Aquilini Centre rental apartments will bring 600 new units to entertainment district
The Aquilini family, owner of the Vancouver Canucks and Rogers Arena, are smartly capitalizing on Vancouver’s tight apartment rental market with their three-tower development called Aquilini Centre.
Once complete, the project will bring 600 new rentals to downtown Vancouver’s near-zero vacancy rental market. The location is likely very attractive to young professionals, right next to the Skytrain and Vancouver’s two biggest event venues: Rogers Arena and BC Place.
The first tower was completed last year, and now the second tower on Pacific Blvd. is under construction, with a unique cantilevered lobby.
Rents in the first tower started at $1,550 for a 450 sq ft one bedroom unit, but those units were snapped up quickly in 2015.
A quick Craigslist search shows the most affordable unit currently for rent: a 523 sq ft one bedroom for $2,100, although it is a sub-penthouse and boasts a large balcony. Parking and storage is extra.
The towers were designed around the viaducts, and a small part of the Georgia St. viaduct will need to remain as a result of the development. That’s because emergency access for the first tower is off the viaduct.
The City of Vancouver told the Globe and Mail in 2015 that they envisioned that remaining piece of the viaduct as something similar to New York’s famous High Line.
The development is not the only change coming to the area surrounding the stadiums. Once the viaducts come down, the city is planning on extending Georgia Street to False Creek. On the other side of the stadium, the Parq Vancouver casino and hotel complex is currently under construction with a planned opening date in early 2017.