Quote:
Originally Posted by chowhou
|
It's a stratified building, but Grosvenor still chose to lease the apartments, so it's debatable whether it's a purpose-built rental. There are other examples where developers have done the same thing, like Wall Financial's Yaletown tower.
There are plenty of examples of purpose built rental buildings in the city that are not stratified, developed as a rental asset, often with a legal housing agreement to retain them as rental for 60 years, or the life of the building. You said that no one was really building purpose built rentals until recently, and I wasn't sure what you meant by 'recently', but the City initially had a program to encourage rentals called STIR from 2009 to 2011, and that has been continued as a purpose-built rental policy.
Examples include the two West End towers by Westbank and Crombie over the Davie Safeway, and the earlier Lauren tower on Broughton, developed by Westbank with Peterson as part of STIR. GWL developed a purpose built rental tower for London Life in 2019 on Robson Street. There are several rental buildings on Granville, Downtown, like the Standard completed in 2013, developed by Bosa and now owned by Concert.
(The Duke of Westminster isn't part of the royal family, just a friend of Prince William).