Cressey’s latest development will include one of the first purpose-built rental towers to be built in Coquitlam in over 40 years.
The Hensley development includes a 33-storey market residential tower, and a 23-storey rental apartment tower. Both buildings were designed by Chris Dikeakos Architects Inc.
The purpose-built rental tower will add 201 brand new rental homes, managed by Cressey.
Jason Turcotte, vice-president of development at Cressey Development Group, says purpose-built rental buildings offer a number of advantages over condos offered for rent.
“Purpose built rental projects are typically professionally managed and therefore in-suite and common area maintenance is carried out on a routine basis, whereas renting from an individual homeowner can often leave room for mismanagement.”
Amenities for tenants will include a large lounge with a full kitchen, dining area and outdoor BBQ areas. There will also be a fully equipped gym, meeting room and outdoor lounge areas.
Turcotte says city incentives had a positive impact on the financial viability of the project.
“Many municipalities are offering additional density and or height in exchange for purpose built rental units due to the aging rental stock in many regions and increasing demand for newer rental units.”
He adds that the completion of the Evergreen Line has boosted demand for purpose-built rental housing close to SkyTrain.
The project will complete in 2020.