real estate financing

A long-planned social housing and childcare project in the Burnaby Heights neighbourhood is going ahead with the financial support of the Government of British Columbia. This will be a redevelopment of the vacant city block property of 3838 East Hastings Street at the southeast corner of the intersection of Esmond Avenue and East Hastings Street — just east of Boundary Road. In 2017, the City of Burnaby selected SUCCESS Affordable Housing Society to build and operate the new complex on the City-owned site. The project is going forward following today’s funding announcement. There will be two six-storey buildings containing 161 social housing units, with rents geared to income where residents will pay 30% of their income for rent, market rates, or deep-subsidy rates for people on income assistance. The unit size mix is 26 studios, 85 one-bedroom units, 30 two-bedroom units, and 20 three-bedroom units. Site of 3838 East Hastings Street, Burnaby. (DYS Architecture/SUCCESS) Site of 3838 East Hastings Street, Burnaby. (Google Maps) Artistic rendering of 3838 East Hastings Street, Burnaby. (DYS Architecture/SUCCESS) Ground-level uses entail 10,000 sq ft of retail/restaurant spaces to help activate the building’s long East Hastings Street frontage and a childcare facility for up to 75 kids operated by the YMCA of Greater Vancouver. Two underground levels will contain 139 vehicle parking stalls and 224 bike parking spaces. DYS Architecture is the project’s design firm. Both buildings are interlinked within the upper levels by enclosed skybridges. “Providing affordable housing is now a growing part of our work at SUCCESS. We are grateful for the partnership with the provincial government and City of Burnaby to make this project possible,” said Queenie Choo, the CEO of SUCCESS Affordable Housing Society, in a statement. Artistic rendering of 3838 East Hastings Street, Burnaby. (DYS Architecture/SUCCESS) Artistic rendering of 3838 East Hastings Street, Burnaby. (DYS Architecture/SUCCESS) Artistic rendering of 3838 East Hastings Street, Burnaby. (DYS Architecture/SUCCESS) Mike Hurley, the Mayor of Burnaby, added, “This project represents a significant step forward for our community as it addresses two of the most urgent needs in Burnaby — affordable housing and more child care spaces. By providing land for projects like this and working with our partners at the provincial level, we’re taking a bold approach to addressing the affordability crisis in our community.” The provincial government is providing SUCCESS with $28 million in non-repayable funding for the social housing component, including $11 million for a cost pressure grant to help cover inflationary construction prices. The childcare component also separately received nearly $7 million in provincial funding. It is also noted that the City-owned property is worth about $27 million, with the municipal government providing $3 million in grant funding and $112,000 in waived development fees. Metro Vancouver Regional District is also waiving $425,000 in development fees. Artistic rendering of 3838 East Hastings Street, Burnaby. (DYS Architecture/SUCCESS) Artistic rendering of 3838 East Hastings Street, Burnaby. (DYS Architecture/SUCCESS) Artistic rendering of 3838 East Hastings Street, Burnaby. (DYS Architecture/SUCCESS) If all goes as planned, construction on the project will reach completion in 2026. “We are taking action to help families who have struggled to find affordable housing and child care and provide them with the supports they need to thrive in their community,” said Ravi Kahlon, BC Minister of Housing. “Our government is proud to lead the way to help people across the province have healthy, vibrant neighbourhoods with the quality care and homes they deserve.”