In a significant development for Vancouver’s housing market, construction has begun on a landmark 24-storey rental housing tower at 701 Kingsway in Mount Pleasant. This project, spearheaded by Qualex-Landmark, aims to deliver 200 secured purpose-built rental homes, which will include 160 market rental units and 40 below-market units. The initiative is particularly noteworthy as it emerges amidst challenging market conditions characterized by rising construction costs and high borrowing rates.

The new tower will also feature more than 6,000 square feet of retail and restaurant space at street level, enhancing the local community’s amenities. This project is among the first major undertakings under the Broadway Plan, which aims to revitalize the area and accommodate the growing population.

Vancouver City Council approved the project’s rezoning application in November 2024, followed by the development permit application in April 2025. These approvals mark a critical step in addressing the city’s ongoing housing crisis, which has seen demand far outstrip supply.

Henry McQueen, a representative from Qualex-Landmark, expressed optimism about the project’s progression, stating, “This is really happening. Groundbreakings are few and far between these days, so when we get the chance to celebrate one, we should.” He further emphasized the necessity of tangible outcomes in urban development, remarking, “You can’t live in an approval. At some point, plans need to become buildings.”

The site will also include two underground levels with 60 vehicle parking stalls and nearly 400 secured bike parking spaces, catering to the increasing need for sustainable transportation options.

Additionally, the location is well-served by frequent TransLink bus routes along Kingsway and Fraser Street, ensuring accessibility for future residents. This connectivity is crucial as Vancouver continues to grapple with transportation and housing challenges.

As the project progresses, observers are keenly watching how it will influence the local housing market and whether it will set a precedent for future developments in the area. The successful completion of this tower could signal a shift towards more ambitious housing solutions in Vancouver.

Details remain unconfirmed regarding the timeline for the project’s completion, but the momentum generated by this landmark construction is expected to inspire further developments in the city.

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