Vancouver Mayor Ken Sim announced a pilot project to build five market rental housing developments on city-owned land. The first project, two towers at Hornby and Pacific streets, will deliver 1,136 rental homes. The initiative aims to address the city's housing shortage and generate non-tax revenue for the city.
A rendering of the first of five proposed rental developments on city-owned land aimed to address the Vancouver housing shortage.
The first build would be a pair of 54- and 40-storey towers at Hornby and Pacific streets that would deliver an estimated 1,136 rental homes, ranging from studios through three-bedroom units.“That’s over 1,000 homes for individuals, for families and for workers right in the heart of our city close to jobs, schools and amenities,” Sim said Thursday.
“We would be developing these projects with partners and we would be running them as market rental buildings with a property management arm and they would run just like any market rental development in the city of Vancouver,” said VHDO’s market rental housing director Brad Foster.“As far as we are aware we are the only city that’s trying to do this from a market rental point of view.”
HOUSING RENTALS VANCOUVER DEVELOPMENT CITY-OWNED LAND
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