Today Vancouver City Council approved a new 202-unit rental apartment at Kingsway and 11th, and a 61-unit rental building at 450 Gore Avenue, bringing much-needed rental housing to both the Mount Pleasant and Downtown Eastside neighbourhoods.
“The approval of these two projects is an important step for providing more housing options in a city that is challenging for people on low or modest incomes,” said Mayor Robertson. “Our city benefits from the thousands of rental units built in the 1960s and ’70s, and we urgently need to create new rental housing that fits with our neighbourhoods. These new homes are providing options for students, young families and seniors to live in our city, and we need more of them.”
Both Mount Pleasant and the Downtown Eastside have extremely low vacancy rates; the rate in the Downtown Eastside is 1.1%, and in Mount Pleasant is just 0.8% – the second lowest in the city.
The project in Mount Pleasant was enabled by the City’s Rental 100 program, which provides incentives for developers to build rental housing instead of condos. Continuing the Rental 100 program, which has helped deliver more than 2000 units of new rental housing in the past two years, was a key campaign commitment from Mayor Robertson.
The six-storey rental building on Gore Avenue follows the new Downtown Eastside Plan, which prioritizes new low and middle-income rental housing that fits with the local neighbourhood, and does not displace existing residents. The 61-unit building is being built on what is currently an empty lot.
To learn more about the projects, see:
Mount Pleasant: http://former.vancouver.ca/ctyclerk/cclerk/20150120/documents/p4.pdf
Downtown Eastside: http://former.vancouver.ca/ctyclerk/cclerk/20150203/documents/p6.pdf