NORTH VANCOUVER, B.C. — A six-storey rental project has been announced for North Vancouver.
Darwin Properties and QuadReal Property Group revealed they are partnering on a new purpose-built rental development on a 1.7-acre property called Maplewood Plaza.
The site was pre-approved and rezoned for a market condo project with 38 rentals. But the partners are now looking to convert the site to a 100 per cent rental project, with 193 new rental homes in a six-storey building.
Their plan calls for 183 market rental, including 21 townhome rentals and 10 non-market rentals, with
underground parking. The project was designed by RHA and includes a central courtyard, commercial space and retail space.
The units are sorely need. The district of North Vancouver has stated it needs around 1,500 new residential units by 2030 to meet demand.
“This is a big win for the District of North Vancouver and the Maplewood area,” says Jason Turcotte, president of Darwin Properties in a press release. “As North Shore developers, we believe in building a diversity of housing options for the community, and we are excited to be able to offer a boost to the area’s much needed rental stock. We intend to prioritize rental housing on multiple sites on the North Shore in the coming years in recognition that the barrier to entry for homeownership is now so high that rental housing is increasingly important.”
Darwin cited a recent Colliers report on the Maplewood area, that stated there are approximately 2,100 employees currently working in a neighbourhood with only about 626 private dwelling units. The report found more than 80 per cent of current Maplewood employees live elsewhere, due to scant housing options.
“With the Darwin team, district staff and municipal council, we share a commitment to adding purpose-built rental housing to increase the options for those looking to live in a location convenient for them,” said David Roppel, vice-president of development for QuadReal. “Our presence in the local area, complemented by the depth of our team’s multi-city residential service and management experience, inspires us to partner with Darwin to deliver quality rental housing to the North Shore community.”
The project team has submitted a development variance permit application to change the unit tenure and reduce the parking to align with the district’s municipal parking standards for rental apartments for the new site. Completion is estimated for early 2025.