The City of Vancouver’s Approved Strategy for the 500-Block: Shaping Density Along Broadway Street’s Future

Sources: City of Vancouver, Storeys

The City of Vancouver‘s approved strategy for the 500-block, which aims to introduce significant density along the future east-west subway line of Broadway Street, has been a subject of ongoing controversy.

Approximately one-quarter of the city’s rental stock is located within the study area, raising concerns of potential displacement of tenants amidst large-scale residential redevelopment. However, the City’s 30-year plan for the area, triggered by the Mount Pleasant to Kitsilano rapid transit extension, encompasses more than just new residential density.

Significant focus is also placed on the office component, particularly around transit stations like Oak-Vancouver General Hospital and Broadway-City Hall. Here, office towers up to 32 storeys are permitted. The overarching vision of the Broadway Plan involves adding over 40,000 new jobs along the corridor, creating a secondary downtown marked by Vancouver’s signature podium-style towers offering ground-level retail.

Approved a year ago, the plan has already initiated several major projects. Vancouver Community College’s Broadway campus is in the midst of an expansive master-planned campus enhancement. Major developer Bosa Properties has submitted a development permit application for a project at 888 W. Broadway, featuring two 10-storey towers with a focus on office and hotel space, totaling 280,000 sq. ft of commercial area.

Near the future South Granville Station, Yuanheng Holdings has proposed a rezoning application for a 24-storey office tower at 1395 W. Broadway.

This project by Yuanheng Holdings is situated close to the upcoming 28-storey tower by Jameson Development Group, which raised controversy due to its height. This tower secured $164M in low-interest financing from the provincial government this year.

To the west, construction is underway for PCI Developments’ 39-storey mixed-use tower directly above the new South Granville Station. It will encompass retail, office, grocery, and rental homes.

The Broadway Plan is anticipated to become the east-west backbone of the city, akin to a linear town square. While the plan will take time to fully materialize, factors such as interest rate fluctuations, remote work preferences, and construction costs will influence its progress.

As per Tony Letvinchuk, Managing Director at Macdonald Commercial Real Estate Services, the Broadway corridor has the potential to set a precedent for the downtown proper. The central business district has experienced depopulation since the pandemic’s onset, prompting discussions about co-mingling office and residential spaces for a more vibrant urban landscape.

The Broadway corridor’s blend of commercial and residential elements, including retail and hotel spaces, challenges the conventional separation between downtown commerce and living. This aligns with the trend of living close to workplaces and amenities, reducing commute times.

The vision for Broadway represents a forward-thinking approach, wherein residential and commercial coexist harmoniously. The lessons from the Broadway Plan could have valuable implications for future development within the downtown core of Vancouver.

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