The project is moving forward against challenging market conditions, including rising construction costs and high borrowing rates. Construction has officially begun on a landmark 24-storey rental housing tower at 701 Kingsway in Vancouver, marking a significant step in addressing the city’s housing crisis.

This ambitious development will deliver 200 secured purpose-built rental homes, comprising 160 market rental units and 40 below-market units. Additionally, the project will feature more than 6,000 square feet of retail and restaurant space at street level, enhancing the community’s vibrancy.

The project is among the first major initiatives under the Broadway Plan to begin construction, signaling a commitment to increasing housing availability in the area. The rezoning application received approval from the Vancouver City Council in November 2024, followed by the development permit application in April 2025.

Henry McQueen, a representative from Qualex-Landmark, expressed enthusiasm about the groundbreaking, stating, “This is really happening. Groundbreakings are few and far between these days, so when we get the chance to celebrate one, we should.” He emphasized the importance of turning plans into reality, adding, “You can’t live in an approval. At some point, plans need to become buildings.”

The development will also include two underground levels, featuring 60 vehicle parking stalls and nearly 400 secured bike parking spaces, catering to the needs of future residents.

Conveniently located, the site is served by frequent TransLink bus routes along Kingsway and Fraser Street, ensuring easy access to public transportation for residents.

As the construction progresses, observers are keenly watching how this landmark project will impact the local housing market and community dynamics. The successful completion of this tower could set a precedent for future developments in Vancouver.

Details remain unconfirmed regarding the timeline for completion, but the community is hopeful that this project will significantly contribute to alleviating the housing shortage in the area.

Сообщение Landmark: Construction Begins on 24-Storey Rental Housing Tower in Vancouver появились сначала на justrealnews.