Greystar is proposing to develop two muti-family rental towers on a prominent McDonald’s restaurant site in Vancouver.

The property is located near Main Street and Terminal Avenue within short walking distances of a SkyTrain station, Science World and False Creek across from downtown. Hundreds of thousands of people pass through the area daily on foot or bicycles, in vehicles or on the SkyTrain.

The McDonald’s property includes an expansive parking lot that allows for a large redevelopment.

Greystar has filed a development application with the city that calls for towers that will stand 22 and 18 storeys while containing a total of 371 residential units. Commercial space will be constructed on the ground floor. The towers would front both Main and a high-traffic stretch of Quebec Street.

Local architecture, planning and design firm Dialog submitted the development application for Greystar, a U.S.-based global developer whose Canadian business is based in Vancouver. Pooni Group, another local company, is collaborating on the planning effort.

According to a published report, Greystar purchased the 1527 Main Street location in 2023 from McDonald’s for $80 million and leased the property back to the restaurant chain.

The existing, usually extremely busy, McDonald’s is slated to be relocated back to the site within the future ground-floor commercial space.

Rendering: City of Vancouver