City staff are recommending council approval of a “for-profit affordable rental housing” project in south Vancouver.
Rents at the proposed development on Fraser Street and East 64th Avenue will start at $1,319 for a one-bedroom unit, $1,605 for two bedrooms, and $2,061 for three bedrooms.
“If approved, this application would make a contribution to the achievement [of] key affordable housing goals of the City,” staff wrote in a report.
The application filed by Cornerstone Architecture on behalf of the 0922264 B.C. Ltd. to rezone the site in order to build a five-storey mixed-used building will be the subject of a public hearing Tuesday (November 24).
The property is kitty-corner to the location of Super 8 hotel on Marine Drive, which Serracan Properties wants to redevelop with residential towers.
According to staff, the initial rents at 0922264 B.C. Ltd.’s project are cheaper than average rates in East Vancouver and across the city.
Staff also reported that the rents are lower than the cost of owning comparable homes.
The application involves 37 rental housing units (21 one-bedroom, 14 two-bedroom and 2 three-bedroom), and 3,330 square feet of commercial spaces on street level. There will be a one-level underground parking.
Staff also recommended that the developer doesn’t pay $389,850 in development cost levies for the construction of the rental homes.
A one-bedroom unit in the development will be 593 square feet in size; 733 square feet for a two-bedroom unit; and 1,039 square feet for a three-bedroom unit.