two-rental-housing-towers-eyed-for-kingsway-near-fraser-street-in-vancouver
| |

Two rental housing towers eyed for Kingsway near Fraser Street in Vancouver

HOME BUYERS – To get the best exclusive listings visit www.vreg.ca and go to “EXCLUSIVE DEALS”

Read More

Nearly four years ago, a rezoning application was approved to redevelop the southeast corner of the intersection of Kingsway and Carolina Street — situated on the southernmost border of the Mount Pleasant neighbourhood of Vancouver — into a six-storey, mixed-use building with 80 secured purpose-built market rental homes.

But the project — which was one of the larger rental housing proposals in Metro Vancouver at the time, prior to the current wave of proposals — did not proceed as planned.

As it turns out, this is because the project was being redesigned for a much larger mixed-use rental housing concept under the prescriptions and stipulations of the City’s Broadway Plan.

A new rezoning application has been submitted to redevelop 602-644 Kingsway and 603-617 East 16th Ave., which entails a larger development site than the original concept — growing the available footprint by 50 per cent to over 30,000 sq. ft. The project is just west of the prominent intersection of Kingsway and Fraser Street.

The original north site entails old low-rise commercial buildings, including a former funeral home building, while the addition of a south site includes a surface vehicle parking lot and low-rise residential and commercial buildings.

602-644 Kingsway 603-617 East 16th Avenue Vancouver Bonnis Properties rental housing

Site of 602-644 Kingsway and 603-617 East 16th Ave., Vancouver. (Perkins&Will/Bonnis Properties)

602-644 Kingsway 603-617 East 16th Avenue Vancouver Bonnis Properties rental housing

Site of 602-644 Kingsway and 603-617 East 16th Ave., Vancouver. (Google Maps)

602-644 Kingsway 603-617 East 16th Avenue Vancouver Bonnis Properties rental housing

Site of 602-644 Kingsway and 603-617 East 16th Ave., Vancouver. (Perkins&Will/Bonnis Properties)

Cancelled 2020/2021 concept:

602-644 Kingsway Vancouver

Current condition (top) and 2020/2021 cancelled concept (bottom) of 602-644 Kingsway, Vancouver. (Studio One Architecture)

2025 revised concept:

602-644 Kingsway 603-617 East 16th Avenue Vancouver Bonnis Properties rental housing

2025 concept of 602-644 Kingsway and 603-617 East 16th Ave., Vancouver. (Perkins&Will/Bonnis Properties)

602-644 Kingsway 603-617 East 16th Avenue Vancouver Bonnis Properties rental housing

2025 concept of 602-644 Kingsway and 603-617 East 16th Ave., Vancouver. (Perkins&Will/Bonnis Properties)

Under the new application, local developer Bonnis Properties has partnered with architectural firm Perkins&Will to pursue a 167-ft-tall, 14-storey north tower and a 276-ft-tall, 25-storey south tower.

The proponents are pursuing a new concept with two high-rise towers, after determining that a project with three towers would not meet the minimum tower separation requirements from an adjacent lot on Kingsway.

There will be a total of 327 secured purpose-built rental homes, including 120 units in the north tower and 207 units in the south tower. Based on the Broadway Plan’s requirement of setting aside at least 20 per cent of the residential rental floor area for below-market units, there will be 66 below-market rental homes and 261 market rental homes.

The unit size mix is established as 152 studios, 47 one-bedroom units, 105 two-bedroom units, and 23 three-bedroom units.

602-644 Kingsway 603-617 East 16th Avenue Vancouver Bonnis Properties rental housing

2025 concept of 602-644 Kingsway and 603-617 East 16th Ave., Vancouver. (Perkins&Will/Bonnis Properties)

602-644 Kingsway 603-617 East 16th Avenue Vancouver Bonnis Properties rental housing

2025 concept of 602-644 Kingsway and 603-617 East 16th Ave., Vancouver. (Perkins&Will/Bonnis Properties)

602-644 Kingsway 603-617 East 16th Avenue Vancouver Bonnis Properties rental housing

2025 concept of 602-644 Kingsway and 603-617 East 16th Ave., Vancouver. (Perkins&Will/Bonnis Properties)

602-644 Kingsway 603-617 East 16th Avenue Vancouver Bonnis Properties rental housing

