All four corner sites at the prominent intersection of Cambie Street and W 41st Avenue in Vancouver are now set for redevelopment as the last of the four was recently acquired by Vancouver-based real estate developer Polygon Homes.
The site that was recently sold is 5655 Cambie Street, the northwest corner site. The property is currently occupied by a three-storey office building known as Oakridge Place that was constructed in 1962, and a surface parking lot. The building's major tenant is TD Bank.
Earlier this month, Frances Wu and Lee Blanchard of commercial real estate brokerage Cushman & Wakefield announced that they had secured a firm deal for the property. They did not disclose the purchaser, but industry sources have confirmed to STOREYS that the purchaser was Polygon Homes.
The purchase price was not disclosed. BC Assessment values the property — in an assessment dated back to July 1, 2024 — at $49,438,200, but the sale price was likely higher than that given the prominent location and development potential. Polygon is planning a 27-storey tower with 172 strata units.
Cambie x W 41st
With the acquisition, Polygon now owns two of the four corner sites at the prominent intersection, with the other being the southeast corner site at 5740 Cambie Street. For the site — which makes up the entire block between W 41st Avenue and W 42nd Avenue and is legally known as 485 W 42nd Avenue — Polygon is currently constructing a two-tower project that has been named Claridge House. The tallest of the two towers is also 27 storeys.
The northeast corner site at 495 W 41st Avenue (legally known as 5670 Cambie Street) is owned by PCI Developments and TD Greystone Asset Management. For the site, the partners are currently constructing a 15-storey mixed-use building with 99 market rental units atop a three-storey commercial podium that will be anchored by TD Bank. The building is currently under construction and completion is expected later this year.
Last, but certainly not least, is the southwest corner site at 650 W 41st Avenue, which is home to the Oakridge Centre shopping mall that is currently being redeveloped into a 28-acre mixed-use hub called Oakridge Park by QuadReal Property Group (the real estate investment arm of the British Columbia Investment Management Corporation) and Westbank. Construction has been ongoing for several years, with some of the residential towers and retail space scheduled to be completed this year.
Zooming out a little bit, another notable site is 5812 and 5888 Cambie Street, two parcels that make up the entire block between W 42nd Avenue and W 43rd Avenue, immediately south of the Claridge House site. This site was formerly owned by Vivagrand Developments (later rebranded as Align Properties), but became the subject of a foreclosure proceeding that ended with the site being sold for $53 million to Northchild Group last year. A 33-storey residential tower and 12-storey office tower were previously proposed for the site, but it's unclear whether or not Northchild intends to proceed with that proposal.
That sale was brokered by Simon Lim, James Lang, and Jessica Hathaway of Colliers, who also listed the large site at 5555 Cambie Street in January. The large site is the property immediately north of Polygon's newly acquired site and is currently occupied by a BC Liquor Store and its surface parking lot. BC Assessment values the property at $66,713,600 and the site is large enough to accommodate two towers.
