Grosvenor will be pursuing Phase 1 development of its master-planned Vancouver project Brentwood Block in a joint venture with an unnamed Canadian pension fund and B.C.-based investment firm Westerkirk Capital Inc. 

“The joint venture formation at Brentwood Block is especially remarkable as it signals the start of one of our largest contributions to the North American housing market to date, delivering needed housing in supply-constrained Metro Vancouver,” Jamie Delmotte, chief co-investment officer for Grosvenor’s North American property business, said in an announcement.

The first phase of Brentwood Block will be made up of 1,730 units, of which 1,279 will be rental housing and 204 below market rate. A multi-storey community centre and 200,000 square feet of commercial space are also planned for the $1.5-billion development stage.

“With current market conditions, these kinds of capital market partnerships are necessary for successful development today, and we will likely be seeing an increasing number of joint ventures such as this one in the years to come,” Delmotte said.

Grosvenor is a London, England-headquartered owner and developer that has operated in the Lower Mainland of B.C. for over 70 years. It has a $6.5-billion pipeline of projects in North America, according to a release.

Westerkirk is a private investment firm with an office in Victoria, B.C.

Plans for Brentwood Block

Set on 7.9 acres of land, Brentwood Block is designed to hold six towers and approximately 3,500 condo and rental units.

A highlight of the development is an all-rental tower expected to be the tallest of its kind in Western Canada at over 60 storeys.

Other features include 50,000 square feet of green space, a 44,000-square-foot grocery store and retail stores next to the Brentwood SkyTrain Station. It is intended as a pedestrian-only development.

Grosvenor is prioritizing sustainability by electrifying all of the in-suite appliances, space heating and cooling systems; installing LED lighting and smart thermostats; and using an efficient envelope design, low-carbon systems and renewable energy, all aimed at achieving the company’s net-zero operational carbon goal.

Pre-sales of the condo units started in September, with construction to begin in early 2025. Completion is scheduled for 2030.

Grosvenor’s other projects

The nearly 350-year-old company is behind Ambleside, The RISE, Connaught and The Pacific, all in Vancouver.

Ground was broken on the 68-unit townhome Whitford development in Vancouver’s Shaughnessy neighbourhood in September.

Brentwood Block’s neighbouring Mayfair West site, a 14-acre project, is also in development. Mayfair West is planned as a 1.5-million-square foot mixed-use community with over 1,600 housing units, a community park, retail and a child-care facility.

RENX will update this story with more information as it becomes available.