Groundbreaking occurred yesterday for a project that has been in the making for years. Hollyburn Properties officially commenced construction of M2 (Marlborough Tower 2) yesterday, a 14-storey rental apartment building located at the corner of 14th and Chesterfield, directly adjacent City Hall. The project had originally been envisioned back in 2005 as part of a land swap with the City, but was left as a parking lot until now.
“We’re sort of in an environment where it’s a perfect storm of economic factors that allow for rental construction today that weren’t really available nine years ago,” said Hollyburn director David Sander to the
North Shore News, noting construction costs have come down and stabilized, the rental market has strengthened and financing for construction is at all-time low interest rates.
The building is expected to be ready for occupancy in Summer 2016 and will contain 130 units starting at $1,100 per month. The suite mix is as follows:
- 10 Townhouses
- 6 Penthouses
- 50 – 2 Bedrooms
- 70 – 1 Bedrooms
More info on the building can be found here: http://www.rentersguide.com/marlborough-tower-2 .
