Panatch Group of Richmond is developing a condo complex in Port Moody that will offer 30 one- and two-bedroom units to first-time buyers, under a rent-to-own program.
Panatch Group president Kush Panatch, for one, is excited about his company’s 50 Electronic Avenue condominium project in Port Moody, which opened its sales centre in mid-October and held two weeks of previews before brokers started to write sales contracts on November 2 for the project’s 138-unit first phase.
Twenty years ago, when Kush Panatch bought a 3.5-acre parcel of industrial land opposite Port Moody’s downtown, he knew it might take a long time for it to appreciate in value. What he hadn’t anticipated was the new SkyTrain Evergreen extension or the nearby Westcoast Express station would make it excellent space for a 358-unit condominium development.
The property has been in Kush Panatch’s family for more than two decades. Prior to that, it was the location of the family-run Chisholm Industries, manufacturers of what at the time were state-of-the-art televisions. Now the 3.5-acre property is poised to become a masterplanned community that’s already the talk of the town.
A new housing project in Port Moody will give local tenants a chance to become homeowners in the development. Thirty of the 358 units to be constructed at 50 Electronic Avenue are going to be rent-to-own homes. Affordability is expected to be achieved through two measures. One is that rents will be charged below market rates, according to developer Kush Panatch. Second, the Panatch Group will fix the purchase price as if tenants were buying their units today.
In Port Moody, a Vancouver suburb of roughly 35,000, industry has been scarce. Most residents work in either Vancouver or Burnaby, but Panatch Group is trying to change that by working with the municipal government.