A revised rezoning application for the redevelopment of Ashley Mar Co-op Site calls for greater tower heights to add in more secured market rental homes.
The co-op has partnered with local developer Intracorp Homes to renew and redevelop the property at 8460 Ash Street and 8495 Cambie Street — immediately west of SkyTrain’s Marine Drive Station.
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The original rezoning application submitted in early 2020 called for three towers with heights of 15, 24, and 27 storeys, reaching up to 267 ft, and a total floor area of 489,000 sq. ft. It would have 582 new homes, including 54 non-market co-op units to replace all of the existing co-op townhouse units on the property, plus 71 additional non-market housing units as an expansion of the co-op and 457 secured market rental units.
Previous proposal in 2020:
Revised proposal in 2021:
However, the newly submitted revised rezoning application expands the scope of the proposal, with taller towers at 16, 27, and 31 storeys, reaching up to 304 ft. The total floor area is 521,611 sq. ft., representing an increase of about 33,000 sq. ft. from the proposal’s previous version. The project’s floor space ratio density has increased modestly from 7.54 to 8.21 times the size of the 1.5-acre lot.
The expanded proposal retains the same number of co-op units but significantly increases the number of secured market rental homes to 524 units. The total number of homes is now 649 units.
The non-market co-op unit mix is six studios, 44 one-bedroom units, 45 two-bedroom units, 28 three-bedroom units, one four-bedroom unit, and one five-bedroom unit. The market rental unit mix is 59 studios, 226 one-bedroom units, 233 two-bedroom units, and six three-bedroom units.
A minor commercial component, a single retail/restaurant unit, is retained in this proposal.
As well, the revised proposal will have reduced parking, even with the increase in residential density. The previous plan included 309 vehicle parking stalls and 1,162 bicycle parking spaces, but there will now be 195 vehicle parking stalls and 1,297 bike parking spaces.
This resubmission of the application was triggered by the city council’s decision in late 2020 that allows city staff to accept rezoning applications with taller tower designs for further consideration for select properties near Marine Drive Station. Earlier this month, it also resulted in the application submission of another major mixed-tenure rental housing proposal with 573 units further west of the Canada Line station, on the site of Denny’s restaurant at 622 Southwest Marine Drive.
Other than taller building heights and slight changes, the revised Ashley Mar Co-op proposal, designed by local architectural firm Perkins & Will, retains the original application’s form. The tower on Cambie Street is pulled back from the street and Canada Line elevated guideway to create a generous outdoor amenity space and an architectural screen that provides a privacy barrier and design feature.
The proponents have provided a rare glimpse of the financials behind the project. According to the new application submission, the partnership with the co-op limits the developer’s profits to 15% on total costs. All excess profits from the market rental homes will be directed to the construction of the co-op building.
Moreover, “the attached proforma currently does not reflect a financeable (by bank) model; however, we are working with a few pension fund partners to help bridge any equity gap to help finance a project that doesn’t achieve a 12% return on cost which is what banks require.”