Next week the City of Vancouver will likely give the go ahead to start the planning process to guide the redevelopment of Langara Gardens, a 20.8-acre site at Cambie Street at 57th Avenue.
Langara Gardens is a 621-unit apartment complex consisting of four towers and multiple townhouse buildings. The property was developed in the 1960′s and expanded with a fourth tower in 1988. The initial rezoning permitted a density of 0.687 FSR in the form of three 18-storey towers and approximately 270 apartment and townhouse units in 19 low-rise buildings.
In 1987 an amendment to the CD-1 Bylaw was approved which increased the density to
0.782 FSR and permitted the construction of a fourth 18-storey rental tower with
additional commercial space along West 57th Avenue.
Several additional requests to amend the zoning were submitted in 1990 and 1993, each proposing to construct additional rental apartment towers along west 57th Avenue. Each proposal failed in the face of significant public opposition to the tower forms and the lack of a local community plan. Council directed staff to commence a planning study for the site. Shortly thereafter, however, the study was put aside in favour of the emerging Oakridge Langara Policy Statement (OLPS), which was approved in 1995.
Langara Gardens was eventually sold by the Wosk family in 2009 to Ben Yeung’s Petersen Group for $157 Million, representing a 4.3% cap rate. This acquisition, a Vancouver record, is increasingly looking like a great move for Petersen, with significant redevelopment potential on this sizeable lot; likely to a minimum of 1.0 FSR and potentially much higher given the potential transit station at West 57th.The eventual Policy Statement will establish principles and objectives relating to a range of topics, including:
- land use
- density
- height
- public benefits
- transportation
- sustainability
- development phasing
The Policy Statement will be presented for Council’s consideration at the end of the process (likely at least a year) and, once adopted, used to inform any future rezoning of the site.
Source: City of Vancouver
