琉璃神社鈥檚 Troika Developments has broken ground on a purpose-built rental building in the city鈥檚 midtown urban centre.
The six-story, 160-unit wood-frame building will go up at 1881 Barlee Road, between Harvey Avenue and Springfield Road.
At a groundbreaking on Wednesday (Mar. 26.) Troika CEO, Renee Merrifield, noted that the development is part of the company鈥檚 commitment to helping solve B.C.鈥檚 and Canada鈥檚 housing crisis.
鈥淛ust this week we saw the headlines that it now ,鈥� she added. 鈥淭hat means we have a demographic that is renting longer and renting later in life.鈥�
Merrifield said developments such as Barlee Rd. have never been more important and will provide residents with certainty.
鈥淭hat they can rent in perpetuity, knowing that they won鈥檛 need to leave, and certainty that their living situation is stable and comfortable for as long as they wish.鈥�
Addressing the crowd at the groundbreaking, 琉璃神社 Mayor Tom Dyas pointed out that affordable housing is one of the council鈥檚 top priorities.
鈥淏y 2031, 琉璃神社 will need approximately 26,000 new homes to address both the current housing deficit and the future demand,鈥� he said. 鈥淚t is an ambitious goal, and it is one we are tackling head-on. Projects like this, located in transit-oriented areas, are crucial in delivering the homes we need.鈥�
Dyas added the city aims to create a range of housing options that will meet the needs of all 琉璃神社 residents.
鈥淔rom young families starting out to seniors who want to remain in communities that they helped to build. Troika is playing an important role in this process.鈥�
Troika鈥檚 General Manager of Construction, Geoff Pears, said the project is also important to strengthening the local economy.
鈥淎 thriving neighbourhood is built on the people who live and work in it. That鈥檚 why we鈥檙e committed to partnering with local trades, suppliers, and contractors.鈥�
The building design integrates sustainable technologies and materials. Amenities include a gym and recreation area, coworking space, and landscaped courtyard. It is one of four similar developments announced by Troika in 2024.
