Construction is underway already near Rogers Arena for the first of three (possibly four) towers set to be complete by 2016, the first one will be ready for occupancy by the spring of 2014. The $300 million project was originally planned as a mixed commercial/residential project but now Aquilini Developments has applied to the City of Vancouver to convert the residential component into rental only. A move, if approved, will make this the single largest rental development the city has seen in 30 years.
If approved by council, a total of 614 rental units would be built in stages over the next few years. The units will be one, two and three bedrooms and range from 500 to 900 square feet. The rental range will be between $1,100 and $2,200.
Having these as towers rental only is a great idea. The location is perfect as it’s close to downtown, jobs, transit and various cultural amenities. In a city where many have abandoned the notion of home ownership having ample rental stock is key to maintaining a diverse, vibrant community.
No word yet if the Canucks still plan on building the new community centre near this project still. That area of downtown could definitely use a large scale facility with an ice rink.
Image by: Battle Royale1