Fresh off of a brand refresh, Vancouver-based Peterson is now advancing one of its largest planned projects to date, according to a new rezoning application published by the City of Vancouver last week.
The subject site is 605-695 SE Marine Drive, located at the northwest corner of the intersection with Fraser Street. The L-shaped site is currently occupied by a large apartment complex, known as Marine Terrace, which extends up Fraser Street to E 65th Avenue. The property is a single parcel that BC Assessment values at $31,874,000 in its latest assessment, and 605 SE Marine Drive is held by Peterson under Fraser Marine Drive Holdings Inc.
The south side of SE Marine Drive is heavily industrial, while the north side is residential and/or retail. Although the area is serviced by buses, the closest SkyTrain station is the Canada Line’s Marine Drive Station, which is a nine-minute bus ride or 25-minute walk away.
The site has been zoned CD-1 (Comprehensive Development) since 1966, and Peterson is now seeking to rezone it to a new CD-1 zone in order to allow for the proposed height, density, and change in use.
The Marine Terrace apartments at 605 SE Marine Drive. (MCMP Architects, Peterson)
For the site, Peterson is proposing a 29-storey West Tower at the corner of SE Marine Drive and Poplar Street, and a 34-storey East Tower at the corner of SE Marine Drive and Fraser Street that would reach a maximum height of 391 ft. The project has a total proposed density of 9.2 FSR.
The residential component consists of 652 rental units, split between 499 market rental units and 153 below-market rental units — approximately 23% of the units. The 652 units have an overall suite mix of 45 “micro-studios,” 206 studio units, 162 one-bedroom units, 171 two-bedroom units, and 68 three-bedroom units.
The 29-storey West Tower would house the 153 below-market rental units — in the building podium that extends along SE Marine Drive — plus 180 market rental units above, while the 34-storey East Tower would house 319 market rental units and have a podium that extends along Fraser Street. The towers will not be physically connected.
The proposal also includes 18,640 sq. ft of retail space and 3,086 sq. ft of space for a 37-space childcare facility that would be located on the roof of the West Tower building podium. There are no minimum parking requirements in the City of Vancouver now, but Peterson is proposing to provide 409 vehicle stalls and 1,233 bicycle stalls in a four-level underground parkade.
An overview of the 605 SE Marine Drive proposal and uses. (MCMP Architects, Peterson)
A rendering of the 605 SE Marine Drive proposal from the corner of SE Marine Drive and Fraser Street. (MCMP Architects, Peterson)
“605 SE Marine Drive is located at the nexus of two very different forms of urbanization and offers the opportunity for a type of development to negotiate this transition,” said Peterson in its rezoning application, referring to the industrial uses towards the south and the residential uses towards the north. “Mixed-use high density development along Marine Dr. negotiates this transition while supplying a high volume of much needed residential units and supporting retail activation and the renewal of Marine Dr.”
Although the site is not within the Marine Drive Station TOA under provincial legislation, Peterson says their proposal is “designed as a transit-oriented project” and says the prominent intersection of two major arterials “supports a landmark high density development.” The tallest existing building in the area is the 22-storey Fraser Commons condo complex immediately east.
The project is also subject to the City’s tenant protection policies, although the rezoning application does not address the tenant relocation plan.
Renderings of the proposal for 605 SE Marine Drive in Vancouver. (MCMP Architects, Peterson)
Peterson also states in the rezoning application that “Transforming the existing car-oriented environment into a pedestrian-focused space is a key aspect of this project” and notes that the architectural design “considers the surrounding land uses, ensuring compatibility and minimizing negative impacts” by incorporating a variety of building scales and architectural expressions.
In a note published alongside the rezoning application, the City of Vancouver stated that “This application is not consistent with Council-adopted policies.” Nonetheless, the City says they are required to process the submission and that a future report will outline whether City staff support the proposal.
Notably, the City of Vancouver says it received the rezoning application in March 2025 and the rezoning application itself is dated October 2024. It’s unclear why there was such an unusual delay between submission and the application being published, but the City is holding the Q&A period for the application from Wednesday, April 1 to Tuesday, April 14.
