More Studios Coming to Downtown Vancouver

A new three-storey, 20-unit apartment complex is to come in downtown Vancouver, with the goal of meeting the need for more housing at a relatively lower cost.

The new apartment building – called The Daniels Apartments, at 904 Daniel St. – is a project by local developer Josh Oliva, who is also one of the owners of RiverWest at The Waterfront Vancouver and The Jefferson Apartments, which opened its doors at the beginning of this year.

The apartments include 17 parking spaces. Construction is expected to begin in early 2023 and be completed by the end of that year, Oliva said.

Oliva’s newest apartment complex – The Jefferson at 807 Jefferson St. – is fully occupied. The smaller, cheaper studios were the first to be rented out, he said. They started at around $1,100 per month.

Oliva, through a company called 904 Daniels LLC, purchased the property in 2020 for $775,000. (In 1993, the property sold for $115,000.) The land currently houses a credit union building, which will be demolished to make way for apartments.

“We tried to find a way to reorient the credit union, but we thought it would make more sense to invest in more housing,” he said.

Oliva said it’s too early to say how much The Daniels’ apartments will cost, but choosing to have them as studios will make them cheaper than one-, two- or three-bedroom apartments.

“We’ve seen strong demand at The Jefferson for smaller unit rentals at lower prices,” Oliva said.

Daniels Apartments will participate in the city’s Multi-Family Tax Exemption Program, similar to The Jefferson, where 14 units representing 20% ​​of homes have reduced rent for applicants who meet the program’s income requirements.

“These below-market rates are reserved for 7 households at or below 80% regional median income (AMI) and 7 households at or below 100% AMI,” according to The Jefferson’s website.

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