Future hotel and condo development next to Oakridge SkyTrain changes ownership
A future major mixed-use development, located just east of the Oakridge Park shopping centre redevelopment and SkyTrain Oakridge-41st Avenue Station, is now under new ownership. In a release, Peterson Group and Coromandel Properties state they have formed a new partnership to acquire 5910-5962 Cambie Street Cambie Street from Wall Financial Corporation.
This includes the acquisition of the allowable building form and plans approved by Vancouver City Council in March 2021, which were originally pursued by Wall Financial’s rezoning application of the site. Perkins & Will was responsible for the design. The new ownership group has indicated they are committed to redeveloping the land assembly into two a mix of hotel, condominium, and retail uses.
“This significant Oakridge development will feature a new-build hotel as well as a high-density residential tower. Oakridge has already established itself as an evolving community on the cusp of regeneration; however, the scale and scope of this project truly signals a new chapter for the area,” reads the release.
“The development will introduce a strategic mix of hotel, housing and employment space in the Oakridge Municipal Town Centre within walking distance to transit while adding additional studio space for talented local artists.”
The approved building form and uses entail a 15-storey hotel tower and a 29-storey condominium tower, including a five-storey podium. There will be 270 hotel rooms, 168 condominium homes, 10 artist live-work studios, and 4,400 sq ft of retail space. The redevelopment’s total floor area is about 344,000 sq ft.
The deal closed earlier this month, but the value was not disclosed. A spokesperson said a timeline has not been established for the project’s construction.In exchange for the added density through rezoning, the development group is required to provide the municipal government with $28.4 million in total public benefits, including a cash community amenity contribution (CAC) of $13.7 million and development cost levies of $7.9 million.
The live-work artist studios are worth $6.1 million as an in-kind CAC, and the public art contribution is worth about $650,000.
Peterson Group and Coromandel Properties also have partnerships on other projects in Vancouver, including a major land assembly for their Manson & Ash project in the Oakridge area, and the Frame mixed-use development at 2751 Kingsway with 217 condominium homes and new retail.
Further south along the Cambie Street Corridor, Petersen Group is part of a partnership with Concert Properties that successfully received city council’s approval in 2018 to add 2,100 homes to Langara Gardens.