VANCOUVER, British Columbia, July 24, 2024 (GLOBE NEWSWIRE) -- Anthem Properties has partnered with Crestpoint Real Estate Investments to develop a unique high-rise rental project in the popular West End neighbourhood of Downtown Vancouver.

As an initial step, the partnership has acquired 1318 Thurlow Street, a 17,283 square foot site. The proposed redevelopment plan consists of a 32-storey, purpose-built rental concrete tower featuring 242 market rental units and 58 below market rental units. Located two blocks from Davie Street and a short walk to Sunset Beach, the project will offer future residents stunning views, beach access, and immediate proximity to the West End; one of Canada’s most vibrant and established urban neighbourhoods featuring numerous services, retail, and entertainment options.

“This project allows us to both expand our relationship with a great existing partner, Crestpoint, and continue building a purpose-built rental portfolio, with the community benefiting from the addition of critically needed rental housing in the constrained Vancouver market,” said Anthem CEO & Founder, Eric Carlson. “Despite challenging capital markets, and a difficult regulatory environment, Anthem continues to doggedly pursue its real estate strategy to the benefit of all.”

The site redevelopment plan has been submitted to the City, with first and second reading expected in the fall of this year with a public hearing/third reading shortly after. Construction is anticipated to begin in the fall of 2025.

About Anthem

Founded in 1991, Anthem is a real estate development, investment and management company that strives, solves and evolves to create better spaces and stronger communities. Anthem has invested in, developed or managed – alone or in partnership – more than 385 residential, commercial and retail projects across North America.

Our growing residential portfolio includes 31,500 homes that are complete, in design or under construction, from master planned mixed-use residential and multifamily, to townhome, rental and single-family communities. We own, co-own, manage or have previously owned over 10 million square feet of retail, industrial and office space and have developed more than 60 communities across 9,000 acres of land in Alberta, British Columbia, Ontario and California. We are Growing Places.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4911ddd0-bce7-44c6-aa70-f400b54a29f5

1318 Thurlow Street Proposed Redevelopment Rendering

The proposed redevelopment plan consists of a 32-storey, purpose-built rental concrete tower featuring 242 market rental units and 58 below market rental units.

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