VANCOUVER – Lower Mainland developer Wesgroup properties is partnering with the Canada Mortgage and Housing Corporation (CMHC) and the City of New Westminster to convert a condominium tower into 294 rental homes.
Construction of a building marketed as The Nelson finished earlier this year and was originally planned as a market condo tower, but a $135 million loan from CHMC’s Rental Construction Financing Initiative (now the Apartment Construction Loan Program) and rezoning by the City of Westminster made it financially viable to construct it as purpose-built rental, a Wesgroup release said.
“The Nelson is a great example of what happens when a developer, CMHC and the city work together to build new rental housing. We appreciate the crucial support from CMHC and the City of New Westminster, which made it possible for us to build The Nelson as purpose-built rental housing instead of market condos.,” Wesgroup Properties vice-president of development Dean Johnson said in a statement.
Seventy homes at the Nelson will be rented at below-market rates, the release said.
The Nelson is 31 storeys and is the tallest building in New Westminster’s Brewery District with a mix of studio, one- and two-bedroom homes as well as 13 three-bedroom homes and is located next to Sapperton Skytrain station.
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