Gentrification in the Downtown Eastside is fueled by real estate speculation, investment, development and the promise of the already super-rich buying-low and selling-high. These speculators are driving out the low-income community as part of doing business. Here’s a small sample of some key properties in the DTES:
245 E Georgia
The 9-storey rental-apartment proposal at 245 E. Georgia is part of the gentrification of Chinatown since City Hall raised possible building heights to 9-storeys, or 12-15 with a permit. A 9-storey condo is being built two-doors down at 217 E. Georgia. There’s no news yet on the destiny of the recently bought building right next door.
633 & 611 Main St
The first rezoning proposals approved under the new zoning laws in Chinatown-south: the shops at the corner of Main and Georgia will soon be a 16-storey condo tower with no social housing and the discount store and vacant casino at Main and Keefer will be a 17-storey tower with only 11-units of welfare rate social housing.
537 E. Cordova
The second-ever condo project proposed for the DTES Oppenheimer District was approved by City Hall in March at this site on the block between Oppenheimer Park and UGM. This 4-storey Boffo Properties condo building (with 5 units of social housing) is already causing property price increases and sparking real estate speculation in the heart of the low-income community.
671 E. Cordova
These self-contained apartments may be the first victims of the Boffo condos one-block away. The real estate agent posting for this building claims that city planners will support the conversion of these apartments out of reach for current low-income tenants, claiming, “679 East Cordova is well-positioned to capitalize on the flurry of investment activity in East Vancouver.”
Heatley Block
Owned and run by Atira for the last couple years, the Heatley Block was sold last month to a developer. Under non-profit management the Heatley Block rented at welfare-shelter rate but a new private owner will likely raise the rents for higher-income tenants.
150 E. Cordova
Exactly at the border of the DTES Oppenheimer District 150 E. Cordova is the site of another 9-storey condo tower proposal. Because it is in the Gastown zoning district this condo project does not have to include any social housing.