The joint venture aims to construct a three-tower, multi-family complex offering 649 housing units. Located on a 1.5-acre lot at 8460 Ash Street and 8495 Cambie Street, the project will replace the Ashley Mar Housing Co-operative’s existing 54-unit townhome complex, making it one of Canada’s largest co-op housing renewal developments.
A pair of 31-storey and 27-storey towers will provide space for 524 secured market rental units, and a third 16-storey high-rise will deliver 125 co-op homes. Design aspects are being handled by architectural firm Perkins&Will.
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“We’re very pleased to partner with Intracorp and make our first residential investment in Vancouver through a project that promises significant economic and social benefit for the local community,” said Tyler Seaman, head of hotels and multi-residential for North America at Oxford Properties, in a press release.
“As Oxford continues to scale our residential business across North America, we have high conviction in the Vancouver market, driven by its sustained favourable demographic trends and expansion of global tech firms,” he added.
The rental towers will feature 59 studios, along with 226 one-bedroom, 233 two-bedroom and six three-bedroom units. The co-op high-rise housing mix will consist of six studios, 44 one-bedroom, 45 two-bedroom and 28 three-bedroom units, in addition to one four-bedroom and one five-bedroom suite.
A 2,300-square-foot ground-level retail unit is also included in the project’s plans. Four underground levels will offer space for 195 vehicle parking stalls and 1,297 bike parking spaces.
Developers anticipate breaking ground in spring 2022, with first occupancy expected to take place by the end of 2024.
Existing co-cop tenants will move back into the complex once construction has been completed, and all of the co-op units will be priced at rates below-market, with rates determined by income levels.
Sitting immediately west of the SkyTrain’s Marine Drive Station along the Canada Line, the transit-oriented development falls in line with Vancouver’s Cambie Corridor Plan.
“We’re excited to bring the largest co-op rental development ever to Marine and Cambie and provide much-needed rental housing opportunities to this transit-oriented neighbourhood,” said Evan Allegretto, president of British Columbia at Intracorp Homes, in the release.