2025 concept of 602-644 Kingsway and 603-617 East 16th Ave., Vancouver. (Perkins&Will/Bonnis Properties)

602-644 Kingsway 603-617 East 16th Avenue Vancouver Bonnis Properties rental housing

2025 concept of 602-644 Kingsway and 603-617 East 16th Ave., Vancouver. (Perkins&Will/Bonnis Properties)

602-644 Kingsway 603-617 East 16th Avenue Vancouver Bonnis Properties rental housing

2025 concept of 602-644 Kingsway and 603-617 East 16th Ave., Vancouver. (Perkins&Will/Bonnis Properties)

The north and south towers will be physically connected on the second level by a pedestrian bridge over the laneway that separates the two sites, enabling continuous shared amenity spaces between both buildings. Expansive indoor and outdoor amenity spaces will be found on the second level — including landscaped outdoor areas on the base podium rooftops — along with outdoor amenity spaces on the rooftops of both towers.

The rooftop of the north tower’s podium also features a 2,900 sq. ft. childcare facility for up to 20 kids, plus outdoor play space.

Down below, about 19,400 sq. ft. of retail/restaurant space spread across the ground levels of both buildings will activate the street frontages and a new public plaza. This triangular-shaped plaza space — a public space element passed down from the original concept — will be achieved by repurposing a 70-ft-long segment of East 15th Avenue and median that parallels Kingsway.

602-644 Kingsway 603-617 East 16th Avenue Vancouver Bonnis Properties rental housing

2025 concept of 602-644 Kingsway and 603-617 East 16th Ave., Vancouver. (Perkins&Will/Bonnis Properties)

602-644 Kingsway 603-617 East 16th Avenue Vancouver Bonnis Properties rental housing

2025 concept of 602-644 Kingsway and 603-617 East 16th Ave., Vancouver. (Perkins&Will/Bonnis Properties)

602-644 Kingsway 603-617 East 16th Avenue Vancouver Bonnis Properties rental housing

2025 concept of 602-644 Kingsway and 603-617 East 16th Ave., Vancouver. (Perkins&Will/Bonnis Properties)

602-644 Kingsway 603-617 East 16th Avenue Vancouver Bonnis Properties rental housing

2025 concept of 602-644 Kingsway and 603-617 East 16th Ave., Vancouver. (Perkins&Will/Bonnis Properties)

602-644 Kingsway 603-617 East 16th Avenue Vancouver Bonnis Properties rental housing

2025 concept of 602-644 Kingsway and 603-617 East 16th Ave., Vancouver. (Perkins&Will/Bonnis Properties)

602-644 Kingsway 603-617 East 16th Avenue Vancouver Bonnis Properties rental housing

2025 concept of 602-644 Kingsway and 603-617 East 16th Ave., Vancouver. (Perkins&Will/Bonnis Properties)

The floor plates of both towers rising above the podium are curved to strategically place the structural columns along the perimeter of the floor plates, which serves to optimize the views from the residential units and enable a more efficient unit layout. The exterior design is defined by a 40-60 window-to-wall ratio, with protruding balconies protected by steel picket guard railings.

Four underground levels at the north tower site will accommodate 141 vehicle parking stalls, while two underground levels at the south tower site will provide over 600 secured bike parking spaces.

Altogether, the project will generate a total floor building floor area of over 257,000 sq. ft., establishing a floor area ratio density of a floor area that is 8.5 times larger than the size of the lot.

The site is well served by frequent bus routes along Kingsway, Fraser Street, and Main Street, and about a 15-minute walk from SkyTrain’s future Mount Pleasant Station (intersection of Main Street and East Broadway).

Under the Broadway Plan, high-rise tower developments are generally permitted along Kingsway between Main Street and Fraser Street, and along Fraser Street between East Broadway and Kingsway. There is now a growing cluster of high-rise tower developments in the area, including the recently approved tower projects of rental housing replacing the Kingsway parking lot of Mount St. Joseph Hospital to the west and the Kingsway/Fraser strip mall to the east.

