Two-tower, 262-Unit Rental Project Proposed for Prior St. Site

Strand has submitted their formal rezoning application for 456-496 Prior Street.

The long-anticipated redevelopment is for the 2.4 acre former warehouse site adjacent the new St. Paul’s Hospital Campus on Prior at Malkin Street.

The proposal is for two 19-storey rental residential towers above a commercial podium. The zoning would change from I-3 (Industrial) District to CD-1 (Comprehensive Development) District. Details include:

• 262 market rental units;
• 28 studios, 100 one-bedrooms, 108 two-bedrooms & 26 three-bedrooms;
• 14,000 sq ft of retail space at grade, including a grocery store;
• 246,000 sq ft of office space;
• 4,400 sq ft of cultural amenity space;
• A total density of 4.68 FSR;
• A building height of 210 ft.;
• 503 vehicle parking spaces and 748 bicycle parking spaces.

The application describes the evolving policy direction over the past four years that has influenced the current proposal:

“In the four years since land use and density designations for this site were conceptualized in 2017 there have been a number of important Council decisions and policy initiatives that warrant a re-consideration of the vision and appropriate density for this strategic site.

Of considerable importance was the decision to shift the transportation corridor to the north of 456 / 496 Prior Street and to introduce a local street between this site and the hospital. The resultant synergies and opportunities for this site to support St. Paul’s hospital in the delivery of care are immense. In addition, through early findings of the Broadway Plan, the ongoing Employment Lands and Economic Review, and in studying the hospital precinct relative to those found in other urban centres it is clear that there is a demand and critical need for more employment space in this location. This demand is currently unmet and will go unfulfilled unless there is a means to deliver significant additional density in the False Creek Flats with the direct purpose of supporting and complimenting the New St. Paul’s Hospital. Although Providence plans to eventually build up to 1 million SF of office space in the future, there are no clear timelines or identified funding sources for the delivery of this space. To support the critical need for medical related office space and retail services directly adjacent the hospital, and to deliver secured market rental housing, this proposal seeks a modest increase in density to meet these key public priorities.

Based on the total, pre-dedication area of the development site, this proposal and the priorities it will deliver would require an FSR of 4.68 This is a modest increase, on a quantum basis, from the current designation of 3.0 FSR, and is justifiable in terms of the important healthcare-related infrastructure and critical complimentary programming that this proposal would deliver; as well as the key aforementioned Council decisions and policy initiatives undertaken since 2017.”

The application is being considered under the False Creek Flats Plan.

The architect for the project is Francl Architecture.

Strand acquired the site in 2015 for $36,000,000, or $74 per buildable sq ft. based on the gross density in the application.