The construction of a 324-unit, 34-storey high-rise in Burnaby is getting over $100 million in federal financing with the promise of offering 101 units of affordable housing.
The announcement was made Friday by Burnaby North-Seymour MP Terry Beech and Hon. Ahmed Hussen, Minister of Families, Children and Social Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC). Developed by a subsidiary of Bosa Properties, the project is tentatively dubbed Kathleen Avenue and will be constructed at 5980 Kathleen Avenue.
Long-term housing solutions
Bosa Properties is receiving the $101.9 million in federal investment through the National Housing Co-Investment Fund, a flagship initiative of the National Housing Strategy.
“We've told all Canadians to shelter in place to stop the spread of COVID-19 our homes have become a place of refuge and safety and in times of crisis the hardest hit are often the most vulnerable so how do you, for example, shelter at home when you don't have a home?" Ahmed Hussen asked during the virtual announcement.
"We know that Canada's housing challenges are complex and ensuring housing affordability for all Canadians is not a quick fix. We need long-term solutions that support a wide range of Canadians with different needs," Hussen said.
According to a press release that followed the announcement, the development will provide a range of premium amenities including car wash, pet wash area, gym, co-working space and outdoor amenity space.
'Rents in the mid $800'
Colin Bosa of Bosa Properties spoke of the development’s location in the Burnaby City Centre and its closeness to Metrotown as well as the third of affordable homes offered in the high-rise.
"Today these affordable homes would have starting rents in the mid $800 and which are less than 80 per cent of the CMHC market median price for the area," Bosa said.
Construction is expected to begin in Spring 2021 and is estimated to be completed by 2024.