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Proposed North Vancouver redevelopment with 341 homes includes rent-to-own

Daily Hive
Kenneth Chan

A proposed redevelopment in North Vancouver promises a mix of housing options, including rental housing and even an infusion of rent-to-own options.

Anthem Properties has submitted a revised rezoning and development permit application to the District of North Vancouver for its 6.3-acre property at 904-944 Lytton Street.

Up until this summer, when demolition reached completion, the property was occupied by a 1969-built, 114-unit townhome complex with severe structural and habitation problems.

Most of the owners decided to sell the property, named Seymour Estates, which was acquired by Anthem in 2017. All of the residents have since moved to new homes.

The new proposal calls for a mix of low-rise, multi-family buildings, with 94 market condominium units, 132 townhouses, 25 rent-to-own units, 56 market rental units, 33 below-market rental units operated by Hollyburn Family Services Partnership, and one unit set aside for Habitat for Humanity.

This is being billed as a highly family-oriented redevelopment, with over three quarters of the units designed with two, three, or four bedrooms.

A relatively high proportion, 25%, of the units are also rentals. With the rent-to-own units, these homes are uniquely geared for locals who are first-time homebuyers, with a 24-month period of market rent going towards the downpayment of the units — transitioning to home ownership after the period.

Applicants for the rent-to-own units must live or work in the district or city of North Vancouver, must be a Canadian citizen or permanent resident, must agree to use the home as their primary residence and not as an investment unit, must pre-qualify for a mortgage, and must live in the home for the two-year period.

Amenities such as common open areas and small community-serving retail, specifically a coffee shop, are planned.

Subject to rezoning, the district’s official community plan (OCP) for the area allows for a floor space ratio (FSR) density of 1.75 times the size of the lot. As the proposed density is 1.3 FSR, it is 25% less dense than what is permitted under the OCP.

To support the density, the redevelopment also entails 573 vehicle parking stalls — including 503 resident stalls and 70 visitor stalls — and 750 bike parking spaces.

Local public realm and transportation improvements will be incorporated into the redevelopment scope.

View the original article here.