Numerous developers have made significant revisions to previously-submitted rezoning proposals in recent months and the latest to do so is Vancouver-based Nicola Wealth Real Estate, the real estate arm of investment management firm Nicola Wealth.
The subject site of the proposal is 2219 and 2285 Cambie Street, which is located at the northwest corner of the intersection with West 7th Avenue, half a block south of the Canada Line SkyTrain's Olympic Village Station.
The properties are currently occupied by a two-storey retail showroom for Robinson Lighting & Bath. BC Assessment values the two parcels at $4,751,700 and $17,550,000, for a total assessed value — dated to July 1, 2024 — of $22,301,700.
Nicola Wealth owns a 100% stake in the properties through its Nicola Canadian Real Estate LP portfolio, according to the company's website, and the properties are held under Nicola Cambie Nominee Inc. The company acquired the properties from Reliance Properties in 2020 for a reported $32 million.
Nicola Wealth submitted a rezoning application in 2023 for a 10-storey office building with retail space on the ground floor and a proposed floor space ratio of 7.48. That application was withdrawn in November 2024 and a new rezoning application has since been submitted for a 30-storey mixed-use tower that would reach a maximum height of 332 ft and floor space ratio of 14.37.
The previous rezoning application had yet to be approved, thus the new application is still seeking to rezone the site from C-3A (Commercial) to CD-1 (Comprehensive Development).
The residential component will consist of 212 rental units comprised of 21 studio units, 116 one-bedroom units, 54 two-bedroom units, and 21 three-bedroom units. As the site falls under the Broadway Plan, 20% of the residential foor area will be provided as below-market rental.
The housing component sits atop a five-storey commercial podium that includes 3,985 sq. ft of retail space on the ground floor and 52,563 sq. ft of office space on the four floors above. In terms of parking, the proposal includes 134 vehicle parking stalls and 442 bicycle parking stalls in a five-level underground parkade.
The revised proposal is made possible by several significant policy changes that have been implemented since Nicola Wealth Real Estate submitted their previous rezoning application. The first is the Province's transit-oriented areas (TOA) legislation (Bill 47) that set minimum heights and densities for residential developments near major transit stations. The 2219-2285 Cambie Street site is located within 150 metres of Olympic Village Station, making it a Tier 1 TOA. (It is also 300 metres away from Broadway-City Hall Station.)
The increase in height is also made possible by last year's amendments to the Broadway Plan. Among other things, the amendments included a change to the "Uptown/Cambie North - Area 3" sub-area — to which the 2219-2285 Cambie Street site belongs — that allowed for mixed-use residential projects up to 30 storeys instead of only projects that were 100% commercial.
"Uptown is currently a key office location in the region and the heart of Central Broadway, Vancouver's 'second downtown,'" said Nicola Wealth Real Estate in its new rezoning application. "The Broadway Plan intends to strengthen Uptown/Cambie North Area C as an extension of Uptown, intensifying the area's primarily retail/service while introducing a much-needed housing component."
The proposal is now also fully compliant with the City's view cone policy, following last year's revisions to the policy.
Serving as the architect of the project is Vancouver-based MCMP Architects, who designed the previous iteration of the proposal, as well as Nicola Wealth Real Estate's two-tower Main Street project.
"2285 Cambie occupies an unique location with high pedestrian traffic due to its proximity to the two SkyTrain stations," they said. "The design responds to this vibrancy by creating an active pedestrian and cyclist friendly streetscape. The retail uses at the podium base aim to stimulate more urban activity and connect the building with the surrounding pedestrian movements."
"The building takes advantage of the open views toward Downtown Vancouver and the North Shore mountains while aligning with the Broadway Plan's focus on increasing density along this transit corridor," they added. "By incorporating more rental housing in a taller development scheme, this aims to support the city's goals of addressing housing affordability and availability. The additional office space in the lower levels also aim to contribute to the economic vitality of the area."
The City will be hosting a Q&A period for the 2219-2285 Cambie Street proposal from Wednesday, April 16 to Tuesday, April 29.