Concert Real Estate Corporation has bought a 50% stake in Langara Gardens, a 20.8-acre mixed-use property on Vancouver’s Cambie Street, from the Peterson Group. Peterson, currently the sole owners, will enter into the 50-50 partnership with Concert, a major Vancouver residential developer.
Located at the intersection of Cambie Street and West 57th Avenue, Langara Gardens encompasses rental housing, retail and community amenities – including a fitness facility, four swimming pools and library – and is touted as one of the most sought-after residential sites in Vancouver. Four 18-storey residential rental highrises with 335 suites and retail at grade occupy the southeast quadrant, while the remainder of the site comprises garden apartments and townhomes totalling 270 suites.
Citing confidentially agreements, neither party would disclose what Concert paid for the property.
In June of 2013, Vancouver council voted to initiate a planning program with an eye to higher density on the Langara site.
