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Pacific Canada  + Apartments  |  June 20, 2024
The Nelson, a building in New Westminster.
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By: Monte Stewart

Wesgroup Converting the Nelson Condo Tower into Apartment Building

Wesgroup Properties is converting the Nelson condominium tower in New Westminster’s Sapperton district into a rental-apartment building.

The developer’s website has already started offering units for rent. ConstructConnect reported that the Lower Mainland developer is partnering with the Canada Mortgage and Housing Corporation and the city to convert the condo units into 294 rental homes.

Of those, 70 would be offered at below-market rents.

Citing a news release that was not widely available, ConstructConnect reported that Wesgroup obtained a $135-million loan through what is now known as CMHC’s Apartment Construction Loan program. Meanwhile, the city rezoned the building as a rental property, making the project financially viable as a purpose-built rental.

Construction was completed earlier this year.

The Nelson stands 31 storeys and is located next to the Sapperton SkyTrain station.

The new rental homes include studio and one-to-three-bedroom units.

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Wesgroup

About Monte Stewart

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.
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