Reliance Properties is seeking to redevelop a parking lot in Vancouver’s Broadway corridor area into a 112-unit rental apartment building.

The parking lot is located at 1540 W. 10th Avenue near the major intersection of Granville Street and Broadway. Vancouver-based Reliance has filed a rezoning application with the city.

If all goes according to plan, the building will stand 21 storeys and 20% of the units will be offered at below market rental rates, while 36% of the suites will be designated as family housing.

In the application, Reliance asserted that the proposed high-density repurposing project is aligned with the city’s objectives for the area. The location also encourages high-density housing development given the site’s proximity to the future South Granville SkyTrain Station and the Broadway corridor.

Reliance owns the parking lot through a subsidiary. McFarlane Biggar is designing the proposed redevelopment project.