The Ontario-based duo of Crestpoint Real Estate Investments and InterRent REIT (TSX: IIP.UN) have submitted a rezoning application for two high-rise towers, several years after jointly acquiring the properties.
The subject site of the proposal is 2244 and 2280 W 6th Avenue in the Kitsilano neighbourhood of Vancouver, a flew blocks north of Rosemary Brown Park.
2244 W 6th Avenue is currently occupied by a 46-unit rental building called Sabanna Terrace Apartments while 2280 W 6th Avenue is occupied by a 43-unit rental building called Aquarius Apartments.
In January 2021, Crestpoint and InterRent REIT partnered to buy 15 residential properties in Vancouver for a grand total of $292.5 million, one of which was 2280 W 6th Avenue. Transaction data indicates that the building was acquired for $17,051,724, while 2244 W 6th Avenue was acquired later that same year for $19,500,000, for a total of $36,551,724.
BC Assessment currently values 2244 W 6th Avenue at $25,044,100 and 2280 W 6th Avenue at $21,982,000, for a total of $47,026,100, and the properties are currently held under 2244 West 6th Avenue Holdings Inc. and 2280 West 6th Avenue Holdings Ltd.
The 2244-2280 W 6th Avenue site in Vancouver. / Kasian Architecture, Crestpoint, InterRent REIT
For the site, Crestpoint and InterRent REIT have proposed twin 20-storey rental towers inclusive of a shared four-storey podium, for a total of 416 rental units, a maximum height of 219 ft, and floor space ratio of 6.5.
The number of units and the suite mix would be identical in both towers, with each consisting of 44 studio units, 80 one-bedroom units, 64 two-bedroom units, 20 three-bedroom units. As required by policy under the Broadway Plan, 20% of the residential floor area is to be provided as below-market rental units. In this particular case, the project is proposing 84 below-market rental units, which meets the requirement but is less than the total 89 units in the existing buildings.
In terms of parking, the proposal includes 120 vehicle parking spaces and 1,052 bicycle parking spaces, all of which would be housed in a two-level underground parkade.
The two towers planned for 2244-2280 W 6th Avenue in Vancouver. / Kasian Architecture, Crestpoint, InterRent REIT
The main lobby for 2244-2280 W 6th Avenue. / Kasian Architecture, Crestpoint, InterRent REIT
According to the rezoning application, which was submitted to the City of Vancouver in December and published by the City on February 5, residential amenities are expected to include a multi-use sports court, dog run, outdoor spa, fitness centre, children's play area, outdoor dining space, co-working space, and an entertainment lounge, with some of the amenities located on the roof of the towers and podium.
"In line with the objectives outlined in the Broadway Plan, this project aims to facilitate the long-term replacement of the older residential buildings while maintaining existing rental housing affordability levels," the applicants said in the application.
According to InterRent REIT's website for Sabanna Terrace, one-bedroom units are currently available for $2,449 to $2,949, depending on the size.
The rooftop amenities spaces planned for 2244-2280 W 6th Avenue. / Kasian Architecture, Crestpoint, InterRent REIT
The outdoor amenity space atop the building podium. / Kasian Architecture, Crestpoint, InterRent REIT
Although the area is currently home to low-density housing, Crestpoint and InterRent REIT note that there are several other active rezoning applications for sites in the immediately area. Directly behind the site of their proposal is the site of a 20-storey proposal at 2267-2275 W 7th Avenue. A few steps to the east is then another 20-storey proposal at 2180 W 6th Avenue, behind which is the site of another 20-storey proposal at 2175 W 7th Avenue.
The staggering amount of rezoning applications that have been proposed under the Broadway Plan, which was amended in December, has alarmed many residents of the area, due to the potential for mass renter displacement. Some developers themselves, however, have noted that some of the proposals are only being made to secure entitlements and that many may not actually come to fruition.
For Crestpoint and InterRent REIT's proposal, Vancouver-based Kasian Architecture is serving as the lead architect, while Colliers is serving as the development manager.
The City of Vancouver's Q&A period for the 2244-2280 W 6th Avenue rezoning application has been scheduled for Wednesday, April 2 to Tuesday, April 15.
