In a rare move for developers targeting White Rock, Oviedo Developments is constructing a purpose-built rental-only apartment building in the city.
Of the 15 major construction projects taking place throughout White Rock, only one other building is rental-only, according to the city’s Construction Portal.
Oceana Parc, located at 1575 George Street, is to include 198 rental units, but vacancy is reserved for seniors.
The four-storey Oviedo building, currently under construction at 1293 Best St., will be available for families.
The 28-unit project features suites ranging in size from 1,042 square-foot two-bedrooms to 1,600 square-foot three-bedrooms.
Oviedo Developments owner Kanwar Dhamrait, who lives in White Rock, told Peace Arch News Friday that he expects the project to be complete late next year.
He said the reason Oviedo went with a rental-only building is because there’s “a lot of demand in the community… and there’s no rental available in White Rock.”
White Rock has a zero per cent availability of bachelor and two-bedroom suites, and a 0.1 per cent availability of one-bedroom suites, according to a Metro Vancouver rental market report.
“Profit is not everything,” Dhamrait said. “You need to give back to the community sometimes – that’s what I’m doing.”
Dhamrait said the building will be managed by Oviedo, “everything is going to be done in house.”
In March, City of White Rock planner Jessica Jiang gave a presentation to the Peninsula Homeless to Housing Task Force, and explained that purpose-built rental buildings aren’t financially rewarding for developers – compared to condominiums, which can be sold.
In a news release issued Thursday, Dhamrait made note of the city’s Rental Housing Task Force. He wrote that the city committee worked diligently to gain understanding and assess needs for the community.
“The importance of providing housing for young families and the workforce is vital to ensuring the housing needs of everyone and are met in an ever-changing community,” the release notes. “Oviedo took that need to heart in the decision to make this project fully rental stock.”
Oviedo is also currently in the process of constructing ALTUS, a 126-apartment, 13-storey building at 1556 Finlay St. Of the 126 apartments, 16 are expected to be rental.