Aspen – a 145 unit rental building on Main Street between East 6th and East 7th Avenue, has recently been completed and is currently available for rent. The City of Vancouver owned site was leased (land lease) to Catalyst Developments for a period of 60 years for an estimated $16.85 million (according to the federal government).
The site was successfully rezoned from IC-2 in October of 2017 to permit a 9 storey, 3.3 FSR, mixed-use building. With a total buildable area of 115,123 SF, the land lease represents a price per buildable square foot of $146.37.
According to the application, approximately 70% of the units are to be rented at below-market rates. Recent postings advertise 1-Bedroom units asking $1,800/month while 3-Bedroom, 2-Bathroom units are asking $3,250/month.