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Conwest, the Vancouver firm behind innovative industrial developments such as Riverworks and Ironworks, is entering the highrise residential sector with a proposal to build a 24-storey condo tower at the busy intersection of King Edward Ave. and Knight St.
The proposal, which Conwest submitted for rezoning in March, is to build a 79.5-metre tower that would include 233 condos, street-level commercial space totalling 4,300 square feet, and a 37-space childcare facility.
While the project represents Conwest’s first high-rise residential tower, the company has a portfolio of low-density housing developments including townhomes. Founded in 1991, Conwest Developments today delivers commercial, industrial and residential developments across Greater Vancouver.
Ben Taddei, COO with Conwest, tole RENX the development team also has plenty of high-density residential experience from their roles at previous companies.
Taddei said the site, which Conwest has owned for roughly a decade, had initially been planned for non-profit seniors housing. “The intention was to build them a new facility at this location, transition them over, and then redevelop their other site.”
That arrangement never made it fruition for a variety of reasons. Taddei said they also considered a variety of other uses, including all-rental.
"The only thing that is economically viable and will deliver any kind of amenity via the CAC (Community Amenity Contribution) . . . is a 100 per cent condo building," he told RENX. "Overwhelmingly, we've been told that the daycare is a priority. The only way to deliver the daycare is to do market condo."
City ‘oversubscribed’ to rental approvals
The City of Vancouver last year approved proportionally more rental homes than condos, Joe Carreira, vice-president, development with Conwest, said. “They're oversubscribed in a big way in rental approvals."
Last year, the city approved 4,631 rental homes, a figure 232 per cent above its 2023 target, according to a year-end memo to the mayor and council on housing targets. The city approved 1,478 condos, or 49 per cent of the 2023 annual target.
Carreira said the result could be a shortage of new units on the condo market, especially in moderately priced inventory. Conwest expects the new homes on Knight Street will meet a hungry market of buyers who want to be located near amenities and transit.
Taddei said the local planning policy for this area has become outdated and the city needs to be bold with its approvals.
"The density needs to increase . . . in this mini core," he said, referring to the neighbourhood clustered around Knight and King Edward, and near Kingsway, which links Vancouver to New Westminster via Burnaby. "The amenities that are in the area are very good, but a lot of the buildings in the area, they're pushing 80 years old.
“I think there's a rejuvenation there that would be a benefit to the larger community."
High-density development stalled after King Edward Village
Across the street from the Conwest site is King Edward Village.
That property includes three residential towers, a library, a grocery store, Canada Services office, bank and fitness centre. Taddei said the project represents what was needed in that section of Kingsway but King Edward Village was approved roughly 20 years ago and completed 15 years ago.
"After that, there's this void of development because the (planning) policy wasn't aspirational enough for anybody to do anything," Taddei said.
Carreira grew up in the neighbourhood, where he used to deliver newspapers as a kid. He said the density in the area hasn't changed much. "There's not a lot of investment that . . . happened here in five decades."
Much of the built environment is older housing stock, single-family homes and aging street-front retail on Kingsway. Format, by Cressey Development Group, recently completed, however, adding 161 condos and commercial space just east on Kingsway at Dumfries Street.
With the application to rezone submitted for Conwest’s project, a public question-and-answer period will begin in late September with an in-person info session to be held in early October.
Return to simple residential towers
Taddei said it's up to his team to help ensure there is a continuum of housing options in the city, including rental and condo. He said he expects the market to pivot more toward simplified condo towers in and around transit nodes to provide relatively affordable homes to own.
He said neighbourhoods situated near the SkyTrain or major bus routes and amenities, including groceries and services, would see more residential towers with modestly-priced homes that forgo massive height and diverse commercial podiums that we’ve seen emerging in places like Brentwood, Marine Gateway and Oakridge.
“You're going to see 18 storeys, 22 storeys (without) a podium, or with some podium,” he said. “When you run the numbers . . . most of those towers will either be 100 per cent market rental or 100 per cent condo.
"That's what I think the future looks like.”
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