Vancouver’s Downtown Eastside will have an additional 104 units of non-market housing once construction is complete on a new 11-storey building at 288/292 East Hastings.
About the Project
This project is a partnership between BC Housing and Wall Financial Corporation, and will provide 172 suites of affordable housing at 288/292 East Hasting St. Once complete, the 11-storey building will provide 104 units of non-market housing, 6,000 square feet of commercial space (both owned by BC Housing) and 68 units of market housing (owned by Wall).
This project will:
- Increase the supply of quality, non-market housing by building self-contained units (104 studio units)
- Increase the rental stock in Vancouver (68 units including studios, one-bedroom and two-bedroom units) consistent with City of Vancouver housing incentive programs.
- Improve the commercial fronting onto both Hastings and Gore by improving the design and public safety of the commercial space which will serve the population in the area, including an integrated landscaping plan consistent with city requirements; and
- Carry out redevelopment consistent with a vision for overall improvements to the Hastings and Gore intersection projects.
In 2015, Wall Financial Corporation approached BC Housing with a proposal to partner on the development of a 172 affordable housing development at 288/292 East Hasting St. BC Housing subsequently agreed to purchase the land from Wall Financial and enter into a Development Agreement to complete the housing project, and provided a $39.5 million loan to construct the building.
Upon completion of the project, BC Housing will retain ownership of 104 units (35 to be rented at income assistance rates and 69 at housing income limit rent rates) and 6,000 square feet of commercial space.
Wall Financial Corporation will purchase 68 units for market rental. A Housing Agreement with the City of Vancouver will stipulate that the rents in the 68 units must not exceed the CMHC average market rents in order to ensure housing affordability.
The purchase price of the 68 units is set so that BC Housing will retain 50% of the market value above the cost to construct. In essence, BC Housing recovers half of the profit earned on the 68 market rental units in order to lower the cost of the 104 non-market units and the land cost.
The total project cost is approximately $39.5 million.
The project satisfies the City of Vancouver’s Downtown Eastside Local Area Plan requirements.
For more information on the Hastings and Gore partnership with BC Housing, view the 288/292 East Hastings - Presentation .