new units currently planned, according to Colliers. Here are five buildings to watch.
1. 6507-6541 Main St
Developer: Orr Development
Dimensions: Six storeys; 75 market rental units; retail space at grade.
Details: Among a host of projects proposed under the Rental 100 policy, which supports rezoning for additional height and density when 100% of units are secured as market rental for the life of the building.
2. 2805 East Hastings St
Developer: PCI Group
Dimensions: Six storeys, 92 rental units; 18k SF of ground-floor retail
Details: A Burger King for many years, the site offers 204 feet of frontage along East Hastings. PCI acquired the property last year for $11.1M in a deal brokered by Colliers.
3. 275 Kingsway
Developer: EDGAR Development Corp
Dimensions: 14 storeys, 201 units; 4,295 SF ground-floor retail.
Details: Construction is underway on the development, dubbed The Duke. The LEED Gold candidate is well-located along a bustling transit hub at Broadway and Kingsway.
4. 445 Kingsway
Developer: Destination Auto Group
Dimensions: Six storeys; 109 market rental units; car dealership at grade.
Details: Also located on Kingsway, the project will replace an existing single-storey dealership, incorporating a new, shinier one on the ground floor of the multifamily development.
5. 7350 Fraser St
Developer: Archstone Projects
Dimensions: Six-storey rental building; 96 market rental units.
Details: Occupying an entire block, the project will replace a 1960s two-storey building on Fraser Street, touted for its transformation from dingy to emerging dining destination.