Real estate developer Sightline Properties filed plans for a major development project that could add nearly 2,000 multifamily units near the Renfrew SkyTrain station in East Vancouver at a time of increased rental development in the area.
The Vancouver-based firm filed plans with the city for four towers ranging in size from 39 to 45 storeys along 2808-2888 E. Broadway, 2813-2881 E. 10th Ave. and 2528-2580 Kaslo St.
The transit-oriented development in the northern section of the Renfrew-Collingwood neighbourhood, designed by architecture firm Arcadis, is planned for 1,386 strata units and 573 rentals. About 20% of the floor area would be reserved for below-market units to make the project affordable to lower- and moderate-income residents, according to the application.
The latest proposal comes as multifamily vacancy rates are rising across Greater Vancouver amid an unprecedented surge in rental development. About 22,000 units are under construction in the region near the end of the third quarter, more than double the number of units built three years ago, according to CoStar analytics.
The region's apartment vacancy rate has risen to 4.5% from 2.5% over the past year, according to the data.
The development is about a three-minute walk from the train station. Development plans include adding retail space along Broadway and 10th Avenue and a 73-space private childcare facility.
Sightline is proposing the project under Vancouver's 1,631-acre Rupert/Renfrew Station Area Plan approved last summer to guide large redevelopment projects.
Despite the region's elevated vacancy rate, the project will "help meet the city’s housing target of 83,000 new homes over the next 10 years" when fully built, according to Sightline's application.