PCI Group have submitted their formal proposal to the City of Vancouver for their site at the Northeast corner of Broadway and Granville.
The proposal calls for the development of a 39-storey, mixed-use building above the South Granville SkyTrain Station. The zoning would change from C-3A (Commercial) District to CD-1 (Comprehensive Development) District. The proposal includes:
223 rental units, with 20% at below market rates
31,000 sq ft retail space on the first and second storeys, including a grocery store;
100,000 sq ft of office space within the 5-storey podium;
Rooftop amenity space for residential and office access;
A total density of 12.16FSR;
A building height of 410 ft.;
285 vehicle parking spaces and 507 bicycle spaces.
Next week the City of Vancouver will consider allowing a rezoning enquiry for PCI Group‘s site at the Northeast corner of Broadway & Granville to move ahead to the application stage.
PCI already secured a Development Permit for the site at 1477 West Broadway in 2019 for a project including 6 floors of underground parking and storage, retail uses, a subway station entrance, and three floors of office above. The project is already under construction at the P5 parking level.
Existing Development Concept
A higher density rezoning had been contemplated for several years, although the forthcoming Broadway Plan had essentially placed a moratorium on new rezoning applications. PCI’s rezoning inquiry will now be considered as an exceptional circumstance under the Broadway Plan Interim Rezoning Policy given impacts on the station entrance construction should the project be delayed beyond the station construction timeline.
The preliminary proposal is a rental residential tower above a retail and office podium with integrated station entrance, to a height and density significantly above what is permitted under existing zoning. Overall, it includes:
additional retail capacity including a grocery store;
additional office space;
market rental residential units including 20% moderate income units.
The rezoning application is expected to pause the current construction, although it is expected to save significant delays later on thereby minimizing impacts on circulation and access to the South Granville station when the Broadway Subway opens in 2025.
The MEC Building at 1077 Great Northern Way in the False Creek Flats area has sold to a partnership between Low Tide Properties and PCI Group for $103,000,000, or $916 per sq ft.
The site allows for a future expansion of the current office building by approximately 60,000 sq ft. on the Northern part of the almost 2-acre site.
The 112,400 SF office building was built in 2014 by Mountain Equipment Co-op and was subsequently sold, most recently in 2018 to Crestpoint for $75,000,000.
