Terra was the lead consultant and development manager for this innovative $120 million project on four City of Vancouver-owned sites.
The project features high rise, low rise, and townhome designs: 6 buildings with a total of 358 units for singles, families and seniors. The Sanford Housing Society BRice project on Kingsway was the first occupied followed by the Fraserview Housing Co-op’s Riverside Apartments. The Riverside Townhomes and Fraserview Towers were occupied in 2020. This is the first development of a new housing co-operative in the City of Vancouver since the Lore Krill Housing Co-operative was completed in 2002. Terra also provided development management services to that project.
Responding to a City RFEOI for the development of affordable housing on 4 City-owned properties, Terra brought the Land Trust and the non-profit housing groups together to propose a mixed market/non-market portfolio of projects. This proposal was awarded the project; the City’s enthusiasm to the Land Trust’s proposal was due primarily to the profits of the market housing portion of the portfolio providing a substantial affordability benefit to the non-market units.
Terra led the Land Trust through the origination, planning, design, and securing of pre-development and long-term financing of the projects by BC Housing and other financial partners. Additionally, Terra has worked extensively on the complicated legal structure of the project, including the formation of the Land Trust; multiple agreements with the City; and the partnership structure between the Land Trust, its non-profit housing partners, and the financial participants in the project.