Rental towers by Rogers Arena given the green light

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VANCOUVER (NEWS1130) – A trio of rental towers around Rogers Arena has been approved by Vancouver City Council.

The new project will include a number of community amenities, including a new public ice rink shared with the Vancouver Canucks. The Aquilini development will see more than 600 rental units, a pedestrian sky-bridge, and a daycare.

City Councillor Geoff Meggs says the addition of all those apartments into the market helps with supply.

“Rental units are always cheaper in the long-haul than a condominium, especially for people who are having trouble with the down payment. The rents here will be market rents; there won’t be any subsidy on them,” says Meggs.

Some had argued that just because rental housing offers lower prices than ownership, it doesn’t necessarily make it affordable.

By going all-rental, the developers don’t have to pay the city $35 million for community facilities at False Creek. The towers will also include more than 200,000 square feet of commercial space.

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