Nicola Wealth Real Estate (NWRE) and Coromandel Properties are partnering to build two purpose-built rental apartment properties in Vancouver’s Oakridge area.
Coromandel assembled and acquired the two sites a number of years ago before NWRE became involved.
“There were some direct existing relationships with a few key people at Coromandel,” NWRE acquisitions director Shaun Blythen told RENX of how the 50-50 co-development partnership came together.
“Conversations started that way last spring and were fleshed out over the summer and we got the deal inked in Q4 of last year.”
Details on West 41st Avenue properties
Rezoning for the two properties, which straddle Alberta Street, from residential to comprehensive development was considered under the Cambie Corridor Plan and approved in October.
“Given the time that we came into the project, they were down the road in terms of applications and the application was for rental,” said Blythen. “Nicola’s interest was purely in multifamily rental for this location.”
The first property, located at 475 West 41st Ave. and known as the West parcel, sits on 1.13 acres of land. When completed, two buildings of 22 and 14 storeys will comprise 246,982 square feet and 355 units of market housing space and 56,505 square feet and 64 units of affordable housing space.
There are also plans for 17,314 square feet of retail space, 209 underground parking stalls and bicycle parking. A large outdoor area between the two buildings will be used as an amenity space.
The second property, located at 357 West 41st Ave. and known as the East parcel, sits on 0.29 acres of land.
An 11-storey building comprised of 63,699 square feet of space with 86 market-priced housing units, 6,801 square feet of space with nine affordable housing units, 36 underground parking stalls and bicycle parking will be constructed there.
Decisions are still being made regarding amenities and suite mixes, but the apartment buildings will likely include bachelor, one-, two- and three-bedroom units as well as an affordable component.
“The whole plan for this area, regardless of whether it’s for condo or rental, is that there’s an affordable component required to achieve the densities that developers are pushing for,” said Blythen.
Blythen is looking to get building permits and construction financing finalized and would like to be in ground in Q4 2022.
The target construction completion dates are early 2025 for the smaller property and mid-2026 for the larger one.
“These two projects are independent, but we’re kind of running them as one from an economies …….