Bosa and BlueSky Properties
Vancouver-based Bosa and BlueSky
Properties, best-known for its condo
and mixed-use proj-
ects, is one prominent
developer with several
new Vancouver rental
projects either on the
market or under con-
struction. The Standard,
106 furnished rental stu-
dio suites on Granville
Street, was completed in
2012 and is fully rented;
the Bosa False Creek's
95 suites began leasing
last November; 192 suites
are under construction
in BlueSky Chinatown
on Main Street; and 190
suites are in development
in the West End. Bosa will
retain long-term owner-
ship of all the properties.
Hollyburn Properties
Hollyburn Properties, which owns and
manages more than 5,000 suites in 73
buildings across Canada, broke ground
in November on its first-ever new prop-
erty development: Marlborough Tower
2 (M2), a 130-unit highrise in North
Vancouver, the city's first purpose-built
rental highrise in decades. The company
has also applied to build two infill rental
buildings in West Vancouver. Hollyburn
director David Sander says building is
attractive because interest
rates are low, construction
costs are stable, and the
cost to buy existing build-
ings is high. "In the case
of Marlborough Tower 2,
we could build a building
for less than it would cost
to buy."
Honeycomb Realty
In Victoria, Honeycomb
Realty Advisors Inc., a real
estate asset management
company, is converting a
downtown heritage hotel
into 97 furnished high-
ef f iciency micro units
with ground-f loor retail.
The Dominion Rocket is
expected to be completed
by March. "We're looking
at markets and trying to understand
where is there a niche opportunity,"
says Honeycomb
CEO David Fullbrook.
"The demand for rental just continues
to go up, and there's no way that the
condo market can meet that demand.
Our intent is to continue to own and
operate the facility and to do others."
•
courTesy bosa properTies March 2015 BCBusiness 45
Year Vancouver Victoria
CMA CMA
2004 355 1
2005 284 23
2006 461 28
2007 357 0
2008 460 0
2009 233 0
2010 312 58
2011 545 110
2012 486 304
2013 2,013 231
2014 1,967 304
Purpose-built market
rental apartment starts
(number of units)
HIGH DEMAND
When The
Standard on
Granville in
Vancouver was
completed in
2012, all 106
suites were
quickly rented.
source: cMhc, bc Market analysis centre
