Third Space proposes its first housing project to offer significant rent reductions
Vancouver, BC (May 4, 2023) – A Vancouver real estate developer launched a unique business model to support its ongoing commitment to improve affordability in Vancouver’s rental housing market. Third Space said for every three market rental homes it builds, it commits to building one additional rental home below market.
“Our purpose goes beyond profit. We want our business to be both successful and make a meaningful impact. Vancouver is our home, and we want to help it thrive,” said David Wesik, President of Third Space. “We take a triple bottom line approach to business: people, planet and profit. All three are equally important to us. The biggest way we can support people and their families is by improving affordability, and we will do that by using profits to help build and manage below market homes.”
Called Third Space Ratio, this three to one housing model is a long-term vision for the company’s portfolio. The goal is for 25% of all the homes they build to have below market rents. Some projects might have no affordable homes, while others will have many, like the proposed project on a site at East Broadway and Victoria Drive.
Third Space recently applied to the city to rezone the site to build a six-storey residential rental building with commercial space at the base. The city’s land use policy allows for market condominiums; however, Third Space selected this site as its first to help realize its Third Space Ratio. Of the total 77 secured rental homes, 26 homes (34 per cent) will be offered at significantly reduced rents.
“Our goal over 10 years is to have 250 affordable homes delivered or under construction in Vancouver,” said Ryan Thé, Vice President of Development of Third Space. “We define affordable as accessible to most people who live in the community, and we believe that can be achieved by reducing rents by at least one-third of market rates.”
Of the 26 affordable homes proposed at Broadway and Victoria, more than 40 per cent will be built for families. While tenant criteria is still being crystalized, Third Space said it will require proof of income to ensure the affordable homes go to families who need them.
Third Space Properties Inc.
Third Space Properties Inc. is a purpose-driven property investment, development and management company founded with a long-term vision to keep Vancouver thriving. We don’t have one bottom line, we have three: people, planet and profit. Learn more about Third Space and our triple bottom line approach at www.third.space.
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