B.C. government plans to buy two buildings on West Cordova Street that include the New Fountain Shelter and the Stanley Hotel for $2.7 million and then allow developer Westbank to integrate the two to build a tower with 214 rental units as well as street-level retail space.
The new structure is expected to cost $52.8 million to build and is slated to include three storeys with 80 units that will be social housing whereas the remaining 134 units will be market rental suites.
Hotel tenants will be moved to renovated single-room-occupancy hotels and to units managed by Portland Hotel Society, which is the current operator of the Stanley Hotel, in Gastown and the Downtown Eastside.
The Province plans to open a replacement shelter on East Hastings Street for existing clients of the New Fountain Shelter, the government announced May 13.
Heritage elements of both buildings will be restored.
In addition to the new social housing units, the project will include multipurpose space, bicycle storage space, roof decks and gardens, an amenity kitchen and common laundry.
Construction is expected to start in fall 2016 with completion possible by late 2018.
