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Hungerford Moves Ahead with Innovative Development Partnership for Seniors Housing and Market Rentals
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(Posted on Nov 24, 2016 at 05:09PM by Michelle Bogle)
A unique partnership is moving ahead with plans to deliver a brand new, low-cost 161-unit development under the City of Vancouver’s Rental 100 Program – a program which encourages the development of projects where all residential units are rentals with capped leased rates. The policy is part of the city’s goal to create 5,000 new units of market rental housing by 2021.
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The partnership includes Hungerford Properties, a private developer, along with the non-profit Odd Fellows Low Rental Housing Society, Terra Special Projects, GBL Architects and the City of Vancouver.
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The project will see the redevelopment of 3595 Kingsway from an aging, dilapidated seniors residence into a new, six-storey, mixed-use development, which will provide 44 affordable homes for seniors. It will also deliver 117 rental apartments and commercial units on the ground floor.
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The Odd Fellows Society, which operates without government subsidies, will own its non-market units and Hungerford will retain the market rental homes through a strata arrangement. Odd Fellows residents will be relocated and current residents will have first right of refusal to move back into the new homes. The development partnership allows the project to happen at no cost and no risk to Odd Fellows.
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“It’s been a great partnership and we are happy to be moving forward to replace the building because it’s on its last legs,†says Marie Olsson, the interim CEO for Three Links Care Society that manages Odd Fellows Manor. “The new facility will allow us to continue to provide safe, clean and affordable housing to seniors on a low, fixed income.â€
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Construction will be starting in Spring of 2017, with completion scheduled for 2018.
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For more information on senior housing investment opportunities in the Lower Mainland, please contact our Vancouver office to speak with a commercial real estate advisor.
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