Vancouver city council approves Aquilini’s three new highrise towers beside Rogers Arena – Greater Vancouver Real Estate News July 2012
Rogers Arena is set to welcome hundreds of new neighbours after Vancouver city council approved the development of three new highrise towers by Aquilini Developments and Construction, run by the same family that owns the Canucks.
According to the $300-million plan, which originally favoured condos in the mixed-used development, a total of 614 one-, two-and three-bedroom rental units would be built in stages over the next several years with the last of the towers Ã¢â‚¬â€ between 23 and 32 storeys Ã¢â‚¬â€ completed in the spring of 2016.
The initial construction work has already started on the West Tower, which was earlier approved by the city as a commercial tower.
The company said the West Tower should be ready for occupancy by renters in the spring of 2014 and the second tower in the spring of 2015.
The units, ranging in size from 500 to 900 square feet, would rent for $2.20 to $2.40 per square foot. That means a one-bedroom, 500-square-foot unit would rent for between $1,100 and $1,200 a month, while a three-bedroom, 900-square-foot unit would rent for between $1,980 and $2,160 a month.
The 650,000-square-foot project includes 753 parking spaces and 216,000 square feet of commercial space.
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Source, Image: Vancouver Sun