Vancouver council today approved a purpose-built rental tower in West End, marking the first of its kind in the past decade.
The project, at 1401 Comox St. will provide 186 new rental apartments, including six subsidized units for low-income seniors. The rent for a one-bedroom unit in the building is expected to be more than $800 cheaper than a one-bedroom condo in the West End.
“The city is strongly committed to the creation of new rental housing in Vancouver, and that challenge is especially urgent at a time when vacancy rates are lower than one per cent, our rental stock has been declining for decades, and over half of our city rents,” Mayor Gregor Robertson said. “This project is another important step to ensure renters of all ages can afford to live in Vancouver, contributing both to our communities and our local economy.”
The project was first proposed in 2009, and has gone through two revisions. Council also passed an amendment asking staff to look at the option of closing the adjacent block of Broughton street to further increase green space.
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