Stalled Oakridge rental housing project seeks more height and density | Daily Hive

Stalled Oakridge rental housing project seeks more height and density in revisions

2025 revised concept of the west site at 375-475 West 41st Ave. (left) and the east site at 325-343 West 41st Ave. and 5696 Alberta St. (right), Vancouver. (Arcadis/Nicola Wealth Real Estate)

Nearly four years after receiving Vancouver City Council’s rezoning approval, a major mixed-use, secured purpose-built rental project near the core of the Oakridge Municipal Town Centre is back before the City of Vancouver, seeking additional density through greater height.

There are newly revised rezoning applications, defined as text amendments, by Nicola Wealth Real Estate for the larger west site of 375-475 West 41st Ave. and the smaller east site of 325-343 West 41st Ave. and 5696 Alberta St.

Both sites — together spanning a considerable length of the north side of West 41st Avenue — are situated just east of the prominent intersection of Cambie Street and West 41st Avenue, the future Oakridge Park mall, SkyTrain’s Oakridge-41st Avenue Station, and the area’s R4 41st Avenue RapidBus stops.

You might also like:

According to the new applications, the revised proposals incorporate the provincial government’s 2023 transit-oriented development legislation, which designates a Transit-Oriented Area (TOA) around Oakridge-41st Avenue Station — allowing for greater residential density. Arcadis, previously known as IBI Group, has returned as the project’s architectural design firm.

357-475 west 41st avenue 325-343 west 41st avenue vancouver rental housing

Site the west parcel at 375-475 West 41st Ave. (left), and the east parcel at 325-343 West 41st Ave. (right), Vancouver. (IBI Group/Coromandel Properties)

Changes to the west site at 375-475 West 41st Ave.:

375-475 West 41st Avenue Vancouver west site nicola wealth real estate 2025

Original concept (left) and the 2025 revised concept (right) of the west site at 375-475 West 41st Ave., Vancouver. (Arcadis/Nicola Wealth Real Estate)

Changes to the east site at 325-343 West 41st Ave. and 5696 Alberta St.:

325-343 West 41st Avenue 5696 Alberta Street east site nicola wealth real estate 2025

Original concept (left) and the 2025 revised concept (right) of the east site at 325-343 West 41st Ave. and 5696 Alberta St., Vancouver. (Arcadis/Nicola Wealth Real Estate)

However, the project has also encountered internal hurdles since the original rezoning application approval in 2021 and development permit application submission in 2022. Nicola Wealth had initially partnered with Coromandel Properties, but the partnership dissolved in 2023 after Coromandel entered creditor protection due to financial difficulties. As part of the fallout, Coromandel sold off a number of its planned developments under a joint partnership, including the two sites tied to this project. Nicola Wealth acquired Coromandel’s stake in these sites.

The changes to the project likely improve its financial viability.

The 2021-approved, mixed-use concept provided a combined total of 538 secured purpose-built rental homes, including 437 units for the west site and 101 units for the east site. The towers would have reached 14 storeys and 22 storeys (up to 228 ft.) for the west site and 10 storeys for the east site.

The newly revised concept calls for a total of 628 secured purpose-built rental homes, representing an increase of 90 units, including 497 units for the west site (net gain of 60 units) and 131 units for the east site (net gain of 30 units). The towers will now reach 17 storeys and 25 storeys, with a shared six-storey base podium, for the west site and 13 storeys for the east site — essentially, an increase of three storeys for each site.

2025 revised concept of the west site at 375-475 West 41st Ave., Vancouver. (Arcadis/Nicola Wealth Real Estate)

The unit size mix is 112 studios, 29 one-bedroom units, 53 two-bedroom units, and nine three-bedroom units for the west site, and 14 studios, 71 one-bedroom units, 44 two-bedroom units and two three-bedroom units for the east site.

The plan still includes 17,400 sq. ft. of retail and restaurant space along the ground floor, activating the West 41st Avenue frontage. However, over 5,000 sq. ft. of retail/restaurant space for the east site approved in the original rezoning is now replaced with ground-oriented residential units.

The total building floor area has now increased from from 310,200 sq. ft. to 347,800 sq. ft. for the west site, with the floor area ratio (FAR) density correspondingly seeing an increase from 6.3 times larger than the size of the 49,100 sq. ft. lot to 7.1. The east site’s total building floor has increased from 66,800 sq. ft. to 85,800 sq. ft., with the FAR density growing from 5.4 times larger than the size of the 12,700 sq. ft. lot to 6.8. Both development sites will replace numerous single-family lots.

2025 revised concept of the west site at 375-475 West 41st Ave., Vancouver. (Arcadis/Nicola Wealth Real Estate)

Another major change to the project relates to the provided vehicle parking, with the provincial legislation removing minimum vehicle parking requirements within the TOAs. The original rezoning provided each site with three underground levels, with 372 vehicle parking stalls for the west site and 42 vehicle parking stalls for the east site. Instead, the revised concept now calls for two underground levels for both sites, with 195 vehicle parking stalls for the west site and 37 vehicle parking stalls for the east site, plus a significant number of secured bike parking spaces.

Currently, construction is nearing completion on several major projects surrounding this key intersection of Cambie Street and West 41st Avenue: QuadReal Property Group and Westbank’s new Oakridge Park mall at the southwest corner; PCI Developments’ 14-storey mixed-use rental and commercial building at the northeast corner; and Polygon Homes’ Claridge House development at the southeast corner, featuring 27-storey and 14-storey mixed-use buildings with condominiums, rental housing, and retail space.

Earlier this year, Polygon Homes submitted a rezoning application to redevelop the northwest corner into a 31-storey, mixed-use tower with condominiums, offices, and retail/restaurant space.

Original concept (left) and the 2025 revised concept (right) of the east site at 325-343 West 41st Ave. and 5696 Alberta St., Vancouver. (Arcadis/Nicola Wealth Real Estate)

You might also like: