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.
Recent accomplishments by residents, groups and businesses in Coquitlam, Port Coquitlam and Port Moody.
Kush Panatch, the president of the Panatch Group, and his associates, Kulvinder Panatch, Eshleen Panatch and Aman Panatch, are ready to watch movies on the main lawn at Port Moody’s Rocky Point Park.
Developer of 50 Electronic Avenue, Kush Panatch, joins Adam and Matt to discuss his trailblazing new project in Port Moody’s most up-and-coming area. Learn Kush’s best investment advice, market predictions, and tips and strategies for growing your net worth through careful forecasting and long-term holds.
A series of changes made by The Panatch Group to its proposal to build 358 condo units at 50 Electronic Ave. seems to have won the favour of Port Moody council.
At its meeting July 10, council gave third reading to a series of bylaw amendments that would allow the project — two six-storey buildings with 18,000 sq. ft. of commercial space on the ground floor of the western building — to proceed.