Two Vancouver Rental Towers Break Ground in 2026 After Financing Secured

UPDATE: Two new rental housing towers in Vancouver are set to break ground in early 2026 after local developer Anthem Properties secured financing. Despite ongoing economic challenges, including rising construction costs and tight financing conditions, the projects are proceeding full steam ahead.

Anthem Properties announced today that it has finalized joint venture agreements with a long-term institutional investment partner. This financial backing allows for immediate commencement of construction on two vital residential developments, addressing Vancouver’s growing housing demand.

The first project, located at 630-5668 Heather St., will feature an 18-storey mixed-use tower with 183 secured purpose-built rental homes and 1,200 sq. ft. of retail and restaurant space. This site will replace single-family homes near the busy intersection of Heather Street and West 41st Avenue, right next to Oakridge Park mall and conveniently close to SkyTrain’s Oakridge-41st Avenue station.

The second tower will rise at 3231-3245 Fraser St. and 675 East 17th Ave., positioned near the southwest corner of Kingsway and Fraser Street. This 14-storey tower will include 110 secured purpose-built rental homes and 4,200 sq. ft. of retail/restaurant space, enhancing the community’s amenities and accessibility.

Both developments, generating a combined total of 293 rental homes, have now received full construction financing and all necessary approvals. Major construction is slated to begin in early 2026, with expected completion by early 2028.

Jordan Carlson, Executive Vice President for Investment Group at Anthem Properties, stated,

“Heather and Fraser are strong additions to our growing rental portfolio, positioning us well to accommodate what we see as a coming bounce-back in demand for the structurally undersupplied housing market.”

He emphasized the thoughtful design of the buildings, which aim to meet the diverse needs of these vibrant communities.

The architectural firm BHA Architecture is leading the design efforts for both towers, ensuring they are not only functional but also aesthetically appealing.

As Vancouver grapples with a critical housing shortage, these projects represent a significant step towards alleviating the city’s rental market pressures. Stakeholders and potential renters alike are closely watching the developments as they promise to deliver much-needed affordable and family-oriented housing options.

Stay tuned for more updates on this developing story as construction progresses and new opportunities arise for the Vancouver community.