Coquitlam Tuesday, May 16, 2023, 1:45 PM
Located at 551 Emerson St., 55One (spoken as fifty-five one) is a 31-storey purpose-built rental tower with 100 provincially funded homes for people with low or moderate incomes. The units are located throughout the tower and include studio, one-, two- and three-bedroom homes. Thirty-one of the 100 homes are accessible and two are adaptable for people with mobility challenges or living with disabilities.
Monthly rents for the 100 homes range from $375 for a studio, to $570 for a two-bedroom home for residents with low incomes. Residents with moderate incomes will pay $394 for a studio to $1,783 for a three-bedroom home. For residents at the higher income limit, rent will be $1,550 for a studio to $2,970 for a three-bedroom home. The remaining suites in the tower are rented at market rates.
“These new homes represent new opportunities, security and peace of mind for families, seniors and people living with disabilities in Coquitlam,” said Ravi Kahlon, Minister of Housing. “Our government is making a record investment in housing to deliver thousands of affordable homes just like these across the province that are safe and foster a sense of community.”
The 100 affordable homes are operated by 43 Housing Society, a sibling society of SHARE Family and Community Services Society.
“The foundation of Coquitlam’s housing success has been using incentives to realize truly innovative partnerships,” said Richard Stewart, mayor, Coquitlam. “That vision is realized at 55One by using our zoning tools and a significant investment, and we’re so proud to welcome these residents to their new homes.”
The homes all feature open-concept living spaces and balconies, many of which showcase dramatic mountain and city views. All residents will have access to more than 1,850 square metres (20,000 square feet) of amenity spaces, including indoor and outdoor lounge areas, patio space, a communal kitchen and underground parking. The building is adjacent to the new Bettie Allard YMCA. It was built to Step 3 of the BC Energy Step Code.
“We’ve been providing assured rental housing in the Lower Mainland for over 30 years, and we’re very pleased to continue this legacy at 55One through this partnership,” said David Podmore, Order of B.C., chair, president and CEO, Concert Properties. “I agree with the Premier and the minister that it is only through more government-industry partnerships that we can continue to deliver affordable housing and address our ongoing housing challenges.”
The Province contributed $10.6 million to the project through the Building BC: Community Housing Fund and is providing an annual operating subsidy of approximately $571,000 to 43 Housing Society to operate the 100 homes. The City of Coquitlam contributed $3.85 million through its Affordable Housing Reserve Fund, while Metro Vancouver waived $274,000 in fees. Concert Properties contributed $20 million.
This project is part of a $19-billion housing investment by the B.C. government. Since 2017, the Province has delivered more than 74,000 new homes for people in B.C., including nearly 1,000 homes in the Tri-Cities.
Rick Glumac, MLA for Port Moody-Coquitlam –
“I am delighted to see 55One and its new affordable rental homes open in our community. These new cost-effective homes will provide a sense of well-being and a place for many to call home.”
Claire MacLean, CEO, SHARE Family and Community Services Society and 43 Housing Society –
“43 Housing and SHARE Society are delighted to welcome tenants to their beautiful new homes this spring. Having a safe, secure and affordable place to live means giving seniors peace of mind and independence, giving adults living with disabilities dignity and hope for the future, and giving hard-working families a chance to thrive and prosper in the community of their choice. Affordable housing of this magnitude is only possible with strong partnerships between the charitable sector, government and the development community. 43 Housing is delighted to be a part of this wonderful project, and we look forward to more to come.”
Ahmed Hussen, federal Minister of Housing and Diversity and Inclusion –
“Every Canadian deserves a safe and affordable place to call home. That is why the Government of Canada is incentivizing the construction of purpose-built rental housing across the country. Through the Rental Construction Financing Initiative, we are creating a new generation of purpose-built rental housing in Canada. Ensuring that there is a healthy supply of rental homes helps to create stronger communities, strengthens local economies and supports the growth of our cities. This is the National Housing Strategy at work.”
Ron McKinnon, MP for Coquitlam-Port Coquitlam –
“People living and working in Canada are struggling to find suitable housing, especially in large cities where vacancy rates are historically low. By supporting more purpose-built rental housing like this one in Coquitlam, the Government of Canada is working with partners to increase the opportunity for people to live in the communities where they work, which is essential for a prosperous, sustainable community.”
Tenant of 55One, single mother who recently immigrated to Canada, and mother of a son with autism –
“This opportunity has absolutely changed our lives. I cannot express how much we love living here. We feel safe, we’re close to my son’s school, and the SkyTrain and shops. We are very fortunate, and I will be forever grateful to 43 Housing and BC Housing for giving me and my son this new start.”
- The federal government, through the Canada Mortgage and Housing Corporation, provided a $109-million low-cost loan for the project through the Rental Construction Financing Initiative (RCFI), under the National Housing Strategy.
- Concert Properties has developed a Heart of Burquitlam community master plan that includes 55One, the new Bettie Allard YMCA, community police station, a condominium building under construction, and improved city park as well as other community amenities.
- The project is transit-focused and located just 150 metres away from the Burquitlam Station on the Evergreen Line Extension of the SkyTrain.
A map showing the location of all provincially funded housing projects in B.C. is available online: https://www.bchousing.org/homes-for-BC
To learn about the steps the Province is taking to tackle the housing crisis and deliver affordable homes for British Columbians, visit: https://workingforyou.gov.bc.ca/