—  Green Street News - Jeremy Nuttall MediaPort Moody, BC

Multifamily project in Port Moody kicks off

Project has a major affordable housing component.

Who: Edgar Development launched construction of a major housing project

Why: Cooperation between governments and the developer facilitated the development

What: next More than 700 homes will be underway this year

Edgar Development broke ground on a major affordable housing project in the Vancouver suburb of Port Moody last month, with funding coming together from a variety of sources.

The project, known as The Creek, is part of the 23-acre Portwood development, which eventually will comprise 20 buildings between six and 19-storeys with a range of housing types. The Creek is being built through cooperation between the provincial, municipal and federal governments and the developer.

“[Cooperation is] what makes it happen,” Matthew McClenaghan, president at Edgar, said of the partnership. “That’s how you get affordable housing built, is having cooperation with all levels of government.”

The Creek portion of the development will provide 328 affordable homes at below-market rates through three, six-storey apartment buildings. Eventually the $1.1bn development will host 466 rental homes, 138 at market rate, and about 2,000 homes in all.

More than 700 homes in the project will be under construction this year.

The Creek has received $16.4m as a contribution plus $122.8m via a loan from the federal government’s affordable housing fund. Another $19.9m in funding from an agreement between the federal government and British Columbia is also being contributed. The province has pitched in another $12.9m in grants.

Edgar gifted 5 acres of land worth $28.5m.

The area is not directly on a major transit route, and McClenaghan said that will allow for a different dynamic compared with other major developments.

“There’s going to be over 4,000 people living there, so there will be a large population of different demographics,” McClenaghan said. “It’s sort of today’s white picket fence. Where the kids and families and people of all ages are going to spill out into the street.”