While the saga of Coromandel Properties' insolvency continues to play out, its former partners are moving onwards and upwards. Literally.
In March 2022, Nicola Wealth Real Estate — the real estate division of Vancouver-based investment management firm Nicola Wealth — announced a partnership with Coromandel Properties on two projects in Vancouver, both located along W 41st Avenue near the intersection with Cambie Street and the Canada Line SkyTrain's Oakridge-41st Avenue Station.
Less than a year later, in February 2023, Coromandel Properties filed for creditor protection while carrying over $700 million of debt and one of the first pieces of business that occurred after their filing was some of Coromandel's partners buying them out of their joint ventures. Coromandel was bought out of three projects it was co-developing with Peterson, as well as two projects with Nicola Wealth Real Estate.
The projects with Nicola Wealth have received rezoning approval, but Nicola Wealth submitted rezoning text amendment applications for both projects this May, both of which were published by the City of Vancouver this week. The two projects will be adjacent to one another, with an unified design, and the revisions are calling for increased height and density, citing the new provincial transit-oriented area legislation that the Province introduced in Fall 2023.
The City of Vancouver will be hosting the Q&A period for both projects from Wednesday, October 29 to Tuesday, November 11.
375-475 W 41st Avenue
The two towers proposed for 375-475 W 41st Avenue (357 W 41st Avenue) in Vancouver. / Arcadis, Nicola Wealth Real Estate
The first project is planned for 375-475 W 41st Avenue, an assembly of eight single-family lots between Cambie Street and Alberta Street located immediately east of a 15-storey project currently being developed by PCI Developments. BC Assessment values the property at $49,741,000 in an assessment dated back to July 1, 2024.
For the site, which has been consolidated into a single parcel with an address of 357 W 41st Avenue, Nicola Wealth and Coromandel Properties had previously proposed a 22-storey tower and a 14-storey tower with a grand total of 439 rental units, as previously outlined by STOREYS.
The rezoning text amendment application, however, is seeking to change the proposal to a 26-storey tower and an 18-storey tower with a grand total of 497 rental units, with an overall suite mix of 170 studio units, 149 one-bedroom units, 169 two-bedroom units, and nine three-bedroom units.
Accordingly, the maximum height of the project has been raised from 228 ft to 256 ft and the proposed density has been increased from 6.32 FSR to 7.1 FSR. The revised proposal also includes 195 vehicle parking spaces and 802 bicycle parking stalls that will be provided in a two-level underground parkade.
325-343 W 41st Avenue and 5696 Alberta Street
The tower proposed for 325-343 W 41st Avenue and 5696 Alberta Street in Vancouver. / Arcadis, Nicola Wealth Real Estate
The second project is set for 325 W 41st Avenue and 5696 Alberta Street (formerly known as 343 W 41st Avenue), a two-parcel land assembly located directly east of the first project and on the eastern side of Alberta Street. BC Assessment values the two parcels at $3,253,000 and $3,253,000, respectively, for a total valuation of $6,506,000 dated to July 1, 2024.
For the site, Nicola Wealth Real Estate and Coromandel Properties had previously proposed a 10-storey building with a total of 95 rental units and received rezoning approval in October 2021.
Nicola Wealth is now seeking to change the proposal to a 13-storey tower with 131 rental units, with a suite mix of 14 studio units, 71 one-bedroom units, 44 two-bedroom units, and two three-bedroom units.
The revised proposal thus increases the maximum height of the project from 118 ft to 147 ft and the proposed density from 5.42 FSR to 6.75 FSR. The proposal includes just two vehicle parking spaces and 246 bicycle parking stalls, as a result of the project's proximity to transit and the City's elimination of minimum parking requirements.
Nicola Wealth Real Estate
As of December 31, 2024, Nicola Wealth Real Estate had a portfolio of 366 properties across Canada and the United States, spanning over 30 million square feet and totalling to $10.5 billion in assets under management.
The company has been particularly active in its home market of Vancouver, with both acquisitions and developments.
At 2111 Main Street, in the Mount Pleasant neighbourhood of Vancouver, Nicola Wealth Real Estate is currently developing a 24-storey tower and a 22-storey tower with a total of 446 rental units.
At 2219-2285 Cambie Street, near Olympic Village Station, Nicola Wealth was developing a 10-storey office building, but revised the proposal earlier this year into a 30-storey mixed-use tower with 212 rental units, 52,563 sq. ft of office space, and 3,985 sq. ft of retail space.
Earlier this year, Nicola Wealth also acquired 304 and 316 E 1st Avenue, near the future Great Northern Way-Emily Carr Station, out of foreclosure for $13,000,000, as first reported by STOREYS. The previous owner was planning a nine-storey building with 112 rental units, but it's unclear if the project will be revised.
