Land swapped for low-cost seniors’ housing
February 3, 2020
In a unique agreement, Vancouver developer Intracorp has partnered with a non-profit group to deliver affordable senior housing and develop market townhouses.
Twenty-two years ago, the Koshi family bequeathed their five-acre farm in Coquitlam, British Columbia, to the Finnish Canadian Rest Home Association (FCRHA).
Now Intracorp, one of the largest residential developers in B.C., is working with the FCRHA under an agreement that split the land parcel in two. One side consists of 14 units of seniors’ housing for those whose income does exceed $30,600 for a single person or $33,600 for a couple, making them eligible for senior’s rental assistance from the provincial government. Intracorp provided the complex at no cost to the FCRHA.The project broke ground in 2017 and this January 28
Intracorp handed the keys to the seniors housing complex to the FCRHA. In return, Intracorp is completing a 76-unit townhouse project starting with 16 four-bedroom units for families. The townhouses are being sold at current market value, which is approximately $1 million for a new four-bedroom townhouse and $650,000 to $800,000 for a new two- and or three-bedroom unit, based on data from the local real estate board.