This could be big news for Squamish renters.
A new, $100 million proposal by developer Doug Day includes 250 units of purpose-built rental housing at the gateway to Squamish’s oceanfront.
The almost two-acre property at 1400 Vancouver St., at the south end of Cleveland Avenue, sits on the Cattermole Slough.
Day is proposing two towers of rental housing, a waterfront path and boardwalk, a pocket park and 30,000 square feet of retail, restaurant and office space.
The development would require rezoning.
Day is proposing one rental tower be 17 storeys and the other 12 storeys and each would include a mix of one to three bedroom units.
He will not seek variances for parking, he told The Chief.
The rendering of his proposal shows parking on a second floor above commercial units.
Asked why he wanted to build purpose-built, long-term rental housing rather than market condos, Day said he is a philanthropist.
“If we developed this as a condo project we could make $30 to $40 million profit, if we develop it as rentals we will make no profit immediately, but eventually the rents will pay off the mortgage.”
He said that the units would be available at affordable rents because he was able to buy the land at relatively low cost. Also, unlike condo towers where investors buy an expensive unit and then want to make a profit from renting it out, these units would start as rentals.
Day is submitting necessary applications to the District of Squamish this week, he said.