PC Urban, Fiera Proceeding on 141-Unit MF Project in Vancouver
PC Urban and Fiera are proceeding with plans to develop a 141-unit multi-family real estate project in southeast Vancouver.
The companies indicated in a news release that they decided to proceed partly because Ottawa has scrapped the G.S.T. on new rental-housing projects. Vancouver city council granted rezoning approval for the project in July.
PC Urban and Fiera are now awaiting a development permit from the city.
“Thanks in part to the new GST exemption, and in conjunction with stabilizing construction costs, this project will now be moving forward,” said the companies in the news release.
Currently, six single-family homes sit on the development site, which is located at East 41st Avenue and Wales Street in a predominantly working-class area of the city that attracts many immigrants, who have strong demand for rental housing. PC Urban and Fiera plan to provide a combination of studio apartments and one-, two- and three-bedroom suites, including 12 townhomes.
Approximately 35% of the units will be family-oriented homes with two or three bedrooms.
Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate.
Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s.
In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star.
Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.