Oakridge development site by court order

Overview

Goodman Commercial, as the exclusive agent by court order, presents an opportunity to acquire a 13,680 SF (114’ x 120’) development site in the highly sought-after Oakridge Town Centre neighbourhood, steps from transit and directly across from the massive Oakridge Park redevelopment.

715 West 41^st Avenue and 5693 Heather Street comprise two contiguous lots totaling 114 ft of frontage at the northwest corner of West 41^st Avenue and Heather Street. The site offers numerous options for redevelopment on its own under both the Cambie Corridor Plan and Transit-Oriented Areas Rezoning Policy.

Alternatively, higher density redevelopment can be achieved through assembly. 745 West 41^st Avenue – 3 lots to the west — is also available for sale, allowing a buyer to secure both corners of the block for a larger future assembly opportunity.

Development Options

Potential redevelopment scenarios could include:

• Up to 8-unit multiplex under existing R1-1 zoning;
• 6-storeys / 2.5 – 3.0 FSR strata or market rental under the Cambie Corridor Plan, with no below-market or social housing required;
• 4-storeys / 2.4 FSR 100% market rental based on RR-3A guidelines, under the TOA Rezoning Policy;
• 12-storeys / 4.0 FSR under either the Cambie Corridor Plan or Transit-Oriented Areas Rezoning Policy, if assembled

Location

The property is well positioned within the vibrant and rapidly densifying Oakridge neighbourhood in Vancouver’s Westside. The site falls within the Oakridge Municipal Town Centre, described by the City of Vancouver as one of 17 regionally-significant town centres across Metro Vancouver. This established area is rich in amenities and boasts numerous parks and schools in close proximity.

The site’s strategic location places it directly across from the massive Oakridge Park project (Oakridge Centre redevelopment) and approximately 300 m from the Oakridge-41st Avenue Station on the Millennium SkyTrain line. Upon completion, Oakridge Park will feature an 850,000 SF regional shopping centre, 700,000 SF of office space, a 100,000 SF civic centre, and a 9-acre publicly accessible park.

This highly sought-after neighborhood is easily accessible by public transportation, and arterial routes including Cambie Street and West 41st Avenue.