Members of the Ashley Mar Housing Co-operative in South Vancouver has struck an agreement with Oxford Properties and Intracorp Homes that will double the number of co-op homes and create 542 new rental apartments.
Current residents will all be relocated during construction before moving back into the redeveloped 16-storey co-op tower, which they will continue to own and operate. The number of co-op housing units will double to 125 units after the renewal is complete.
Located at 8495 Cambie Street and 8460 Ash Street, the nearly 1.5 acre site will offer a range of bachelor, 1-bedroom, 2-bedroom, 3-bedroom and townhouse rental units. The development comprises two new 27-storey and 31-storey market rental towers, and the co-op tower. The site is close to the Canada Line Marine Drive station.
During construction, Oxford and Intracorp will assist with the relocation of the existing residents to remain in their local neighbourhood. The modern complex will feature new resident amenities, including electric vehicle charging stations and hundreds of bicycle parking stalls.
We’re excited to bring the largest co-op rental development ever to Marine and Cambie and provide much needed rental housing opportunities to this transit-oriented neighbourhood,” said Evan Allegretto, president, B.C. at Intracorp Homes, in a statement.
The project, which is Oxford’s first residential investment in Vancouver, is slated to break ground in spring 2022, with first occupancy anticipated by the end of 2024.
A number of Vancouver co-ops have voted to disband their co-op and sell the buildings to developers, according to Mark Goodman, a partner in Goodman Commercial Inc. of Vancouver. He said his company has been involved in 12 such co-op conversions in the past six years.
Among the largest was the sale of a city block in Vancouver’s Kerrisdale that had held a five-building co-op complex. Cressey Development Group paid $26.3 million for the site in September 2015. The land was then redeveloped into a mixed-use condominium development.
Members of the Ashley Mar Housing Co-operative in South Vancouver has struck an agreement with Oxford Properties and Intracorp Homes that will double the number of co-op homes and create 542 new rental apartments.
Current residents will all be relocated during construction before moving back into the redeveloped 16-storey co-op tower, which they will continue to own and operate. The number of co-op housing units will double to 125 units after the renewal is complete.
Located at 8495 Cambie Street and 8460 Ash Street, the nearly 1.5 acre site will offer a range of bachelor, 1-bedroom, 2-bedroom, 3-bedroom and townhouse rental units. The development comprises two new 27-storey and 31-storey market rental towers, and the co-op tower. The site is close to the Canada Line Marine Drive station.
During construction, Oxford and Intracorp will assist with the relocation of the existing residents to remain in their local neighbourhood. The modern complex will feature new resident amenities, including electric vehicle charging stations and hundreds of bicycle parking stalls.
We’re excited to bring the largest co-op rental development ever to Marine and Cambie and provide much needed rental housing opportunities to this transit-oriented neighbourhood,” said Evan Allegretto, president, B.C. at Intracorp Homes, in a statement.
The project, which is Oxford’s first residential investment in Vancouver, is slated to break ground in spring 2022, with first occupancy anticipated by the end of 2024.
A number of Vancouver co-ops have voted to disband their co-op and sell the buildings to developers, according to Mark Goodman, a partner in Goodman Commercial Inc. of Vancouver. He said his company has been involved in 12 such co-op conversions in the past six years.
Among the largest was the sale of a city block in Vancouver’s Kerrisdale that had held a five-building co-op complex. Cressey Development Group paid $26.3 million for the site in September 2015. The land was then redeveloped into a mixed-use condominium development.
