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Coromandel Properties is bringing the largest Rental Development to the Cambie Corridor

Coromandel Properties is bringing the largest Rental Development to the Cambie Corridor

  • Community
  • Real Estate
  • Rental
July 30, 2019

Project Overview

Coromandel Properties is bringing the largest Rental Development to the Cambie Corridor: The 100% rental with commercial space at grade redevelopment is in open house consultation stage comprised of Two Sites. The West Site is a full block, 357-475 West 41st Avenue. The East Site consists of 325-343 W 41st Avenue. In total, the development will create approximately 427 rental units. Both sites were assembled by Covalent Advisory Group. It is one of the prized sites at the heart of the Cambie Corridor Plan.

West Site

  • 22-storey, 14-storey tower, and 6-storey podium with an FSR of 6.1
  • Total Floor Area 310,000 Sqft
  • 344 rental units (153 one-bedroom and 122 two-bedroom units)
  • 64 studio units
  • 78-hotel unit potential
  • 16,000 Sqft of retail and restaurant space
  • 375 vehicle and 661 biking parking stalls

East Site

  • 10-storey with an FSR of 5.3
  • Total Floor Area 68,000 Sqft
  • 83 rental units (54 one-bedroom and 29-two bedroom)
  • 43 vehicle and 161 bike parking stalls


Potential change in density according to contemporary situation

According to the early stages of Cambie Corridor Plan, the site only allowed 6 storey mid-rise development. As the housing crisis persists, we see higher development potential along the arterial road. Homeowners continue to plead for a high density of their property as the city needs more housing supply to meet existing demand. The new planned allowed up to 22-storey if the developer meets certain conditions:

  • 6-storey Commercial at grade (West Site)/choice of use at grade (East Site)
  • Above 4 storeys, upper floors are stepped back from 41st Avenue to be compatible with existing streetscape
  • Public realm feature requirement
  • Specific space and height requirement

Oakridge Town Center has amenities planned to cope with the changing density. We’re getting a new community center, library, and park. The additional bicycle lane and new B-Line will help with traffic. Covalent Advisory Group also acquired 495 W 41st for Coromandel Properties. We are excited to see what is planned for this exceptional redevelopment opportunity.

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Yoyoe Lu

Founder and managing principal
yoyoe@claridgeadvisors.com

Yoyoe is the founder and managing principal of Claridge. She was ranked one of Vancouver’s top real estate agents. Currently, Yoyoe is our strategic mind leading the team to success. Her affiliation with industry professionals put her ahead of our competitors. Yoyoe is also part of the Rotary Club of West Vancouver, Canadian Homebuilders Association, Urban Land Institute and Urban Development Institute.

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Ashley Osborn

Development Site and Investment Specialist
ashley@claridgeadvisors.com

Ashely is our lead land and investment advisor. He has been consistently featured in the annual top 100 real estate deals of British Columbia ranking. With over $15 billion worth of domestic and international real estate investments under his belt, Ashley is one of the top agents in the province. His 20 years of real estate and financial experience make him a master in negotiation and acquisition.

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Patricia Wong Chong

Investment and Leasing Specialist
patricia@claridgeadvisors.com

Patricia is our investment and retail leasing advisor. Her experience in brokerage and market research analysis has helped her comprise over $550 million in commercial real estate transactions. Patricia is responsible, detail-oriented, and professional. Her strong work ethic and positive attitude have led her to surpass all her competitors.

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Schumann Li

Land Assembly & Residential Specialist
schumann@claridgeadvisors.com

Schumann is a top-producing realtor in the Lower Mainland with more than 30 years’ experience. Over the years, Schumann hasn’t just garnered awards, but the trust of countless customers. Her clients continually refer to her outstanding professionalism, work ethic and poise.

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Wendy Kaip

Sales Associate
wendy@claridgeadvisors.com

Whether it’s decoding city policies, strategizing relocation plans, home sellers looking for a trustworthy advisor to unlock their property’s maximum potential- Wendy is here to help every step along the way.

Prior to real estate, Wendy spent over a decade in the mining industry with her attention to detail, keen negotiation skills, extensive network and strong reputation for getting the deal done, bringing endless value to her current real estate clients.

Whether you are thinking about selling to a developer, or have more questions about commercial real estate, Wendy invites you to connect, to see how she can utilize her expertise and team to help create value and maximize your real estate goals.

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Simon Chan

Managing Broker
simon@claridgeadvisors.com

Simon is the managing broker of Claridge Real Estate Advisors Inc. His expertise has helped our agents resolve many difficulties. Not only is Simon knowledgeable with real estate legislation, but he is also very detail orientated. With Simon on our team, our agents are confident to conduct businesses and will always get the support they need to ensure they’re not walking on dirty water.

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Frank Zhou

Analyst
frank@claridgeadvisors.com

As the analyst of the company, my key job is to help brokers to find marketable clients and locate feasible development sites by collecting and analyzing up-to-date market transaction data and conducting target market and property-level research. Meanwhile, I am also in charge of maintaining the company’s property database to ensure accuracy and comprehensiveness and continuously upgrading the level of knowledge by staying up to date with hot topics, and market trends, and incorporating findings into everyday work. Before joining the company, I worked for CR Group as a real estate investment manager, focusing on capital raising, equity and debt financing, acquisition and renovation. I hold 2 master’s degrees, one in Housing Management and the other in Economics.

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