Construction has begun on a 24-storey rental housing tower at the northeast corner of Kingsway and Fraser Street in Vancouver’s Mount Pleasant neighbourhood.

The project, led by local developer Qualex-Landmark, will redevelop a former strip mall at 701 Kingsway, which was originally built in 1987 and has since been demolished. Vancouver city council approved the rezoning in November 2024, with the development permit following in April 2025.

The tower is among the first major projects to advance to construction under the city’s Broadway Plan, approved in 2022, and is one of the largest rental-apartment developments to do so. The Broadway Plan is tied to the extension of the SkyTrain line between the Broadway-Commercial station and UBC and involves comprehensive redevelopment of the Broadway corridor and surrounding area.

The Qualex-Landmark project’s advancement comes despite challenging market conditions, including rising construction costs, high borrowing rates and softer rental demand tied to slower population growth, the company noted.

“This is really happening. Groundbreakings are few and far between these days, so when we get the chance to celebrate one, we should,” said Henry McQueen, executive vice president of development at Qualex-Landmark.

“You can’t live in an approval. At some point, plans need to become buildings.”

Once complete later this decade, the development will deliver 200 purpose-built rental homes, including 160 market units and 40 below-market units. The mixed-use project will also feature more than 6,000 square feet of ground-floor retail and restaurant space.

Plans include a privately owned, publicly accessible courtyard designed to provide a mid-block pedestrian connection, as well as two levels of underground parking with 60 vehicle stalls and nearly 400 secured bicycle spaces. RWA Architecture is serving as the project’s lead design firm.

The site is located along key transit corridors, with frequent bus service on both Kingsway and Fraser Street.

Pictured: Qualex-Landmark apartment project at Kingsway and Fraser Street in Vancouver.

Rendering: RWA Architecture/Qualex-Landmark