The City of Vancouver has unveiled plans for a massive new multi-family market-rental residential project at the prominent intersection of Main Street and Terminal Avenue.

The project was known to be coming, but now specific plans have been unveiled for the city-owned property that currently serves as a surface parking lot.

The city’s Vancouver Housing Development Office recently submitted a development application for the proposed project across from the Main Street-Science World SkyTrain station. The project is part of the city’s entry into for-profit rental-housing development.

If all goes according to plan the project will feature 780 market-rental units in two residential towers. Some affordable-housing units will be included in the suite mix.

“The proposed development at Main and Terminal is a high-density, mixed-use residential project designed to activate the streetscape and contribute to a growing, transit-oriented neighbourhood,” states the development application.

All units within the development will be city-owned market rental homes, aligning with a newly approved policy approved that allows municipally owned properties to be repurposed for housing.

It is the second of up to five city-owned sites slated for redevelopment under the policy introduced by Mayor Ken Sim, with revenues to be put towards infrastructure, public amenities and affordable-housing initiatives, including co-op and affordable-housing. The city previously announced the revenue-related goal and noted it in the development application.

The city is also proposing to two develop two market-rental residential mixed-use towers downtown near Pacific Boulevard and Hornby Street.

The proposed design for the Main and Terminal project includes a six-storey podium featuring retail space at street level, topped by two residential towers standing 25 and 42 storeys. The project will also incorporate a courtyard and urban agriculture space atop the podium, aiming to enhance community engagement and sustainability, according to the application.

Public consultation on the project is now underway with the city offering public feedback online.

The proposed project is part of burgeoning transit-oriented rental-housing development activity in the Main and Terminal area.

Greystar is proposing to redevelop a standalone McDonald’s restaurant on a large site immediately south of the city’s proposed redevelopment effort. The Greystar project is slated to include two new multi-family towers, a new McDonald’s and additional ground-floor retail spaces.

Meanwhile, GWL Realty Advisors is seeking to develop two mixed-use towers designed to include 400 homes. GWLRA’s proposed project sits just north of Main and Terminal at 1296 Station Street.

Pictured: Two proposed market-rental residential towers on city-owned land at Main Street and Terminal Avenue in Vancouver.

Rendering: City of Vancouver

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