Depending on your level of cynicism, the story of 60 West Cordova is a testament to good intentions that carried unintended consequences or an object lesson in greed.
Located on the edge of Vancouver's notorious Downtown Eastside, 60 West Cordova is an attempt to provide low-income residents of the neighbourhood with an affordable entry into Vancouver's high-priced real estate market.
The 10-storey condominium contains 12 non-market apartments and another 96 affordable units earmarked for low-income buyers who must live and work in the area and must also help with the building's maintenance.
Prices for the one- and two-bedroom units between 531 and 785 square feet started at $219,000, with most selling for under $300,000 – a screaming deal by Vancouver standards.
The project's numerous partners included the developer Westbank and architect firm Henriquez Partners, both of which have a track record of innovating developments in the troubled district.
Launched in 2010, the building wasRead More »from Vancouver experiment in affordable home ownership succumbs to the market