Cressey has submitted their formal rezoning application for the former Esplanade Theatre site in North Vancouver that they acquired in 2018. A preliminary application and public consultation took place in 2019.

The site is the second major rental development Cressey is working on in the City of North Vancouver, with 281 units proposed for a site in Central Londsale.

The 18,000 site is located at the northwest corner of West Esplanade and
Chesterfield in the Lower Lonsdale area.

The site is designated Mixed Use Level 4A (High Density) in the City of North Vancouver’s OCP. This designation allows for a maximum density of 3.6 FSR (including 1.0 bonus FSR).

The proposal calls for a new rental apartment building with retail on the ground floor. Details include:

• 75 market rental units;
• 23 studios, 28 one-bedrooms, 16 two-bedrooms & 8 three-bedrooms;
• 8,700 SF of retail space;
• a total density of 3.60 FSR;
• 38 underground parking stalls;
• total community benefit of $3.4M ($25/sf to OCP max, $190/sf for bonus).

The architect for the project is Rafii Architects Inc.

A revised rezoning application has been submitted for Oakridge Vancouver, the 28-acre mall site that is currently under construction.

The full rezoning of the site took several years to complete, with full approval granted in 2018. The first phase is now under construction.

The new proposal seeks to increase building heights for the remaining phases above those approved in 2018, with up to 9 additional storeys per building. The proposed changes also include changing building form such as tower floor plate size; converting some condo density to rental; and adding new office space.

The majority of the site that is affected by the proposed rezoning is outside of the scope of the first phase of construction, which is projected to take four years to complete.

Overall details include:

• 775 new housing units, including 319 additional market rental units and 94 moderate income rental units;
• 377,260 sq. ft. of new office space;
• Increase in overall density from 3.71 to 4.10 FSR;
• Increase maximum heights for Buildings 2, 5, 6, 7, 9, 10, 11, 12, 13, 14 and the northeast office building;
• No changes to buildings 1, 3, 4 & 8 (First two approved phases).

One of the more significant changes is to Building 5, previously a 43-storey condo building, which will now be converted entirely to market rental housing with 52-storeys and 587 units. The tower will be 477 ft. in height making it the tallest all rental tower in Vancouver.

A full summary of the proposed changes is outlined in the application (summarized below):

Revised renderings:

Details of the rezoning application can be viewed here: https://shapeyourcity.ca/650-w-41-ave

The long anticipated rezoning of the 14-acre Oakridge Transit Centre site at 949 West 41st Avenue and 5469-5507 Willow Street is nearing the final stages, with a referral to public hearing next week. The master planned project has required a number of minor revisions along the way.

The rezoning application for the site represents the culmination of a 6-year planning and sale process which included:

• Oakridge Transit Centre and Adjacent Sites Policy Statement (2014-2015)
• Sale of site by Translink to Modern Green Development for $440 Million (paid between 2017-2022) (2016)
• Formal rezoning application (July 2019)
• Revised (current) rezoning application (May 2020)

The finalized details of the overall development plan include the following:

• 17 buildings up to 26 storeys in height;
• 1,630 total residential units, including:
  • 1,120 condos;
  • 330 social housing units;
  • 180 market and below market rental units;
• 24,000 SF of retail space;
• 2.36 FSR gross density;
• a 69-space childcare;
• a 2-acre public park;
• new dedicated streets & lanes linking with existing road network;
• total DCLs of $31,246,346 (social housing units exempted)
• public art budget of $2,357,465 ($1.98 /sq ft)
• a total CAC of $80,711,050 – cash & in-kind including:
  • turn-delivery of social housing component ($65,911,050)
  • childcare facility ($8,000,000)
  • public park ($5,000,000)
  • $1,800,000 cash allocated to transportation improvements.

Overall site plan:

The OTC is anticipated to be developed in four phases over a timeline of 10-12 years. The phasing will begin in the southwest corner of the site with the secured rental housing and then move east and northward towards 38th Avenue as shown below:

The total CAC amount of $80 Million is equivalent to $77 per sq ft. of market residential and commercial space (excluding the social and rental housing components).

The total purchase price of $440 Million equates to:

• $300 per buildable SF on the gross overall density
• $372 per buildable SF on the condo/rental/retail density (excluding social housing & childcare space)

The architect for the project is James KM Cheng.

A rezoning application has been submitted by Sightline Properties for a four lot land assembly at the Northeast corner of West 41st and Collingwood Street, just East of Dunbar and immediately East of the IGA.

The combined site at 3449-3479 W 41st Ave and 5664 Collingwood Street is 28,683 SF in size. The lots are currently single family and zoned RS-5.

The proposal is to allow for the development of a 6-storey market rental building that includes:

• 114 secured market rental units;
• 58 studios, 17 one-bedrooms, 28 two-bedrooms & 11 three-bedrooms;
• A total density of 2.71 FSR;
• A building height of 72 ft.;
• 90 vehicle parking spaces and 216 bicycle parking spaces on two levels of underground parking.

The application is being considered under the Affordable Housing Choices Interim Rezoning Policy.

The architect for the project is Ciccozzi Architecture.

Matt Saunders and I are pleased to announce the sale of 708 – 796 Renfrew Street in East Vancouver.

The site comprises a full city block and with 73 units is one of the largest rental projects approved to date under the Affordable Housing Choices Interim Rezoning Policy. It was put under contract prior to the pandemic and Matt and David were able to successfully navigate an extremely challenging environment to achieve a firm deal in May 2020.

For further details on this sale and project, please contact us.