GWL Realty Advisors has submitted a new rezoning application to develop two towers in Vancouver's Station Street area. The project, located at 1220 Station Street, would feature a 28-storey West Tower with 176 rental units and a 28-storey East Tower with 164 rental units.
The proposal by GWL Realty Advisors is set for 1220 Station Street in Vancouver , where they were previously planning an office project called False Creek Station.As the office market in Vancouver has softened, developers have had to adjust their projects accordingly. Where commercial uses are the only option, developers have beenThe subject site is 1220 Station Street , at the intersection with Terminal Avenue.
The two towers would be connected via a 12-storey building podium that would house 63 additional studio units, meaning the proposal is for a total of 403 rental units. Of those 403 rental units, approximately 20% will be provided as below-market rental units. Completing the podium will then be 25,935 sq. ft of office / medical lab space on the third floor, 26,000 sq. ft of retail space for a grocery store on the second floor, and 4,712 sq. ft of additional retail space on the ground floor.
"The previous owner received a development permit for an office building on the site, which is no longer viable due to market conditions for office space," the applicants added. "Based on historic absorption rates, the significant increased office capacity created as part of the new St Paul's Hospital more than satisfies over 30 years of office demand for this area of the False Creek Flats.
Vancouver Rental Towers Station Street Development GWL Realty Advisors
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