West Vancouver plans 96-unit affordable rental housing project

West Vancouver announced a new 96-unit affordable rental housing project this week, capitalizing on the overwhelming success of a similar development that opened nearby.

The municipality will partner with Catalyst Community Development Society to build and operate the project on municipal land at 15th Street and Fulton Avenue. Mayor Mark Sager made the announcement at a council meeting Monday, June 22. All 96 rental units will rent for below-market prices. The municipality will grant Catalyst a 60-year lease to build and operate the housing.

The decision came after the Kiwanis North Shore Housing Society project on 22nd Street opened in December. That development includes 156 rental units in two six-story buildings at 950 and 970 22nd Street, with rents set at 75 per cent of current market value. Units are reserved for people with connections to West Vancouver, such as those who work or have children attending local schools.

"That filled immediately," Sager said, with many more people still waiting for units.

The new affordable housing project will be built on four municipally-owned lots. Two parcels are currently vacant, one is rented to a residential tenant, and the West Vancouver Foundation office occupies another — the Foundation will relocate to the community centre.

Catalyst will work with Polygon to build the project. Details about the unit mix and expected rents are still being developed, but Sager said he expects Catalyst to move quickly to get construction underway. Like the Kiwanis project, the new development will give priority to people who work in the municipality. Catalyst also recently partnered with the City of North Vancouver to develop the 89-unit Timberline I, which opened in January with rents ranging from $1,158 to $2,150 per month.