Downtown Eastside Housing Renewal Project (Vancouver, BC)
The project will include the renovation and restoration of 13 provincially-owned Single Room Occupancy hotels into safe, clean social housing units, in Vancouver's Downtown Eastside.
The private sector contractor will be required to design, build, finance, and maintain the project. The P3 contract transfers considerable risk which is anchored by the requirement for construction and long-term financing.
The P3 model will provide an estimated Value for Money savings of $5.2 million compared to a traditional procurement.
This project will respond to the current housing restraints of the Downtown Eastside; reduce the number of people at risk of homelessness; improve living conditions for residents; restore the heritage features of these century old buildings; and deliver invaluable social benefits to its residents.
Design-Build-Finance-Maintain (15 - year concession)
P3 Canada Fund Infrastructure Category
Brownfield Redevelopment Infrastructure
For information regarding the status of the Downtown Eastside Housing Renewal (SRO Renewal Initiative) project, please contact BC Housing.