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commercial investment real estate service properties vancouver bc canadaThe number of new market rental apartment buildings in New Westminster, B.C. is set to increase thanks to policies at City Hall that aim to improve the current rental vacancy rate of 0.9%.
 
These policies came into place in the spring of 2013 and offer developers incentives to build more rental apartment buildings in New Westminster’s downtown core. They include a reduction in some building permit fees, as well as a reduction in the parking requirements for each development.
 
Now, developers can reduce the number of parking spaces in their rental buildings – 0.6 spaces for every bachelor suite, 0.8 spaces for two- and three-bedroom units, and 0.1 spaces for visitors. This is a welcomed change, as parking spaces are expensive to build.
 
The city is also allowing developers to construct apartments to a minimum unit size of 350 sq. ft.
 
The first development to break ground is a 26-storey, 282-unit mixed-use rental apartment tower on 527 Carnarvon Street by Vancouver-based South Street Development Group. The project, called Novare, will be completed in August 2017 and will include over 5,000 sq. ft. of commercial space.
 
Eight other buildings are also in development, with six currently under construction.
 
These policies have led to a revamped New West – a place where residents, developers and investors want to call home. With a long-term urban renewal plan already taking shape, the area is poised for growth with a projected 104,000 people over the next 25 years.
 
To learn about commercial real estate investment opportunities in New Westminster, please contact our Vancouver office to speak with an advisor.
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