Over 1,000 Units in the Works for the Cambie Corridor, And It’s Just the Beginning…
It has been nearly two years since the Cambie Corridor Plan was implemented. The Plan, which covers a large stretch of land from West 16th Ave all the way south to Marine Drive, has already yielded a flurry of sales activity, with dozens of single family lots sold over the past two years.
So what does that activity look like so far? Here’s a summary:
- Approximately 15 land assemblies of 3 or more single family lots have completed.
- There are 10 sites that have submitted rezoning applications, totalling 1,043 units
- 4 sites have been approved for rezoning
- 2 projects are currently selling and under construction
- Average Community Amenity Contribution (CAC) charge of $40.00 per SF
Here’s a look the projects at various stages of planning and construction.
APPROVED
Elizabeth by Mosaic, 4837-4861 Cambie Street
Rezoning for this project was approved in 2012. It is a 5-storey woodframe project with 41 units, including 6 rental units and a total density of 2.05 FSR. The project is apparently over 50% sold at an average in the mid-$600’s per SF. Total CAC: $37 per SF. It is now in the construction phase.
Prelude by Cedar Developments, 6311 Cambie Street
Rezoning approved in 2011. 6-storey concrete project with 56 units and a density of 2.90 FSR. The project is apparently over 60% sold at around $700 per SF. Total CAC: $42 per SF. It is now under construction.
6
361-6385 Cambie Street by Wanson Development
Rezoning for this project was granted at a public hearing on March 14, 2013. The project is expected to launch sales later this year and features 63 market units in an 8-storey concrete building with retail at grade. The total density approved is 3.29 FSR. Total CAC: $44 per SF.
4533-4591 Cambie Street by Intergulf
Rezoning for this project was also granted on March 14, 2013. This is a site we told you about last year and the proposal includes 167 units in 3 6-storey buildings. The total density approved is 2.50 FSR. Total CAC: $40 per SF.
PROPOSED
4139-4187 Cambie Street by Dava Developments
This site was sold by us in 2011 and is now at the open house stage (April 4 at 5pm at the Douglas Park Community Centre). The plan is for two 6-storey buildings and a total of 76 units. 2.60 FSR.
4412-4488 Cambie Street by Dava Developments
Dava also acquired this site at Cambie and W 29th Ave and has filed for rezoning for 102 units and a total density of 2.60 FSR.
4959-5109 Cambie Street by (Private local developer)
This site was a large assembly of 10 lots by an offshore developer in September 2011. A rezoning application was subsequently filed by Formwerks Architecture for a 161-unit development in a 6-storey development.
665-685 West 41st Avenue (site owned by FY Shao)
This site was also assembled and sold in September 2011. A rezoning application was subsequently filed, also by Formwerks Architecture for a 267-unit development (inclusive of some rental units) in a 6-storey development.
755-795 West 41st Avenue (site owned by Buffalo Investments Ltd.)
This site sold in November 2011 for $184 per buildable SF. A rezoning application was filed in September 2012 for a 6-storey building totaling approximately 110 units and a density of 2.72 FSR (above the guide of 2.50 FSR).
Other sites that may recieve applications shortly include a site now owned by Kenstone Properties in the 4900 block of Cambie, 563-571 West King Edward Ave now owned by Regent International, and the King Edward Station lands at 4099 Cambie Street owned by Yuanheng Development.
Of course, we haven’t even mentioned the largest rezoning application in the whole corridor; that being the Oakridge Centre redevelopment (which we covered last year) which could exceed 2 Million SF of space and almost 2,000 units.
Given the number of single family lots in the corridor that have yet to sell, the projects listed here are just the beginning, and it will be years, possibly decades before the corridor is anywhere near full buildout. Stay tuned here for future land sales and rezonings.