Nicola Wealth Real Estate (NWRE) and Townline have completed a 37-storey multi-family residential rental project in the Vancouver suburb of Coquitlam, B.C.

Meridian, located at 515 Cottonwood Avenue, brings 267 rental homes to the growing Burquitlam neighbourhood.

The project is a joint-venture between NWRE, a leading Canada-wide investment firm specializing in real estate assets, and Townline. Both NWRE and Townline are based in Vancouver.

NWRE is the in-house real estate team of Vancouver-based Nicola Wealth, a premier financial planning and investment firm. Townline is a developer known for building innovative and community-oriented projects across Canada.

Meridian is a mix of market rentals and units for middle-income households, with nine apartments leased to BC Housing to support affordable housing. Situated just a short walk from the Burquitlam SkyTrain station, Meridian offers residents quick access to public transit and proximity to popular spots like Simon Fraser University, Burnaby Lake, and Rocky Point Park.

“We are thrilled to have partnered with Townline on this significant project,” said Mark Hannah, executive managing director and head of real estate at Nicola Wealth. “Their expertise in development and construction has been invaluable, and together we’ve delivered a high-quality residential community that will meet the needs of renters in the lower mainland.”

Meridian’s residential offerings include one- to three-bedroom apartments and townhomes designed with modern finishes. The building also features 10,000 square feet of commercial retail space fully leased to tenants such as Dos Bros, Pur&Simple, and Anytime Fitness.

Residents will enjoy exclusive access to top-tier amenities on the third and 37th floors, including a fitness centre, a rooftop lounge with panoramic views, outdoor patios with grilling stations, co-working spaces, and a variety of other lounges and study areas. Additional conveniences include a dog run, parcel lockers, and EV-ready underground parking.

Meridian was among three multi-family projects in Coquitlam and Port Coquitlam, B.C., that received fully-repayable low-interest loans through the federal government’s Rental Construction Financing Initiative.

According to an October 2023 federal government news release, Ottawa provided $121 million in RCFi loans for Meridian, and the project received $38 million in cash and land equity from Cottonwood Avenue Ltd Partnership. Meanwhile, the City of Coquitlam furnished $7 million in rental incentives, including extra density and parking reductions.

Photo: Graham Handford/Nicola Wealth