Posted Aug 24, 2024, 11:55 PM
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Join Date: Dec 2015
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GWLRA plans to keep building apts. in North Vancouver
GWL Realty Advisors is one step closer to bringing a new purpose-built rental apartment building to market after receiving unanimous approval to move forward with increased density from the City of North Vancouver.
The site of the proposed six-storey, 91-unit apartment at 140 W. 19th St. in the Central Lonsdale neighbourhood is currently occupied by an older three-storey, 32-unit walk-up building. The existing building will be demolished to make way for the new one.
GWLRA is planning to redevelop the site on behalf of its Canada Life Real Estate Fund, which acquired it in 2022 from a private investor for $15.4 million. It’s surrounded by a range of building types, from townhomes to six-storey rental apartments.
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GWLRA recently completed The Bowline, a larger six-storey rental building on E. 2nd St. in North Vancouver’s Lower Lonsdale neighbourhood.
“After we finished our 159-unit Bowline project, which was really well received, we wanted to continue developing in the market,” Heu explained. “The sub-market has some of the best rental market fundamentals in the Lower Mainland.
“It has good planning regulations that encourage rental and a supportive mayor and city council. We want to develop more in the market, but it's difficult to get scale because all of the sites that you can buy are on the small side. It's not a market where you're building 30-storey towers or you have a lot of large sites.
"You’re buying older apartment buildings to tear down. They're all infill redevelopment sites. So for us to stay in the market, we decided to undertake a smaller project.”
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Planned amenities for the Integra Architecture-designed Central Lonsdale building include a tenant lounge, a fitness centre, a children's play area and places to park, repair and wash bicycles.
“It's a six-storey wood-frame building,” Heu said. “For this size, concrete construction doesn't work.”
Ten per cent of the building’s units will be priced at 10 per cent below Canada Mortgage and Housing Corporation average rental rates for the area to be in compliance with a City of North Vancouver mandate.
“The reason why we're able to make a smaller building work is because we have the other project close by,” Heu explained, referring to The Bowline. “We plan to get economies of scale by sharing management resources.
“From a development point of view, the intent is to keep a similar design template from project to project and not reinvent the concept each time, so the design team and contractor know what the expectations are.”
The size of these mid-rise apartment buildings is also appropriate for some of GWLRA’s smaller investment partners, according to Heu.
GWLRA aims to start construction at 140 W. 19th St. early in 2025 and the building is expected to take two years to complete. Lease-up is anticipated to take less than a year.
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https://renx.ca/gwlra-gets-go-ahead-...uver-apartment
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