With higher borrowing costs due to interest rates and escalating construction costs for building materials, equipment, and labour, new building development projects are increasingly at risk of becoming financially unviable, with rental housing being particularly vulnerable. About $147 million of the federal financing will go to Comma Properties, the rental housing division of Rize Alliance Properties, for their 38-storey, mixed-use building at 9656 King George Boulevard, which is situated near SkyTrain King George Station and Surrey Memorial Hospital. Comma King George is our first purpose-built rental in Surrey and will bring 392 homes to the neighbourhood.
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