The first new homes in Port Moody’s old Woodland Park neighbourhood will be affordable for families displaced by its redevelopment, as well as seniors and Indigenous people.
Friday, May 17, Mayor Meghan Lahti as well as representatives from the provincial and federal governments along officials from several non-profit housing societies attended a ceremony to mark the official beginning of construction The Creek, the first phase of the redevelopment project that’s been rechristened Portwood by its builder, Vancouver-based Edgar Development.
The Creek, at 296 Angela Dr., will be comprised of 328 below-market rental homes in three six-storey buildings. More than 75 per cent of the apartments will have two bedrooms, and 66 of those will be fully accessible. Another 166 units will be adaptable.
Though rental rates have yet to be determined, they’ll be kept affordable with the help of $12.9 million in grants from BC Housing and another $36.3 million from the federal government. As well, the developer is contributing the five acres of property — valued at $28.5 million — where the buildings are situated and Port Moody waved more than $560,000 in city fees.
“We know that the housing shortage is taking a toll on many people in Port Moody and throughout B.C.,” said B.C.’s Minister of Housing, Ravi Kahlon, in a news release.
“These homes will provide relief to people so they can thrive in the community they call home.”
Ken Hardie, the MP for Fleetwood-Port Kells, who attended the ceremony on behalf of Sean Fraser, the federal Minister of Housing, said everyone deserves a safe place to live.
“The peace of mind that comes from having a secure and stable home is invaluable.”
Port Moody Mayor Meghan Lahti said, “This project prioritizes diverse and equitable housing options, which is one of the objectives in our council’s strategic plan.”
The homes will be operated by the M’akola Housing Society in partnership with the Entre Nous Femmes Housing Society.
Lillian Chau, Entre Nous Femmes’ CEO, said the partnership “reflects a shared vision for creating a lasting positive impact” and that the organization looks forward “to contributing to the continued growth and sustainability of Port Moody.”
When it’s completed in about 15 years, the 23-acre Portwood development will provide more than 2,000 new homes in Port Moody’s west end near Clarke Road.
Earlier this month, Edgar Development started construction of the project’s first market condo building. The Umbra is a six-storey U-shaped building with 219 one- and two-bedroom units along with three-bedroom ground-level townhomes.
Pre-sales of those units started last year and are now 70 per cent subscribed, according to the company.
Subsequent phases will include 132 market rental homes along with more strata condos in a mix of low-rise buildings and high-rises up to 19 storeys that will cascade down the hillside.
As well, the new neighbourhood will feature a grocery store, café, 12,300 sq. ft. childcare facility and neighbourhood park to be constructed in its first phase, along with a network of greenways, semi-public green spaces and the restoration and protection of three creeks that course through the site.