Two notable projects by Vancouver-based real estate developer Strand Development are making their way through the development process this week, including one in Vancouver and one in Coquitlam.
The two projects are at different stages, with one now reverting back to the planning stage and the other nearing the end of the approval process.
Three Sixty
In Vancouver, Strand Development has submitted a revised rezoning application for 302-360 W 2nd Avenue in the Mount Pleasant neighbourhood, located less than two blocks east of the Canada Line SkyTrain's Olympic Village Station.
For the site, which has been consolidated into a single parcel that BC Assessment values at $26,717,000, Strand was planning a seven-storey commercial development with light industrial space on the first two levels and five levels of office space above, for a total floor space ratio of 6.0, according to a development application that was approved in June 2023.
Strand owns the property under 1057300 BC Ltd., which is controlled by 360 West Second GP Inc., and the project has been named Three Sixty.
Although excavation on the site has already commenced, Strand has gone back to the drawing board and has now returned with a revised proposal for the site, which was published by the City of Vancouver on Friday. (The seven-storey proposal was itself a revision of a previous four-storey proposal.)
For the site, Strand is now proposing a 19-storey tower with industrial space on the first three levels, office space on the fourth level, and rental housing above. This new proposal has a proposed density of 11.81 FSR.
360 W 2nd Avenue and the 400-m radius around Olympic Village Station. / Yamamoto Architecture, Strand Development
A drawing of the revised proposal for 360 W 2nd Avenue in Vancouver. / Yamamoto Architecture, Strand Development
According to the new rezoning application, the project would provide a total of 39,179 sq. ft of industrial space and 16,424 sq. ft of office space (inclusive of circulation space), plus 203 market rental units consisting of 75 studio units, 35 one-bedroom units, 63 two-bedroom units, and 30 three-bedroom units.
In the new application, Strand makes minimal reference to their previous proposal and why they want to change the plan for the site, but repeatedly noted the site's proximity to Olympic Village Station, seemingly alluding to the Province's transit-oriented development legislation, which sets minimum heights and densities for sites based on their proximity to transit hubs. The legislation did not exist when Strand made their previous proposal.
Under the legislation, residential developments that reach those minimums cannot be rejected by local governments on the basis of their height or density. However, Strand's proposal has other hurdles it needs to clear, as the City notes that the 19-storey proposal "is not consistent with Council-adopted rezoning policies" and would also require amendments to both the City's Official Development Plan and Metro Vancouver's Regional Growth Strategy.
If approved, however, Three Sixty would become one of the rare projects that includes industrial, office, and residential in one building. The first example of such a tri-mix building in Vancouver was Archetype, which is currently under construction at 220 E 1st Avenue and is being developed by QuadReal Property Group and Hungerford Properties.
Kora + The Reagan
More straight-forward is Strand's project in Coquitlam that's set for an eight-lot land assembly near the Millennium Line SkyTrain's Burquitlam Station in Coquitlam.
The property consists of 589 Westley Avenue, 593 Westley Avenue, 648 Gardena Drive, 650 Gardena Drive, 584 Kemsley Avenue, 588 Kemsley Avenue, 592 Kemsley Avenue, and 596 Kemsley Avenue, which BC Assessment values as a total of $21,722,000. The properties are owned under Oakdale Kemsley Nominee and controlled by Oakdale Limited Partnership.
For the site, Strand Development is planning a 35-storey strata tower with 321 units called Kora and an adjacent six-storey rental building with 117 market rental units and 17 below-market rental units called The Reagan.
Alina, Komo, and Kora near Burquitlam Station in Coquitlam. / Strand Development
The proposal was considered by Council last year, has gone through a public hearing already, and is currently at the stage where the housing agreement has to be signed, which Council is set to approve tonight.
According to a council report, Strand has secured BC Housing as the operator of the below-market rental units. In a letter of intent dated June 2023, BC Housing said it would be using what they call the "Coquitlam Model" where they lease the below-market rental units from the developer for 60 years and operate those units at rates 25% below-market rates.
For Strand, this is the third project they have near Burquitlam Station, with the others being Alina at 626 Claremont Street and Komo at 633 Claremont Street, both of which also include separate six-storey rental buildings — The Layla and The Harper, respectively. The site for Kora and The Reagan is also directly adjacent to a big four-building project by Rize Alliance.
After the housing agreement is approved by Council tonight, City staff will then work towards adopting the rezoning agreement and issuing a development permit.
