Brightside is a leader in non-market housing solutions in Vancouver. Partnering with us ensures healthy returns while helping people in need of a place to call home.
We are ready to collaborate with developers working on a strategy to meet the City of Vancouver’s bylaws related to creating new non-market housing in large developments or maintaining rental stock unit numbers impacted by new developments. Our 60-year experience working within provincial and city housing guidelines along with substantial financial assets can be of a great benefit to the right partnership.
A Model Public–Private Partnership
In 1991, Van Maren Construction, dys architecture and Terra Housing Consultants partnered with Brightside on a project that is still cited as a model for Public–Private Partnerships.
The project was a redevelopment of our aging Lions View properties. The plan, developed by Jim O’Dea, principal of Terra Housing consultants, required the cooperation and coordination of all three levels of government, existing tenants, architects and consultants.
- Brightside provided the land and operating expertise.
- The City of Vancouver approved the rezoning and subdivision of our three-acre parcel of land.
- Canada Mortgage and Housing Corporation allowed an early payout of the mortgage on the land and existing buildings.
- The BC Housing Management Commission helped relocate residents for the new development to be undertaken.
- Federal and provincial governments provided construction financing to replace the 92 out-of-date seniors units that were originally built in 1952.
- Brightside’s Board of Directors approved the sale of one three-acre parcel of land to Van Maren Construction for a condominium development.
- Terra Housing Consultants provided their development expertise on a contingency basis — they would not be paid if the project did not go ahead.
- Developer Bernie Van Maren provided the funding through the front-end development and approval phase.
The $20 million project was profitable for the developer, which built market condominiums on the land purchased from Brightside. It also gave Brightside three brand new buildings, providing 92 government-subsidized units and 34 rent-controlled units for low-income seniors. The third building was developed entirely with funds provided by Brightside and a conventional mortgage.
Developer Bernie Van Maren says that the project is the best partnership he has undertaken.
“Lions View was a wonderful example of a successful partnership between a non-profit housing foundation and a for-profit developer and architect team, achieving the goals of each partner and becoming great friends in the process. It’s extremely rare that two potentially divergent groups can work together on the basis of trust alone and successfully develop 171 units with an end-result that meets or exceeds initial projections.”