Fastmark Development has purchased one of the first high-density multi-residential development sites falling under the City of Vancouver’s Broadway Plan.

Vancouver-based Fastmark purchased the 20,000-square-foot site spanning 523 to 549 East 10th Avenue from a group of sellers, Avison Young announced.

“[The sellers] were all private individual owners which comprised five properties total,” Michael Buchan, a Vancouver-based principal of Avison Young who represented the sellers, told Connect.

The 30-year Broadway Plan has already begun to create sweeping commercial real estate changes as the SkyTrain rapid-transit system is being expanded through a subway line along Broadway to the University of British Columbia. The expansion includes two new SkyTrain stations within the Mount Pleasant neighbourhood in which the development site is located.

Fastmark has filed a rezoning application with the city to change the site to a comprehensive development district from a residential one. Plans call for the construction of 175 secured market rental units with 20% of the floor area reserved for below-market rental suites.