Construction on a 324-unit high-rise in Burnaby, B.C. will get underway this spring, thanks in part to a $101.9 million federal investment.
Canada Mortgage and Housing Corp. (CMHC) said April 16 it will back the Bosa Properties project at 5980 Kathleen Avenue with funding from its National Housing Co-Investment Fund. The 34-storey tower, located in the Burnaby City Centre not far from Metrotown, will include 101 affordable housing units.
Colin Bosa, CEO of Bosa, said the company is proud to be working with the government on affordable housing and bringing a purpose-built rental building to the area.
“It takes all levels of government and participation by the private sector to start moving towards a solution,” he said in a release. We are thankful for the support, and look forward to seeing the community of Burnaby thrive for generations to come.”
Construction on the new tower is scheduled to start this spring, with work running through to 2024.
