addy’s latest investment opportunity is right in our backyard! Well, sort of. The Cambie Apartments in Vancouver are not too far from addy HQ, and we’re so excited to offer this historic building as a crowdfunding investment opportunity on our platform.
One noteworthy aspect about this property is that it is located within a revitalization zone as the city looks to renovate and upgrade the Broadway corridor. Here’s what you should know.
What is the Broadway Plan?
As set forth by the Vancouver government, the Broadway Plan is a comprehensive, long-term effort to revitalize and energize a stretch of the city in conjunction with the new Broadway subway line. Estimated to take place across 30 years, the plan was initially envisioned in October 2019 and looks to welcome new retail, jobs and residences in Mount Pleasant, Fairview and Kitsilano.
The plan comprises an area extending from Vine Street to the west all the way to Clark Drive at the east, with Broadway in the center. 1st Avenue and 16th Avenue represent the north and south boundaries of the plan, respectively.
What stage is the plan in now?
The fourth and final community engagement period for the project recently ended. The public has had a chance to get involved at four different internals for over a year as a loose framework for the project has been developed. Over 6,300 people visited the plan’s website to review materials and take part in a survey across a recent three-week period. In-person events, open houses and informational materials were also made available during this time.
The draft is expected to be reviewed by the City Council this month.
What are the goals of the Broadway Plan?
The ambitious effort looks to support an affordable and diverse neighbourhood that includes reconciliation with First Nations and Indigenous communities. It aims to welcome and grow local businesses while enhancing the distinct and unique nature of the neighbourhood. The plan strives for sustainability while creating new and improving upon existing green and public spaces. The neighbourhoods wants to offer an attractive space where everyone can live, work, study and play with Broadway as a vibrant artery.
How will Broadway change?
It’s speculated by 2050, the area will change drastically. It expects between 40,000 and 50,000 new residents, which would be more than a 50% increase of the current population. In tandem, housing would increase by a similar percentage, adding between 24,000 and 30,000 new homes. Of those new homes, about two-thirds will be market rental, below-market rental or no-market rental housing, with the remainder being ownership housing.
Lastly, 33,000 to 42,000 new jobs are estimated to be added to the economy.
You can read more about the plan as well as next steps on the Vancouver city website.
addy in Vancouver
The Cambie Apartments are located within the revitalization zone, which presents an opportunity for the building to increase in value alongside the Broadway Plan. With a term of 10 years, there is a chance to enjoy some of the new perks and exciting additions that the Plan looks to offer.
Already an attractive place to live,The Cambie Apartments underwent a recent renovation that combined modern upgrades with heritage elements. As the neighbourhood around it draws students, professionals, families and tourists, it stands to remain an attractive place to live for years to come.
Invest with addy
Only addy members can invest in this exciting opportunity. Join our unique platform today to take art in crowdfunding real estate and potentially earn passive income. If you’re already a member, you can top up your addy wallet with $25 if you successfully refer a friend or family member to the platform; there is no limit to how many people you can refer to, so start connecting!
This property is dropping soon and more are on the way: get ready to invest.
