RENX.ca - Partnership for Vancouver mixed-use rental property

Posted on October 31, 2016

20161101

A partnership between the non-profit Odd Fellows Low Rental Housing Society, Terra Special Projects, GBL Architects, the City of Vancouver and Hungerford Properties will result in a mixed-use new development with 44 seniors housing suites, 117 affordable rental apartments and ground floor commercial units.

Hungerford Properties “This is a very complementary set of attributes that each partner brings to the table,” said Hungerford partner Michael Hungerford. “We bring financial and development expertise to the partnership. Odd Fellows is bringing the land and their requirements for social purpose housing. And Terra is bringing their expertise in social purpose real estate. We’ve really come together on a vision.”

A public hearing for the site passed unanimously last week, paving the way for the redevelopment of an aging and dilapidated seniors residence called Odd Fellows Manor at 3595 Kingsway near Boundary Road into a new six-storey, mixed-use property. Construction will start next spring, with completion scheduled for the spring or summer of 2018.

The partnership and the GBL-designed and Hungerford-built complex came together under the City of Vancouver’s new Rental 100 program, which encourages the development of projects where 100 per cent of the residential units are rental, with capped rates. The policy targets moderate-income households and will help the City towards reaching its goal of creating 5,000 new market rental housing units by 2021.

“To be able to combine an interest in giving back to the community while we’re also delivering on what we do every day, which is providing our community with high quality real estate developments, is very satisfying,” said Hungerford. “It’s something that we’re excited about and are going to be proud to be part of.”

The profit Hungerford will generate from the market rental apartment and commercial rents will cover the costs of Odd Fellows’ housing units, which means the society will be able to replace its 45-year-old facility for free with no risk.

Read more here: https://renx.ca/partnership-vancouver-mixed-use-rental-property/

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