Two new Vancouver rental housing towers to break ground in early 2026 after securing financing
Despite persistent economic headwinds — from rising construction costs and softening rents to tight financing conditions — two new secured purpose-built rental housing tower projects by local developer Anthem Properties are still moving ahead in Vancouver.
Anthem Properties announced on Friday it has finalized joint venture agreements with an unnamed long-term institutional investment partner, enabling shovels to hit the ground on two rental housing towers in separate areas of the city.
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The first project at 630-5668 Heather St. will be an 18-storey mixed-use tower containing 183 secured purpose-built rental homes and 1,200 sq. ft. of retail/restaurant space. This will replace single-family homes near the northeast corner of the intersection of Heather Street and West 41st Avenue, situated immediately north of Oakridge Park mall and near SkyTrain’s Oakridge-41st Avenue and near R4 41st Avenue bus stops.
The development site of 5630-5668 Heather Street and nearby future projects, with the purple line indicating the future mid-block public pedestrian connection. (BHA Architecture/Anthem Properties)
Artistic rendering of 5630-5668 Heather Street, Vancouver. (BHA Architecture/Anthem Properties)
The second project is at 3231-3245 Fraser St. and 675 East 17th Ave. — near the southwest corner of the intersection of Kingsway and Fraser Street. Served by bus routes, this will be a 14-storey tower with 110 secured purpose-built rental homes and 4,200 sq. ft. of retail/restaurant space.
Both projects — generating a combined total of 193 rental homes — have now received full construction financing and all of the necessary approvals and entitlements.
Major construction will begin in early 2026, with completion at the development sites scheduled for early 2028.
Site of 3231-3245 Fraser Street and 675 East 17th Avenue, Vancouver. (BHA Architecture/Anthem Properties)
Artistic rendering of 3231-3245 Fraser Street and 675 East 17th Avenue, Vancouver. (BHA Architecture/Anthem Properties)
“Heather and Fraser are strong additions to our growing rental portfolio, positioning us well to accommodate what we see as a coming bounce-back in demand for the structurally undersupplied housing market,” said Jordan Carlson, executive vice president for investment group at Anthem Properties, in a statement.
“These are centrally located, thoughtfully designed buildings which we will build and hold with our partner for the long-term. Both developments offer an appealing mix of affordable and family-oriented units to serve the diverse needs of these growing communities.”
BHA Architecture is the lead design firm for both towers.
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- Two rental housing towers eyed for Kingsway near Fraser Street in Vancouver
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- 26-storey rental housing tower proposed for Langara-49th Avenue SkyTrain station