CarbonTech Capital has agreed to acquire a prominent development site in Vancouver’s west side for a mass timber multi-family development.

Toronto-based CarbonTech announced Friday that it plans to purchase the property at 3660 W. 4th Avenue from Capricorn Developments for $3 million excluding GST.

CarbonTech is seeking to capitalize on new municipal rules that allow for low-rise and mid-rise rental housing projects along Vancouver’s arterial roadways.

The project is intended to be the first of many such CarbonTech projectsconstructed with mass timber.

The proposed purchase is designed to serve as a qualifying transaction as part of a reverse takeover of Capricorn. If all goes according to plan, CarbonTech will take the firm public, subject to the approval of the TSX Venture Exchange.

CarbonTech is a capital pools company that has no standard business operations. Like a U.S. special-purpose acquisition company, a CPC is a company that exists solely to take another firm public and inject it with capital.

In addition to acquiring more real estate for developments, CT intends to make investments in early-stage climate technology companies and incorporate their technologies into the design of its business and construction projects.

Pending TSXV approval, Jonathan Westeinde, will serve as CarbonTech’s CEO. Westeinde is the founder and CEO of Ottawa-based Windmill Developments.

Andrew Shapack, Toronto-based Mohawk Asset Management’s founder, is slated to serve as CarbonTech’s CEO.

Photo: Destination Vancouver