In a significant move for Vancouver’s housing market, construction has officially begun on a landmark 24-storey rental housing tower located at 701 Kingsway in the Mount Pleasant neighborhood. This project, spearheaded by Qualex-Landmark, aims to address the pressing need for rental housing in the area.
The new development will deliver a total of 200 secured purpose-built rental homes, which includes 160 market rental units and 40 below-market units. This initiative is particularly noteworthy as it marks one of the first major projects under the Broadway Plan to commence construction.
In addition to residential units, the tower will feature over 6,000 square feet of retail and restaurant space at street level, enhancing the vibrancy of the neighborhood. The project is designed to cater to the growing demand for both housing and commercial spaces in the area.
Henry McQueen, a representative from Qualex-Landmark, expressed enthusiasm about the project’s progress, 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 importance of moving from approvals to actual construction, saying, “You can’t live in an approval. At some point, plans need to become buildings.”
The development’s rezoning application was approved by the Vancouver City Council in November 2024, followed by the approval of the development permit application in April 2025. These approvals are crucial steps in advancing the project amid challenging market conditions, including rising construction costs and high borrowing rates.
To accommodate residents and visitors, the project will include two underground levels featuring 60 vehicle parking stalls and nearly 400 secured bike parking spaces. This infrastructure aims to promote sustainable transportation options in the area.
Moreover, the site is well-served by frequent TransLink bus routes along Kingsway and Fraser Street, ensuring easy access to public transportation for future residents.
As construction progresses, community members and local officials are optimistic about the positive impact this landmark project will have on the housing landscape in Vancouver. Observers are keenly watching how this development will influence the local economy and housing availability in the coming months.
Details remain unconfirmed regarding the project’s completion timeline, but stakeholders are hopeful that it will set a precedent for future developments in the city.
