Rental tower among first major Broadway Plan projects to begin construction | Daily Hive

Rental housing tower at Fraser Street and Kingsway corner among first major Broadway Plan projects to begin construction

2026 concept of 701 Kingsway, Vancouver. (RWA Architecture/Qualex-Landmark)

Earlier this month, construction officially began on a new 24-storey rental housing tower at the northeast corner of the prominent intersection of Kingsway and Fraser Street in Vancouver’s Mount Pleasant area.

This is local developer Qualex-Landmark’s redevelopment of the 1987-built strip mall site at 701 Kingsway, which has since been demolished.

The project’s rezoning application was approved by Vancouver City Council in November 2024, and the development permit application was green lighted in April 2025.

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This is among the first and largest rental housing projects, directly catalyzed by the municipal government’s 2022-approved Broadway Plan’s policies, prescriptions, and stipulations, to enter into the construction stage.

It is also moving forward against very challenging market conditions, including rising construction costs, persistently high borrowing rates for development financing, and softer rental demand amid slower population growth and broader economic uncertainty.

As a result, the project’s ability to proceed at this time stands out.

While rental housing demand has softened — following a major wave of newly-completed secured purpose-built rental projects that first began in 2025 and is continuing into 2026 — this development is ultimately positioned to meet future housing needs, as completion remains several years away.

“This is really happening. Groundbreakings are few and far between these days, so when we get the chance to celebrate one, we should,” said Henry McQueen, the executive vice president of development at Qualex-Landmark.

“You can’t live in an approval. At some point, plans need to become buildings.”

701 Kingsway Vancouver Qualex Landmark rental housing

Official construction groundbreaking of the new rental housing tower at 701 Kingsway, Vancouver, on March 9, 2026. (Qualex-Landmark)

2026 concept of 701 Kingsway, Vancouver. (RWA Architecture/Qualex-Landmark)

Upon completion later this decade, the project will deliver 200 secured purpose-built rental homes, including 160 market rental units and 40 below-market units. The development will also be mixed-use, featuring more than 6,000 sq. ft. of retail/restaurant space at street level.

Additionally, the development will have a privately-owned, publicly-accessible courtyard — activated by the street-level commercial uses, and providing an east-west, mid-block pedestrian route between the intersection corner and the laneway behind the site.

There will be two underground levels with 60 vehicle parking stalls and nearly 400 secured bike parking spaces. RWA Architecture is the project’s lead design firm.

701 Kingsway Vancouver Mount Pleasant rental housing tower

Site of 701 Kingsway, Vancouver. (RWA Group Architecture/Qualex-Landmark)

2026 concept of 701 Kingsway, Vancouver. (RWA Architecture/Qualex-Landmark)

The site is well served by frequent TransLink bus routes running along Kingsway and Fraser Street.

Within the immediate vicinity, just to the southwest at the site of 602-644 Kingsway and 603-617 East 16th Ave., Bonnis Properties is proposing to build two mixed-use towers up to 25 storeys, containing over 320 secured purpose-built rental homes, a 2,900 sq. ft. childcare facility, and over 19,000 sq. ft. of retail/restaurant space.

Further to the south at the site of 3231-3245 Fraser St. and 675 East 17th Ave., Anthem Properties is proceeding with its plan to build a 15-storey tower with over 100 secured purpose-built rental homes and 5,000 sq. ft. of retail/restaurant space.

And further to the west, QuadReal Property Group has received rezoning approval to redevelop one of Mount St. Joseph Hospital’s Kingsway parking lots into two towers up to 32 storeys. There will be about 540 secured purpose-built rental homes, a 4,600 sq. ft. childcare facility, and about 16,000 sq. ft. of retail/restaurant space.

602-644 Kingsway 603-617 East 16th Avenue Vancouver Bonnis Properties rental housing

2025 concept of 602-644 Kingsway and 603-617 East 16th Ave., Vancouver. (Perkins&Will/Bonnis Properties)

3231-3245 Fraser Street and 675 East 17th Avenue

Concept of 3231-3245 Fraser St. and 675 East 17th Ave., Vancouver. (BHA Architecture/Anthem Properties)

Concept of rental housing towers at the Mount St. Joseph Hospital parking lot at 2950 Prince Edward Ave., Vancouver. (Acton Ostry Architects/Quadreal Property Group)

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