An estimated 70 low-cost units will be added to the market if proposal pushes through
A new rezoning application by Wensley Architecture (for the Molnar Group) has called for a six-storey, 70-unit moderate-income housing complex to be built at 2603 to 2655 Renfrew St. in Vancouver.
Said building will have an estimated floor space ratio of 3.19. Aside from low-cost residential units, the proposed complex will offer commercial space at grade level, the Vancouver Courier reported.
The application has been submitted under the city government’s Moderate Income Rental House Pilot Program, which requires proposals to fully offer secured rental housing, with at least 20% of the floor space to be aimed at those with incomes in the $30,000 - $80,000 range.
An earlier submission by Wensley proposed a six-storey, 87-unit mixed-use rental complex, situated at 2543-2583 Renfrew St. and 2895 East 10th Ave.
The need for such developments has been emphasized by a recent Zoocasa study, which found that only the highest income earners in Vancouver – approximately just 2.5% of the workforce – can afford a home at the market’s benchmark price of $1,441,000.
“What [the report] tells us is we certainly need multi-family housing because single-family housing is clearly out of reach for the vast majority people, and that’s why we’ve seen condos and rentals in the multi-family format become the norm for all the young people—and 97.5% of the population, frankly—in the city,” according to Jason Turcotte, vice president of development at Cressey Development Group in Vancouver.
