More than a year after a rezoning application was approved, construction has begun on a new nine-storey affordable housing development in Vancouver’s Mount Pleasant district.
Formerly known as 2221 Main Street, the project at 188 East 6th Avenue — the southwest corner of the intersection of East 6th Avenue and Main Street — will comprise of 145 new affordable homes, including 29 studio units, 43 two-bedroom units, and 30 three-bedroom units.
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Retail and restaurant spaces will be located on the ground level of the building.
The city block-sized property is currently under-utilized as a ground-level parking lot.
The building is being developed by the municipal government’s Vancouver Affordable Housing Agency and Catalyst Community Developments Society.
On average, rents will be set at a minimum of 20% below market, with one-third of the homes rented at BC Housing’s Housing Income Limits. For instance, the maximum rent for a studio will be just over $1,000 per month and low-income tenants will pay about 30% of their gross income on rent.
The remaining two-thirds of the units will have rents set at a minimum of 10% below the current market rate.
“Housing affordability is our number one priority and this new building will provide affordable homes for hundreds of people in Vancouver,” said Mayor Kennedy Stewart in a statement. “This development in Mount Pleasant will ensure Vancouver’s residents, especially families, can stay living and working in the city. We are grateful for our partnership with Catalyst Community Developments Society and know that working with non-profit developers is the best way to build homes for lower- and middle-income households.”
Construction is expected to reach completion in March 2021.
Separately, a 12,000-sq-ft site immediately south of the development site — within the city block, fronting East 7th Avenue — is slated to become a public park owned and operated by the Vancouver Park Board. A future process will determine the design of this public space.