The formal rezoning application by Concert Properties and Peterson Group for Langara Gardens has been released publicly.

A rezoning policy statement for the 20.8 acre site had been completed in 2018 and the full rezoning application had been anticipated since that time.

The proposal is for the redevelopment of the site with buildings between 3 and 36 storeys. The existing four 18-storey towers would be retained. The proposal includes:

• Approximately 430 social housing units;
• Approximately 760 rental units (including 85 below-market units);
• Approximately 1,430 strata units;
• 3.1 FSR total density (2.7M SF);
• A 69-space childcare facility;
• Public open spaces, Cambie Park upgrades, a new 1-acre park.

The application is being considered under the Langara Gardens Policy Statement and the Issues Report: Direction for Intensification of Large Sites to include Moderate Income Rental Housing.

The full rezoning application can be viewed here.

The architect for the project is James Cheng Architects.

The site was originally sold by Colliers to Peterson Group in 2009 for $157,000,000. Concert Properties was brought on as a 50% partner in 2015.

The Planning Policy Statement for Langara Gardens has been released for consideration by Vancouver City Council. The 20.8 acre site was acquired by Peterson Group in 2009. Peterson later partnered with Concert Properties in 2015, after which a formal planning effort to redevelop the site with City of Vancouver planning got underway, with open houses and town hall meetings over the next two years.

Langara Gardens is located west of Cambie Street between 54th and 57th Avenues and was initially developed as a rental apartment property, with three towers and later a fourth tower in the 1980s. The site is currently improved with 605 apartment units and some retail space and is built to a fairly low density equivalent to a single family zoning (approx. 0.78 FSR). A large majority of the site is currently built as lowrise townhouses which is the focus of the redevelopment effort. The existing rental towers will be maintained.

The site at Pearson Dogwood, directly south, is proposed for the same density and will get underway with rezoning of the first phase shortly.

The vision for the property has included retention of the four existing apartment highrises while adding new residential buildings and various new services and amenities. “Langara Gardens will continue to be primarily residential, with a mix of housing opportunities for a variety of households, ages and income levels. A key element of the planning program is to maintain or replace the 605 existing rental housing units on a one-for-one basis.”

Details of the policy statement which will guide future rezoning applications for the site include:

• a maximum overall site density of 2.80 FSR (on gross site area);
• a total of 2,540,000 SF of development (about 2,100 units total);
• 11 towers (including existing four towers to be retained);
• All 605 existing rental units retained or replaced;
• Building heights from 3 to 28-storeys;
• 20% of net new floor area as affordable housing (approx. 430 units);
• Redesign and upgrade of existing retail space (approx. 25,000 SF);
• A new 69-space childcare facility;
• A new 1-acre City-owned park;
• A financial contribution towards a potential future station at 57th Ave;
• A community amenity contribution(s) to be determined/negotiated.

Park and Open Space Concept

Building Heights

The next step will be a site specific rezoning that will include further details such as exact units counts and building layout and design.

Full details on the planning policy statement can be viewed here: http://council.vancouver.ca/20180313/documents/p1.pdf 

The City of Vancouver is currently holding open houses for the proposed redevelopment of Langara Gardens, a 21-acre apartment complex at Cambie Street and West 57th Avenue owned by Peterson Group in partnership with Concert Properties. Peterson acquired the property in 2009 for $157MM. In 2013, they began a process to create planning policy to redevelop the site, which in its present configuration is predominantly built out as lowrise and townhouse buildings.

Today, initial concept plans are being presented to the public. Some common concepts include:

• retention of the four existing apartment highrises
• new residential buildings varying in height
• retention and enhancement of existing retail
• construction of a new daycare

One of three concept plans

Another concept plan

Here is a summary of Metro Vancouver’s most valuable commercial real estate assets. The summary is based on a survey of the top 25 commercial properties ranked by the 2015 tax assessment value. While assessed values don’t neccesarily reflect market values, this analysis provides a fairly accurate snapshot of our city’s most valuable assets:

A few observations:

• Metrotopolis at Metrotown continues to hold its rank as by far Metro Vancouver’s most valuable commercial property, as it has for the last decade. The nearly 1.8M sq ft shopping centre is now assessed at over $1 Billion. This value does not include the adjacent office towers which would likely add another $200 Million, also owned by Caisse de depot, which is Quebec’s largest pension fund manager.

• The redevelopment of Sears into Nordstrom significantly bolstered its assessment value. Including the office towers, Pacific Centre is now valued at over $1 Billion.

• Renovations and improvements at aging regional shopping centres including Park Royal and Guildford Town Centre bolstered values significantly.

• Oakridge Centre’s value had a large increase likely based on it’s 2014 rezoning for over 2,000 residential units.

• Langara Gardens and Landsdowne Centre both fell off this list, but will likely return in the near future. Both properties are slated for redevelopment. Landsdowne in particular is speculated to have significant redevelopment value.

• Pension funds control the vast majority of these larger core/trophy assets. (77% to be exact)

• A group of 6 pension fund managers (some in partnership) control well over 50% of the top 25.

• While the top 3 are super regional shopping centres, 15 of the top 25 are Downtown office towers.