Colliers International Consulting is pleased to announce the unanimous approval from Vancouver City Council at a Public Hearing of the proposed redevelopment of the Brightside Community Homes Foundation's Edward Byers House on East 12th. Brightside has 64 years of experience owning and operating 26 income-based, rent-controlled properties in Vancouver.
PROJECT HIGHLIGHTS
The redevelopment is the result of a portfolio analysis Colliers Consulting conducted for the non profit group in 2017. The $47 Million dollar Passive House project went to council for a vote on rezoning on July 21st. To get to this milestone Colliers Consulting conducted project feasibility, hired a design team and managed the Letter of Enquiry process with the City of Vancouver.
RESULTS
In October of 2019 Vancouver's vacancy rate was at 1%, and the City's Q3 performance target of 2,000 units was not achieved. The 157 unit project will increase the unit count of the current Brightside Asset by 175% and allowing the project to provide much needed additional rental stock to the area. This represents the first of two purpose built rental re-developments Colliers Consulting is managing on behalf of the client.
