Oxford properties and Intracorp Homes broke ground in a ceremony today for a new multifamily development in South Vancouver that will be located at the southernmost node of the Cambie Corridor.
The development, called Ashely Mar, will consist of three towers that will house 649 rental units. The project is a mixed-use development that comprises market rental and co-op homes. One tower will be dedicated to the 125 co-op units while the other two towers will house the 524 market rental units.
According to the development's press release, two new 27-storey and 32-storey market rental towers and a 16-storey co-op tower will make up the three towers that will be distinct to the site.
“The development will replace Ashley Mar’s previous 54 homes plus add an additional 71 co-op units, for a total of 125 units delivered back to the co-op upon completion,” said the release.
The co-op members that are currently on the site will be temporarily relocated while construction is underway and will be moved back into the re-developed 16 storey tower once completed.
It is expected to be ready in summer of 2025.
“We had a great groundbreaking ceremony today, we're all casting our minds forward to the summer of 2025. When that site will be transformed into a real hub of life and activity,” said Tyler Seaman, senior vice-president, Canada at Oxford Properties Group.
The 1.5 acre site is located at 8495 Cambie Street and 8460 Ash Street and will feature bachelor, one, two and three-bedroom homes. It is steps away from the Marine Drive Skytrain station, in addition to a movie theatre, grocery store as well as shops and restaurants.
The architecture of the towers is described as “featuring a series of frames and inset panels to create a strong rhythm and bring a human scale to the lower podium,” according to Intracorp’s website.
Seaman says that the project will provide roughly 1000 rental homes which will make the site vastly more efficient and optimize space by increasing density.
“The design is meant for it to really integrate into the community, the fact that we have the skytrain running right along is a huge benefit,” he said.
Once the project is finished, Oxford Properties Group will manage the market rental homes while Ahsley Mar will manage the co-op units.
The release says that the project is meant to enhance the co-op’s sense of community, it will feature communal resident amenities like electric vehicle charging stalls and hundreds of bicycle parking spaces.
Seaman says that the project is a purpose built rental project that hopes to attract renters who are looking for a stable and long term living situation.
“It's an intentionally purpose built rental place where people can come to us and get the security of tenure. They can put down roots knowing that they're going to be living in a home that is owned and professionally managed by an institutional landlord, like Oxford, and we're in for the long term,” he said.
Ashley Mar will be unlike other rentals like a condominium or strata who are either owner occupied or have investors who rent them out, Seaman says. The hope is that this is a project that is far more enduring and will create economic and social value through real estate.