Coquitlam land swapped for low-cost housing

Developer built 67 units of seniors housing in Coquitlam at no charge in exchange for land

In a unique agreement, Vancouver developer Intracorp has linked with a non-profit group to deliver affordable senior housing and develop market townhouses.

Twenty two years ago, the Koski family bequeathed a five-acre farm in Coquitlam to the Finnish Canadian Rest Home Association (FCRHA).

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Intracorp, one of the largest residential developers in B.C., then struck an agreement with the FCRHA to split the land parcel in two. On one side is 67 units of seniors’ housing for those whose income does not exceed $30,600 for a single or $33,600 for a couple, making them eligible for senior’s rental assistance from the provincial government.

Intracorp provided the complex at no cost to the FCRHA and worked with the City of Coquitlam on delivering the affordable homes.

On January 28, Intracorp handed the keys to the FCRHA for the seniors rental building.

In return, Intracorp is building a 76-unit townhouse project, starting with 16 four-bedroom units for families. The townhouses are being sold at current market values, which is approximately $1 million for a new four-bedroom townhouse and $799,900 for a three-bedroom unit, based on Coquitlam sales data from the Real Estate Board of Greater Vancouver.  

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