Howard is based in Burnaby and covers real estate, housing policy, and the development industry. Signal: HowardChai.24
The proposal by Westbank and Promerita Group is a for a 39-storey and 38-storey rental tower, plus a 19-storey social housing tower, along E Hastings Street in Vancouver . Vancouver 's notorious Downtown Eastside is set for a significant makeover, with a stretch of E Hastings Street the subject of a significant redevelopment plan, according to rezoning applications published by the City of Vancouver on Friday, September 6.
Proposed for the site is a 38-storey tower with 382 market rental units, consisting of 135 studio units, 138 one-bedroom units, 93 two-bedroom units, 13 three-bedroom units, and three live-work units. The building would provide 36 vehicle parking stalls and 751 bicycle parking spaces, as well as 4,973 sq. ft of commercial space on the ground level. The tower would reach a height of 373 ft and the total proposed density is 16.1 FSR.
According to the rezoning application, Westbank and Promerita Group previously owned the property, but have since transferred ownership to BC Housing for a nominal fee. "Design and construction of the East 3 building will be managed by Westbank and 100% funded by BC Housing through a combination of capital and operating grants and low-cost construction financing," the applicants said.
"Promerita, Westbank, and BC Housing as Partners are proposing to rezone and develop the East Village redevelopment proposal through the Province's BC Builds program together with other provincial funding programs available to BC Housing in the future to create deeper affordability in the portfolio," wrote Pistrin. "BC Builds aims to provide interim construction financing to our development partners to create affordability.
The three rezoning applications were received by the City on June 23 and the City will be hosting Q&A periods for the three applications from Wednesday, October 9 and Tuesday, October 22, before the proposals are considered by the Urban Design Panel on October 23. An in-person information session has also been scheduled for Thursday, October 17 at the Japanese Hall at 487 Alexander Street, from 5:00 pm to 7:30 pm.
Westbank Dtes Vancouver Social Housing Rezoning Bc Housing Promerita Group East Village Development
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Westbank Sued By Graham For $2.8M Unpaid On Alberni ProjectHoward is based in Burnaby and covers real estate, housing policy, and the development industry. Signal: HowardChai.24
Read more »
The Lauren, Developed By Westbank And Peterson, Sold To StarlightHoward is based in Burnaby and covers real estate, housing policy, and the development industry. Signal: HowardChai.24
Read more »
What is 'price gouging' and why is VP Harris proposing to ban it?With inflation and high grocery prices still frustrating many voters, Vice President Kamala Harris on Friday proposed a ban on “price gouging” by food...
Read more »
Conwest Proposing 24-Storey Tower In East Van, Their First Residential High-RiseHoward is based in Burnaby and covers real estate, housing policy, and the development industry. Signal: HowardChai.24
Read more »
Harris breaks with Biden on capital gains tax, proposing a smaller increaseU.S. Vice-President Kamala Harris proposed increasing the long-term capital gains tax rate to 28 per cent for wealthy Americans during an economic speech in New Hampshire on Wednesday, breaking with the policy laid out by President Joe Biden in his 2025 budget by suggesting a lower rate.
Read more »
Shelborne Capital Proposing 37-Tower For Little Jamaica, Mirroring Adjacent TowerTeagan has covered Toronto, GTA, and Ontario cottage country real estate. Before coming to STOREYS as a staff writer, she was a freelance writer for Toronto Life and Cottage Life.
Read more »