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More than 250 rental homes underway in Vancouver

June 7, 2023 at 11:47 am  BC, News, Politics, Provincial

A new housing project is on the way in Vancouver that will provide 258 rental homes for families, seniors and individuals in the community.

“We’re taking action to help boost housing supply for people in Vancouver, and this new development adds much-needed stock at both market and affordable levels,” said Ravi Kahlon, Minister of Housing. “By creating rental housing in central locations close to major amenities, more people can stay in the community they know and love.”

Located at 2538 Birch St., the residential tower will stand 28 storeys, making it one of the first tall rental buildings to be developed along the Broadway Corridor. It will offer a mix of studio, one-, two- and three-bedroom homes, with 58 below market units and 200 units designed to be affordable for households with middle incomes.

“These new homes will provide people with middle incomes, such as teachers, nurses and small business owners, with housing options to help them stay in their community,” said George Heyman, MLA for Vancouver-Fairview. “I’m grateful to our partners at the City of Vancouver and Jameson Development Corp. for helping us build more housing for people who love the city and are helping build its future.”

Other amenities will include commercial and office space, five levels of underground parking for vehicles and bicycles, an outdoor playground, urban agriculture areas and a dedicated dog-washing station. The northwestern building façade will also feature a vertical tile mosaic designed by local Musqueam artist Debra Sparrow. Construction is expected to be completed in 2025.

“We’re excited to see yet another successful example of collaboration between Vancouver and the provincial government,” said Ken Sim, mayor, Vancouver. “These new rental homes are another step in the right direction towards making housing more affordable and attainable in the city of Vancouver.”

The development is a partnership between the Province, through BC Housing’s HousingHub program, Jameson Development Corp. and the City of Vancouver. The Province is providing approximately $164 million in low-interest financing for the project, which will be repaid by Jameson Development Corp.

Thanks to results-focused programs like these, our family is creating new, affordable rental homes for more families in Vancouver faster than if we were to do it on our own,” said Tony Pappajohn, president, Jameson Development Corp. “We know how important these homes are and we look forward to welcoming our new neighbours when this project is complete. We’re also grateful to be working with Musqueam designer Debra Sparrow, whose vertical mosaic public art is a key feature of the building.”

HousingHub was created in 2018 and works with communities and non-profit and private-sector developers to increase the supply of rental housing and homeownership options for people in British Columbia with middle incomes. The Province does not directly fund HousingHub projects. Instead, the Province makes low-cost financing available to developers to build new housing. The developers commit to pass construction cost savings on to prospective tenants and homeowners through more affordable rents and ownership opportunities.

“Thanks to the HousingHub, I was able to find a home that I could afford, after years of struggling to find the right place to live,” said Fara McLaren, a tenant in a similar HousingHub building in Vancouver. “I’m grateful to the Province and the City of Vancouver for working together to create homes like this. Not only can I now build my savings, I’m also living with the dignity and peace of mind that comes with an affordable home in the community I love.”

The project is part of a $19-billion housing investment by the B.C. government. Since 2017, the Province has delivered more than 76,000 new homes that have been completed or underway, including more than 13,000 homes in Vancouver.

Quick Facts:

  • Jameson Development Corp. is providing approximately $81.41 million for the project.
  • The City of Vancouver is providing development cost levy waivers, valued at approximately $3.1 million.

Learn More:

To learn about government’s new Homes for People action plan, visit:
https://news.gov.bc.ca/releases/2023HOUS0019-000436

A map showing the location of all announced provincially funded housing projects in B.C. is available online:
https://www.bchousing.org/homes-for-BC

To learn about the steps the Province is taking to tackle the housing crisis and deliver affordable homes for British Columbians, visit: https://workingforyou.gov.bc.ca/

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