QuadReal and Darwin Partner on 193 New Rental Homes in North Vancouver
Darwin Properties and QuadReal Property Group have just announced a partnership to build a new purpose-built rental development on a 1.7 acre property in North Vancouver. Called Maplewood Plaza, the site at 229 Seymour River Place was pre-approved and rezoned for a market condo project with 38 rentals. The partnership is now proposing to convert the site to a 100% rental project, with 193 new rental homes in a six-storey building.
The proposal includes 183 market rental, including 21 townhome rentals and 10 non-market rentals, with underground parking. Designed by RHA, the complex will feature generous unit sizes, on floor storage and a central courtyard. The complex will also include 10,000 square feet of commercial and retail space fronting a newly extended Seymour River Place Road.
Located within a five-minute walk to the North Shore’s major transit hub and in the heart of the Maplewood Town Centre, the new rental development is set in the centre of an important employment and retail hub that the District of North Vancouver has identified as needing approximately 1,500 new residential units by 2030.
“This is a big win for the District of North Vancouver and the Maplewood area,” says Jason Turcotte, President of Darwin Properties. “As North Shore developers, we believe in building a diversity of housing options for the community, and we are excited to be able to offer a boost to the area’s much needed rental stock. We intend to prioritize rental housing on multiple sites on the North Shore in the coming years in recognition that the barrier to entry for homeownership is now so high that rental housing is increasingly important.”
These new rentals will improve housing options for all, including those who work in the area. According to a recent Colliers report on the Maplewood area, there are approximately 2,025 to 2,100 employees currently working in a neighbourhood with only about 626 private dwelling units. The report found more than 80% of current Maplewood employees live elsewhere, due to a lack of housing options. As the report states: “This demonstrates that a significant amount of additional residential supply is needed within Maplewood to support existing employment, particularly if the District is motivated to decrease congestion and increase the ratio of people who walk or bike to work.”
“With the Darwin team, District staff and municipal council, we share a commitment to adding purpose-built rental housing to increase the options for those looking to live in a location convenient for them,” says David Roppel, Vice President, Development of QuadReal. “Our presence in the local area, complemented by the depth of our team’s multi-city residential service and management experience, inspires us to partner with Darwin to deliver quality rental housing to the North Shore community.”
Darwin and QuadReal currently have a total of 1,000 residential units in the development planning process within the Maplewood area, including the proposed adjacent mixed-use Maplewood Gardens development. More than 50% of these new proposed homes are planned rental units.
For Maplewood Plaza, a development permit amendment and a development variance permit application has just been submitted to the District of North Vancouver to change the unit tenure and reduce the parking to align with the District’s municipal parking standards for rental apartments for this new site.
Completion is estimated for early 2025.
Cori Howard [email protected]
About Darwin Properties:
Darwin Properties is a family-run development company that was founded as Darwin Construction in 1987. Since then, Darwin has grown to be one of the most active developers on the North Shore, with a construction division as well as a development division. With over 30 years of experience in construction and development, Darwin now has more than 65 acres and 4.8 million square feet of residential, mixed-use and commercial projects in the planning or construction phase of development on the North Shore, including Lonsdale Square, the North Shore Innovation District and Maplewood Gardens. It is actively working in joint venture partnerships with the Tsleil-Waututh First Nation and institutional investors like QuadReal and Minto to build holistic, integrated and healthy communities within large-scale, master-planned developments.
About QuadReal Property Group:
QuadReal Property Group is a global real estate investment, operating and development company headquartered in Vancouver, British Columbia. Its assets under management total $61.2 billion. From its foundation in Canada as a full-service real estate operating company, QuadReal has expanded its capabilities to invest in equity and debt in both the public and private markets. QuadReal invests directly, via programmatic partnerships and through operating companies in which it holds an ownership interest.
QuadReal seeks to deliver strong investment returns while creating sustainable environments that bring value to the people and communities it serves. Now and for generations to come.
QuadReal: Excellence lives here. www.quadreal.com