Families, seniors and individuals in Coquitlam have started moving into 100 new affordable rental homes in the recently opened 55One, a 308-suite residential tower developed by Concert Properties.
“When people have affordable homes in safe, inclusive neighbourhoods, they can get ahead, build good lives and give back to their communities,” said Premier David Eby on Tuesday. “That’s why our government is working with partners to deliver the homes and create the communities people need throughout the province. 55One is the latest example of how we can work together to build a province where everyone has a good place to call home and no one gets left behind.”
Located at 551 Emerson Street, 55One (spoken as fifty-five one) is a 31-storey purpose-built rental tower with 100 provincially funded homes for people with low or moderate incomes. The units are located throughout the tower and include studio, one-, two- and three-bedroom homes. Thirty-one of the 100 homes are accessible and two are adaptable for people with mobility challenges or living with disabilities.
Monthly rents for the 100 homes range from $375 for a studio, to $570 for a two-bedroom home for residents with low incomes. Residents with moderate incomes will pay $394 for a studio to $1,783 for a three-bedroom home. For residents at the higher income limit, rent will be $1,550 for a studio to $2,970 for a three-bedroom home. The remaining suites in the tower are rented at market rates.
“These new homes represent new opportunities, security and peace of mind for families, seniors and people living with disabilities in Coquitlam,” said Ravi Kahlon, Minister of Housing. “Our government is making a record investment in housing to deliver thousands of affordable homes just like these across the province that are safe and foster a sense of community.”
The 100 affordable homes are operated by 43 Housing Society, a sibling society of SHARE Family and Community Services Society.
“The foundation of Coquitlam’s housing success has been using incentives to realize truly innovative partnerships,” said Coquitlam Mayor Richard Stewart. “That vision is realized at 55One by using our zoning tools and a significant investment, and we’re so proud to welcome these residents to their new homes.”
The homes all feature open-concept living spaces and balconies, many of which showcase dramatic mountain and city views. All residents will have access to more than 1,850 square metres (20,000 square feet) of amenity spaces, including indoor and outdoor lounge areas, patio space, a communal kitchen and underground parking. The building is adjacent to the new Bettie Allard YMCA. It was built to Step 3 of the BC Energy Step Code.
“We’ve been providing assured rental housing in the Lower Mainland for over 30 years, and we’re very pleased to continue this legacy at 55One through this partnership,” said David Podmore, Order of B.C., Chair, president and CEO, Concert Properties. “I agree with the Premier and the minister that it is only through more government-industry partnerships that we can continue to deliver affordable housing and address our ongoing housing challenges.”
The Province contributed $10.6 million to the project through the Building BC: Community Housing Fund and is providing an annual operating subsidy of approximately $571,000 to 43 Housing Society to operate the 100 homes. The City of Coquitlam contributed $3.85 million through its Affordable Housing Reserve Fund, while Metro Vancouver waived $274,000 in fees. Concert Properties contributed $20 million.
This project is part of a $19-billion housing investment by the B.C. government. Since 2017, the Province has delivered more than 74,000 new homes for people in B.C., including nearly 1,000 homes in the Tri-Cities.