VANCOUVER – International developer Grosvenor has acquired the Oakridge Transit Centre, a 14-acre undeveloped site in Vancouver.
The developer plans to turn the site into a 1.5 million square foot mixed-use community on 41st Ave. near Oak Street with approximately 17 buildings ranging from four to 26 storeys and 1,630 homes including strata, market rental, affordable rental and social housing.
“This is a unique opportunity to acquire and develop a rarely available development site, one of the most significant in Vancouver. The acquisition allows Grosvenor to utilize our expertise in building exceptional communities and bring a significant amount of new housing, both market and non-market, new retail, community amenities and public realm benefits to the Oakridge neighbourhood. We look forward to building an integrated, sustainable and high-quality community at this prime Vancouver location,” Michael Ward, the senior vice-president and general manager of Grosvenor’s Vancouver office said in a statement.
The development will follow a master plan design by Vancouver architect James Cheng and approved by the City of Vancouver in 2020. More than 40 per cent of the site will be set aside as publicly accessible spaces including a two-acre public park and shops running parallel to Oak Street, a Grosvenor release stated.
“This is an incredible site at the heart of Vancouver that will become a serene, walkable, self-sustaining community with significant green space. This project is all about connecting to nature, with greenways, green roofs and a major publicly-accessible park – all designed for a sustainable, walkable lifestyle in a safe, central location that is close to everything,” Cheng said.
Cheng previously worked with Grosvenor on the Grosvenor Ambleside project in West Vancouver and added the vision for the OTC is to “create a community around a park, a finely scaled neighbourhood with gentle density and an internal greenway system that will provide a calm, healthy central hub for residents and the neighbourhood alike.”
The project will feature a 69-space day care, retail, park and public plazas as well as over 180 market rental, 45 moderate income housing units and 175 social housing units, in addition to the 1,120 residential strata homes and 24,000 square feet of commercial space, the release stated.
“We’re excited to be working with James Cheng again, as well as with the City of Vancouver, and to be able to leverage our international and local expertise to move this exceptional project forward and to leave this legacy for the city. Developing OTC is proof of Grosvenor’s continued and growing commitment to being active in Vancouver’s dynamic real estate market and to our unique best-in-class development strategy, led by the same development team that has successfully launched all our other local projects over the past nine years,” said Grosvenor chief development officer James Patillo.
The project is multi-phased with a 10-year timeline and will also meet Grosvenor’s net-zero carbon commitments as well as LEED Gold certification, the release added.