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Tuesday, November 29, 2022

Intracorp reworks Victoria Drive project to 100% rental

Developer cites changing ‘market forces’

Intracorp has reworked an upcoming project on Victoria Drive near the Commercial-Broadway SkyTrain station from 50/50 rental/strata to 100 per cent rental.

The developer originally applied to rezone the site at East 11th and Victoria Drive in 2017, proposing a 10-storey building with 145 units, 50 per cent of which would be market rental, and the remaining 50 per cent as condominiums, as seen in the rendering below. It was approved by the city in 2018.

Intracorp development Victoria and East 11 Ave.
The lower heights on the west and east of the project site respond to the current context and the future developed massing. Credit: Intracorp/Perkins+Will

Three years later, Intracorp says market conditions have changed, stating in a letter to the City of Vancouver “various market forces combined to make the 11-storey, 3.6 FSR, 50/50 condo/rental proposal not financeable, thereby preventing our ability to proceed with redevelopment.”

The new rezoning application calls for a six-storey, 133 unit residential building along with a four-storey, three-unit revitalized heritage house — the “Karme Residence” — for a total of 136 units, all of which will be secured market rental.

Renderings: Intracorp Victoria Drive

View from Victoria Drive
View from Victoria Drive. Credit: Metric Architecture
View from Lane
View from laneway. Credit: Metric Architecture
Neighbourhood context
Neighbourhood context. Credit: Metric Architecture
Entry view on East 11th Avenue
Entry view on East 11th Avenue. Credit: Metric Architecture
Context of project
Context of project. Credit: Metric Architecture

There will be one level of below-grade parking with 43 spaces.

The project site consists of two legal lots, improved with eight single-family dwellings fronting East 11th Avenue and Victoria Drive. A small north-south lane currently divides the two parcels and Intracorp is in the process of purchasing the laneway from the City of Vancouver.

The exterior of the building will consist of brick veneer and cementitious panels and shingles, designed by Metric Architecture.

The application is being considered under the Grandview Woodland Community Plan.

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Peter Meiszner
Peter Meiszner
Peter Meiszner is an experienced journalist and media relations professional, based in Vancouver. As founder of urbanYVR.com, he has been reporting on urban development across the Lower Mainland since 2016, and has also served as vice-chair of the Gastown Historic Area Planning Committee. In October 2022, he was elected to Vancouver city council and is no longer actively reporting for urbanYVR.

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