100 new affordable homes open in Coquitlam

VICTORIA — A new 308-suite residential tower in Coquitlam has opened with 100 affordable homes.

The 31-storey development, known as 55One, was developed by Concert Properties and is located at 551 Emerson St.

The affordable homes will be operated by 43 Housing Society with an annual operating subsidy of $571,000 from the Government of British Columbia, who also contributed $10.6 million to the project, states a news release.

The City of Coquitlam contributed $3.85 million, Metro Vancouver waived $274,000 in fees and Concert Properties contributed $20 million for the project.

The affordable homes range in rent from $375 to $570 for people with low incomes, stretching all the way up to $2,970 for a three-bedroom home for residents with a higher income.