North Vancouver-based Darwin Properties and QuadReal are partnering on a new, purpose-built rental project in the District of North Vancouver.
The site at 229 Seymour River Place was recently rezoned for a market condo development with 38 rental units. Darwin and QuadReal are proposing to convert it into a 100% rental project with 193 units in a six-storey building, known as Maplewood Plaza.
“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.”
Maplewood Plaza, designed by RH Architects, will also include 21 townhome rentals and 10 non-market rental units. There will be 10,000 square feet of commercial and retail space.
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 per cent of the proposed units are planned as rentals.
Completion is estimated for early 2025.
