A rendering of the proposed Oakridge Transit Centre redevelopment, designed by Vancouver architect James Cheng and to be led by Grosvenor. (Courtesy Grosvenor)

Grosvenor has acquired the 14-acre former Oakridge Transit Centre (OTC) in Vancouver, where it will become the lead developer of a major mixed-use project designed to deliver 17 buildings and 1,630 new residential units.

The Wednesday morning announcement states that MOMC (Modern Green Canada) will remain as an equity partner in the development, but Grosvenor will lead all aspects of the project. MOMC acquired the site in 2016 and was involved in shepherding the redevelopment through the city’s approvals process.

Transca will also be a partner.

Financial details were not immediately released by Grosvenor, but published reports at the time said the site sold for $440 million in 2016.

“This is a unique opportunity to acquire and develop a rarely available development site, one of the most significant in Vancouver,” said Michael Ward, senior vice-president and general manager at Grosvenor’s Vancouver office, in the release.

“The acquisition allows Grosvenor to utilize our expertise in building exceptional communities and bring a significant amount of new housing, both market and non-market, new retail, community amenities and public realm benefits to the Oakridge neighbourhood.

“We look forward to building an integrated, sustainable and high-quality community at this prime Vancouver location.”

Oakridge Transit Centre property

The Oakridge Transit Centre is one of the largest undeveloped sites in Vancouver. The proposal would result in construction of 1.5 million square feet of space at the 41st Avenue property, which is near the intersection of Oak Street.

The planned development is mainly residential, with the buildings ranging from four to 26 storeys.

The project includes strata, market rental, affordable rental and social housing. Over 20 per cent of the homes are designated as affordable housing.

Other components of the James Cheng-designed community include a new childcare facility, a two-acre public park and improvements to local pedestrian and cycling infrastructure.

More than 40 per cent of the site is set aside as publicly accessible spaces, including the parkland, trails and shops which parallel Oak Street.

The site will feature 24,000 square feet of retail.

The development was approved by Vancouver city council in 2020.

“This is an incredible site at the heart of Vancouver that will become a serene, walkable, self-sustaining community with significant green space,” Cheng said in the announcement.

“This project is all about connecting to nature, with greenways, green roofs and a major publicly accessible park – all designed for a sustainable, walkable lifestyle in a safe, central location that is close to everything.”

Cheng is the Vancouver-based architect behind such projects as the award-winning Grosvenor Ambleside and many Vancouver communities and towers, as well as other well-known developments around the world.

Multi-phased construction schedule

The project is designed to be constructed in several phases over about a 10-year period. Grosvenor is moving ahead immediately to acquire development permits and hopes to begin construction in 2025.

Grosvenor says the project will meet its internal net-zero carbon commitments as well as seeking LEED Gold certification.

It will also be aligned with Vancouver’s recent changes to construction bylaws, reducing the use of fossil fuels and requiring cooling and air filtration for all buildings, as well as incorporating and advancing other sustainability objectives.

The firm will explore strategies such as green roofs, infiltration and planting zones and rain gardens to manage rainwater, and enhanced biodiversity.

This is the second major mixed-use development announced this year by Grosvenor. This spring, the company unveiled its master plan for a 7.9-acre, pedestrian-focused development in Burnaby with over 3,500 homes.

This is in addition to the company’s completed projects including Grosvenor Ambleside, Connaught, The Pacific and Polaris.

“We’re excited to be working with James Cheng again, as well as with the City of Vancouver, and to be able to leverage our international and local expertise to move this exceptional project forward and to leave this legacy for the city,” said James Patillo, chief development officer with Grosvenor, in the announcement.

“Developing OTC is proof of Grosvenor’s continued and growing commitment to being active in Vancouver’s dynamic real estate market and to our unique best-in-class development strategy, led by the same development team that has successfully launched all our other local projects over the past nine years.”