A seniors housing site is being redeveloped to provide 76 affordable apartments for seniors and future market housing for the North Shore.

The $16.3-million redevelopment project at 245 East 3rd St. in North Vancouver is a partnership between the Province, Intracorp and the ANAVETS Senior Citizens' Housing Society (ANAVETS). The site currently contains two buildings with 58 senior's apartments. Once construction on the new building is complete those residents will transfer to the new facility and the existing buildings will be demolished - to make way for future redevelopment.

Through the partnership agreement:

• The Province will provide $12.8 million in construction financing.
• ANAVETS will provide three parcels of land, including the property for the seniors housing valued at $3,470,000, and two neighbouring properties at 225 and 235 East 3rd St.
• Intracorp will provide construction services for the redevelopment of the seniors' affordable housing.
• Once the seniors' housing development is complete, the two remaining parcels of land will be transferred to Intracorp. The proceeds of the land transfer will be paid towards the construction financing.

The new seniors' affordable housing development will be designed to LEED Silver standards and will include 22 studio apartments and 54 one-bedroom apartments. ANAVETS will own and operate the seniors building. Construction is expected to be complete by fall 2012. Intracorp plans to build a market condominium building on the two neighbouring parcels of land, which will offer market housing.

Quick Facts:

• Over the last decade, the Province has invested $2.8 billion to provide affordable housing for low-income individuals, seniors and families in communities across the province. This year, more than 93,000 B.C. households will benefit from provincial social housing programs and services.
• In North Vancouver, the provincial government has invested almost $6 million this year to provide subsidized housing and rent supplements for more than 1,427 low-income individuals, seniors and families.
• ANAVETS Senior Citizens' Housing Society has been operating three seniors housing buildings at 225, 235 and 245 East 3rd St. in North Vancouver for 40 years.
• For more than 30 years, Intracorp, through its component corporations and partnerships, has developed highly successful residential communities throughout southern B.C.

Learn More:

To learn more about Intracorp, please visit: www.intracorp.ca

For information on provincial housing programs: www.bchousing.org

Media contact:

Communications
Minister Responsible for Housing
250 952-0628