The project is moving forward against challenging market conditions, including rising construction costs and high borrowing rates. Construction has begun on a landmark 24-storey rental housing tower at 701 Kingsway in Vancouver’s Mount Pleasant neighborhood.
This development will deliver a total of 200 secured purpose-built rental homes, comprising 160 market rental units and 40 below-market units. Additionally, the project will feature more than 6,000 square feet of retail and restaurant space at street level, enhancing the local community’s amenities.
The tower is among the first major projects to commence construction under the Broadway Plan, which aims to increase housing supply in the area. The rezoning application for the project received approval from the Vancouver City Council in November 2024, followed by the development permit application approval in April 2025.
As part of the infrastructure, the development will include two underground levels housing 60 vehicle parking stalls and nearly 400 secured bike parking spaces, promoting sustainable transportation options.
The site benefits from frequent TransLink bus routes along Kingsway and Fraser Street, ensuring accessibility for future residents. Henry McQueen, a representative from Qualex-Landmark, expressed optimism about the project, stating, “This is really happening. Groundbreakings are few and far between these days, so when we get the chance to celebrate one, we should.”
McQueen further emphasized the importance of tangible progress, saying, “You can’t live in an approval. At some point, plans need to become buildings.” This sentiment reflects the urgency felt by many in the community regarding the need for more housing options.
As construction progresses, observers are keen to see how this project will influence the local housing market and whether it will set a precedent for future developments in Vancouver.
Details remain unconfirmed regarding the timeline for completion, but the project is expected to contribute significantly to the rental housing landscape in the city.