602-644 Kingsway 603-617 East 16th Avenue Vancouver Bonnis Properties rental housing

2025 concept of 602-644 Kingsway and 603-617 East 16th Ave., Vancouver. (Perkins&Will/Bonnis Properties)

602-644 Kingsway 603-617 East 16th Avenue Vancouver Bonnis Properties rental housing

2025 concept of 602-644 Kingsway and 603-617 East 16th Ave., Vancouver. (Perkins&Will/Bonnis Properties)

Share this page

Similar Posts

  • | | |

    B.C. housing supply way up amid economic uncertainty

    Posted April 30, 2025 4:15 pm. Last Updated April 30, 2025 4:16 pm. The B.C. housing market is softening, with buyers pulling back on sales due to concerns around the Canadian economy and the U.S. trade war. The BC Real Estate Association released its 2025 second quarter housing forecast Wednesday. The association says it expected a strong 2025 for sales, but that hasn’t happened. Chief Economist Brendon Ogmundson says buyers have pulled back in the first quarter of the year. “We were expecting something close to a normal year. So that would be around 85,000 sales. Instead, we’re running 20 to 25 per cent below that pace. So sales have really, really come off. Buyers just don’t have a lot of confidence right now because of all that uncertainty,” said Ogmundson. He says the inventory of homes has reached the highest level in about a decade. “And that means lots of choice for buyers, lots of time for buyers — not a whole lot of urgency. Sellers are also not in a hurry to lower their prices,” he explained. But Ogmundson explains that increased supply hasn’t done much to change prices. “[Sellers] seem very, very patient, so we’re not seeing a whole lot of movement on the price side. Prices have been essentially flat for the past 18 months — down a little bit in more expensive markets, Fraser Valley and Vancouver, but down by [around] one to two per cent.” He says B.C. has “all the ingredients” for a much stronger market, and sales were up in the last quarter of last year. “And now, suddenly, they aren’t. The only thing you can really see that’s changed is a lot of uncertainty about the future of the economy.” —With files from Sonia Aslam

    Share this page
  • Minimum qualifying rate for uninsured mortgages

    Current rate:The greater of the mortgage contract rate plus 2% or 5.25%. The minimum qualifying rate (MQR) for uninsured mortgages is a mortgage stress test applied by lenders to borrowers. OSFI obliges federally-regulated lenders to apply this stress test to their borrowers. This helps lenders prepare borrowers so they can continue to make mortgage payments…

    Share this page
  • | | | | | | |

    NDP on TMX pipeline: We didn’t want it. They built it. So let’s use its full potential

    Article content Eby and Sharma exaggerate the degree to which the TMX is “underused … with capacity to spare” after one year of operation. Article content The Canadian Energy Regulator reports that the line has operated at about 80 per cent of its 890,000 barrel-per-day capacity since coming online in May 2024. Moreover, the performance improved in the first quarter of this year. Article content “The pipeline ran at about 85 per cent capacity during the three-month period ending in March,” Chris Varcoe reported in the Calgary Herald this week. The Globe and Mail’s Emma Garney further reported that the line “hit a high of 90 per cent” in March. Article content The demand is such that Trans Mountain has already begun test work to boost capacity by up to 10 per cent by the end of 2026. A longer-term project would add pumping stations to boost it to 1.14 million barrels a day, later in the decade. Article content So much for the B.C. NDP notion that the $34 billion pipeline is languishing through insufficient use. Article content Article content But rather than consult the country’s energy regulator or the national newspapers, perhaps Eby and Sharma were taking their lead from Steven Guilbeault. Article content Guilbeault served as environment minister in the Justin Trudeau Liberal government, where he flourished as a fan of carbon taxation and an opponent of fossil fuel expansion. Article content Carney reassigned him to the Canadian Heritage Department at about the same time as the PM reduced the carbon tax to zero and began talking up the need to expand resource production. Article content It didn’t stop the new heritage minister from wandering outside his lane last month to announce that Canada has no need of more pipelines because TMX was operating at “40 per cent capacity” and the world was approaching “peak oil production.” Article content In the first instance, Guilbeault clearly didn’t know what he was talking about and in the second, there’s much room to debate about when peak oil will be reached. Article content Article content Still, there is a capacity issue regarding the TMX terminal in Burnaby, though not one that involves the pipeline. Article content The terminal is already busy with tankers, having loaded some 741 in the first quarter of the year at a rate that fell just short of one a day in March. But tankers are unable to load fully because of the risk of grounding in Burrard Inlet. Article content The New Democrats have recognized the limitation and come out in support of a federal proposal to dredge Burrard Inlet to a depth that full tankers can traverse. Article content Leading the call is Energy Minister Adrian Dix. As NDP leader, Dix’s snap decision to oppose TMX in the midst of the 2013 election campaign contributed to his loss to Christy Clark. Article content Now that the line is running, Dix supports maximizing its use. “We built it. We paid for it. We should use it,” he says, taking a realistic view of a project that cost him much. Article content Article content Article content

