Oakridge corner lot for redevelopment

Overview

The subject is a 8,152 SF (59.09′ x 138.5′) corner lot with redevelopment potential in the highly sought-after Oakridge Town Centre neighbourhood in Vancouver’s Westside.

The property is improved with a quaint single-family home that can provide interim rental income to offset holding costs. As a large corner lot with 59-feet of frontage, the property can be developed on its own as a mid-rise mixed-use project. If assembled with neighbouring properties, high-density redevelopment potential is unlocked under the Cambie Corridor Plan and the Transit-Oriented Areas Rezoning Policy.

Development Options

Rezoning guidelines are outlined in Section 4.3.4 of the Cambie Corridor Plan. In the plan, Heather Street between 37th and 41st Avenue is envisioned as a key mixed-use corridor connecting the Heather Lands north of West 37th Ave and Oakridge Centre.

The property falls is designated Mixed-use (4-storey podium with tower element).

A summary of key considerations are provided as follows:

• Mixed-use buildings up to 4-storeys allowed on properties with minimum 50-feet frontage (without assembly)
• Mixed-use buildings up to 18-storeys allowed on properties with minimum 150-feet frontage (with assembly)
• For the high-rise built-form, tenure can be secured rental with a minimum of 20% provided as below-market rental; or, strata with a minimum of 20% of the residential floor area provided as social housing
• Density varies with building performance. Recent precedents in the area range from 5.5 – 6.5 FSR
• Minimum 80 ft tower separation
• Tower floor plates should not exceed an average of 6,500 SF
• No limitations on the maximum number of towers per block
• Towers up to 18-storeys may be considered on properties with less than 150-feet frontage if adjacent properties have developed with a 4-storey form

As an alternative, further rezoning options are available under the Transit-Oriented Areas Rezoning Policy. As a Tier 2 TOA site, up to 12-storeys and 4.0 FSR is permitted on corner properties with a minimum 132-feet of frontage.

Applications to rezone to an appropriate RR district (i.e. RR-3A or RR-3B) will also be considered within any TOA tier for projects proposing secured rental tenure. RR-3A permits 4-storeys of at up to 2.5 FSR with no below-market housing requirement, and RR-3B permits 6-storeys at up to 3.5 FSR with 20% of residential floor area secured as below-market. Minimum frontage and built-form guidelines apply.

Location

The property is centrally situated in the vibrant and rapidly evolving Cambie Corridor on Vancouver’s Westside. It is located within the Oakridge Municipal Town Centre, identified by the City of Vancouver as one of 17 regionally significant town centres across Metro Vancouver. This well-established neighbourhood offers a strong mix of amenities, along with an abundance of nearby parks and schools.

The site is ideally positioned within two blocks of the Oakridge Park development (redevelopment of Oakridge Centre) and approximately 600 metres from Oakridge–41st Avenue Station on the Millennium SkyTrain line. Once complete, Oakridge Park is expected to include an 850,000 square foot regional shopping centre, 700,000 square feet of office space, a 100,000 square foot civic centre, and a 9-acre publicly accessible park.

This highly desirable neighbourhood is well-served by public transit and offers convenient access to major arterial routes, including Cambie Street and West 41st Avenue.