Transforming Vancouver – The Future of Cambie Corridor

transforming van

Mark Kurkdjian | May 2023

Exciting changes are on the horizon for Vancouver!

Traditionally known for its single-family neighbourhoods, the Cambie Corridor is gearing up for a remarkable transformation in the coming 30 years.

 

OakridgePark

Photo courtesy from Construction Canada (https://www.constructioncanada.net/sprawling-vancouver-mixed-use-development-creates-a-new-municipal-town-centre/) Future Oakridge mall

The City Council’s approval of Phase 3 of the Cambie Corridor plan aims to rejuvenate this area, making it a significant hub for the city’s growth.

As property owners, you are in a unique position to contribute to and benefit from this transformative journey. Our newsletter dives into the highlights of these developments and shares how you can be a part of this exciting time.

NEWS FLASH: Anticipating Phase 3 Townhouse Pre-zoning!
BirdsEyeViewofStackedTownhouseDev628W28thAve

Image courtesy of Intergulf Development Corp. and Gateway Architecture Inc., obtained from UrbanYVR (https://www.urbanyvr.com/cambie-corridor-townhouses-density/)

The City of Vancouver is proactively exploring a third phase of townhouse pre-zoning in the Cambie Corridor to add to the pre-zoned 220 parcels that have expedited the review and approval process for simple, gentle densification applications. Decisions will be based on a review of the area’s sewer capacity, which will be completed by the end of 2023. Any additional pre-zoning could be proposed to the City Council for approval as early as 2024.

Building a Thriving Community

ArtisticrenderingCambieStSouthfMarineDrivetoFraserRiver

Image courtesy of Daily Hive, obtained from ‘Cambie Corridor Plan’ article (https://dailyhive.com/vancouver/cambie-corridor-plan-vancouver-2018)

The approved plans anticipate significant changes in the corridor, including diverse housing options. This will result in more townhouses, rentals, and social housing units, adding vibrancy to our communities.

Bolstering Local Economy

ViewFromCivicParkLookingNortheast

Image courtesy of Henriquez Partners Architects, obtained from their ‘Oakridge’ project page (https://henriquezpartners.com/projects/oakridge/)

This transformation isn’t just about housing. It’s also about breathing new life into our local economy. The plan is set to create over 9,200 new jobs, supporting local businesses and promoting a thriving community.

Unique Opportunity for Property Owners

NAIBCHandshake

If you’ve ever considered selling, now may be the perfect time. High demand by developers, coupled with the exciting growth in the area, makes it a prime time for property owners.

Let Us Help You Navigate This Journey

Listing your properties with us gives you the advantage of our comprehensive market knowledge and dedication. We’re here to answer any questions and help you seize this opportunity. Join us in shaping Vancouver’s future!

2023 Noteworthy Transactions: The Cambie Corridor Never Sleeps

The promise of the Cambie Corridor’s transformation has ushered in a wave of interest from investors and developers. This year, recognizing the potential that the area holds, we’ve seen demand for land assets continue, presenting a compelling opportunity for those considering a sale.

NotableTransactionsJantoApr2023

Image and sale data courtesy of Altus Data Studio, obtained from their website (https://map.altusdatastudio.com/)

 

5350, 5370, 5390, 5410 & 5430 Heather Street

Product type: Residential Land
Total price: $47,300,000
Transaction date: Jan 10, 2023
Municipality: Vancouver
Sale type: Market

357 – 475 West 41st Avenue

Product type: Residential Land
Total price: Undisclosed
Transaction date: Jan 25, 2023
Municipality: Vancouver
Sale type: Share Sale

325 – 343 West 41st Avenue

Product type: Residential Land
Total price: Undisclosed
Transaction date: Jan 25, 2023
Municipality: Vancouver
Sale type: Share Sale

5515 Elizabeth Street

Product type: Residential Land
Total price: $6,130,000
Transaction date: Feb 1, 2023
Municipality: Vancouver
Sale type: Market

5525 Elizabeth Street

Product type: Residential Land
Total price: $4,550,000
Transaction date: Feb 23, 2023
Municipality: Vancouver
Sale type: Market

529 West 61st Avenue

Product type: Residential Land
Total price: $2,900,000
Transaction date: Mar 14, 2023
Municipality: Vancouver
Sale type: Market

Click here to download a PDF version

Mark Kurkdjian
Associate Broker
Investment Sales & Leasing
604 691 6622
[email protected]

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