Archives from October 2016

Hungerford Moves Ahead with Innovative Development Partnership for Seniors Housing & Market Rentals

Vancouver, October 20, 2016 – Hungerford Properties is now officially moving ahead with plans to build a 161-unit development, including 44 new seniors housing suites as part of an innovative, new redevelopment near Boundary and Kingsway. A public hearing for the site passed unanimously this week, paving the way for a unique partnership between the non-profit Odd Fellows Low Rental Housing Society, Terra Special Projects, GBL Architects, the City of Vancouver and Hungerford Properties.

The redevelopment of the property at 3595 Kingsway, from an aging, dilapidated seniors residence called Odd Fellows Manor into a new, vibrant, six storey, mixed-use development, will not only provide 44 brand new, high-quality, affordable homes for seniors, it will also provide 117 affordable rental apartments and commercial units on the ground floor.

As one of the first developers to combine social housing and market rentals in this unique partnership under the city’s new Rental 100 program, Hungerford Properties is proud to be part of the solution to the affordable housing shortage in Vancouver. The Rental 100 program encourages the development of projects where 100% of the residential units are rental, with capped rental rates. The policy targets moderate-income households, and will help the city reach its goal of creating 5,000 new units of market rental housing by 2021.

“This project represents a positive partnership between the city, a non-profit, a private developer and a social purpose real estate consulting firm,” says Michael Hungerford, a partner at Hungerford Properties. “We are grateful to have so much support in moving this project forward. We may be one of the first such developments in the city, but there will be more to come.”

By partnering with a real estate developer, the Odd Fellows Low Rental Housing Society will be replacing an aging seniors’ housing facility at no cost, while continuing to provide affordable homes for its residents. The Odd Fellows Society will own its non-market units and Hungerford will retain the market-rental homes through a strata arrangement. Odd Fellows residents will be relocated under a city program and current residents will have first right of refusal to move back into the new homes.

“Hungerford’s development expertise and financial capacity have been instrumental in getting the project to this stage,” says Hugh Forster, partner at Terra Special Projects, the consultancy firm that put together this deal. “We are confident that together we will deliver an excellent project and the model we used for this has been so successful, we will be using it again with other non-profit land owners in the future.”

There is very limited new product being built for low-income seniors, he said. This new development partnership allows the project to happen at no cost and no risk to Odd Fellows. “It’s been a great partnership and we are happy to be moving forward to replace the building because it’s on its last legs,” says Marie Olsson, the interim CEO for Three Links Care Society that manages Odd Fellows Manor. “The new facility will allow us to continue to provide safe, clean and affordable housing to seniors on a low, fixed income.”

Construction will be starting in Spring, 2017, with completion scheduled for 2018.

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