A partnership between the non-profit Odd Fellows Low Rental Housing Society, Terra Special Projects, GBL Architects, the City of Vancouver and Hungerford Properties will result in a mixed-use new development with 44 seniors housing suites, 117 affordable rental apartments and ground floor commercial units.
“We bring financial and development expertise to the partnership. Odd Fellows is bringing the land and their requirements for social purpose housing. And Terra is bringing their expertise in social purpose real estate. We’ve really come together on a vision.”
A public hearing for the site passed unanimously last week, paving the way for the redevelopment of an aging and dilapidated seniors residence called Odd Fellows Manor at 3595 Kingsway near Boundary Road into a new six-storey, mixed-use property. Construction will start next spring, with completion scheduled for the spring or summer of 2018.
Partnership part of Rental 100 program
The partnership and the GBL-designed and Hungerford-built complex came together under the City of Vancouver’s new Rental 100 program, which encourages the development of projects where 100 per cent of the residential units are rental, with capped rates. The policy targets moderate-income households and will help the City towards reaching its goal of creating 5,000 new market rental housing units by 2021.
“To be able to combine an interest in giving back to the community while we’re also delivering on what we do every day, which is providing our community with high quality real estate developments, is very satisfying,” said Hungerford. “It’s something that we’re excited about and are going to be proud to be part of.”
The profit Hungerford will generate from the market rental apartment and commercial rents will cover the costs of Odd Fellows’ housing units, which means the society will be able to replace its 45-year-old facility for free with no risk.
Odd Fellows will own its non-market units and Hungerford will retain the market rental suites through a strata arrangement. Odd Fellows residents will be relocated under a City program and current residents will have first right of refusal to move back into the new units.
There’s very limited new product being built for low-income seniors and Vancouver’s lack of land available for development has resulted in a shortage of new purpose-built rental apartments, so this project is seen as a win-win for all concerned.
The seniors portion of the building will have its own entrances and elevators and will have common rooms and outdoor common spaces. The market rental part will include a rooftop deck with a garden and outdoor fireplace and offer excellent views of the nearby mountains. The property is located close to public transit and amenities provided by the nearby Metrotown neighbourhood and Central Park.
Hungerford hasn’t entered discussions with any potential commercial tenants yet, but said that a pharmacy, convenience retail and maybe some retail that would appeal to the larger surrounding neighbourhood would fit well. Enough underground parking to satisfy the needs of the commercial tenants will be part of the development, he added.
A leading professional management firm will be hired to oversee the market rental units, according to Hungerford.
Hungerford has been investing in, managing and developing real estate across Western Canada for more than 40 years. It has developed and refurbished millions of square feet of residential, multi-family, industrial, office and retail space during that time.