    Share this page
  • | | | |

    Repairs, Renos, or Red Tape? Making Sense of Rental Property Expenses in Canada

    Picture this: You’ve just picked up the keys to your dream rental property. It’s not perfect—yet. There’s a leaky faucet, the floors look tired, and the kitchen hasn’t been updated since disco was cool.  Naturally, you’re itching to whip out your toolkit (or your contractor’s phone number) and make it shine. But before you dive…

    Share this page
  • | | | | | | | |

    ‘Don’t always go up’: Bulk of Metro Vancouver presale condos sold in 2022 and 2023 now appraised below original price

    The Butterfly on Nelson Street in Vancouver Nov. 21, 2023. Photo by Arlen Redekop /PNG Article content Thousands of presale buyers in Metro Vancouver face completing their purchase of condos that are now worth less than they were in 2022 and 2023 when they signed the contracts to buy them. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Vancouver Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Vancouver Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Sign In or Create an Account or Article content Article content More than half of the appraisals required by mortgage lenders to complete sales are now coming in at values lower than original sale prices. Article content As a result, lenders will only write smaller mortgages. That means condo buyers have to satisfy lenders by ponying up the difference between the unit’s value in 2022 or 2023 and what it is worth now, either by putting in more cash or refinancing. Article content Article content A Vancouver appraiser who works with banks, law firms and mortgage brokers is raising the alarm because the buildings are now built and developers are trying to finalize sales. Article content By signing up you consent to receive the above newsletter from Postmedia Network Inc. Article content “Presales don’t always go up. There was that mindset where if it happened before, it’s going to happen again,” said Adam Lawrenson, owner of Vancouver-based Adlaw Appraisals. “I can’t say an exact number, but over half (of appraisals) are now coming in below their sale price.” Article content He estimates condo values have dropped between five and 20 per cent below what buyers originally promised to pay when they put down a non-refundable deposit. Article content That’s one reason why a growing number of buyers are looking to sell these new or barely used properties. This market glut and a lack of demand is helping drive down prices. Article content “You can easily get a brand new unit or a one- or two-year (old) unit at a cheaper price point than these presales, so that comes into play when we are doing our appraisal and looking at current market values.” Article content Article content With sellers dropping prices to speed up sales, that sets a new base for future, lower, appraisals. Article content Article content No area in the Lower Mainland is immune, but there are some buildings and areas that are more susceptible to having units “being underwater.” Article content There are “areas of Langley that got overbuilt and developers were leaving them vacant for six to 12 months, in hopes the market would turn around. But you can only hold for so long before you have to start selling them,” Lawrenson said. Article content There are also a few buildings in north Burnaby where presale buyers are now looking to get rid of units as soon as they close their sale. Some have 30 listings of one-bedroom apartments. Article content There are also some higher-end buildings in downtown Vancouver, such as The Butterfly on Nelson Street, with presale units that sold at presale for over $2 million. Some of these have appraisals that are now down $300,000 to $500,000 from their original prices, said Lawrenson. Article content According to research by Rennie Intelligence, which does marketing for major developers, investors made up around half of all buyers in the years between 2021 to 2023.

    Share this page
  • | | | | | | | | |

    Latest Broadway Plan Tower Application is for 127 Units at East 14th & Prince Edward

    The latest Broadway Plan rezoning application is for an 18-storey tower at 360 East 14th Avenue in the Mount Pleasant area of East Vancouver. The site is located just West of Mount Saint Joseph Hospital. The plan for the site includes: 137 units with 20% of the floor area for below-market rental units; a total density of 6.50 FSR; A building height of 186 ft. This application is being considered under the  Broadway Plan . The architect for the project is Stuart Howard. The full application can be viewed here: https://www.shapeyourcity.ca/360-e-14-ave Comments are closed.

    Share this page