Nicola Wealth Revises 10-Storey Cambie Office Project To 30-Storey Rental

Nicola Wealth Real Estate has significantly revised its development plans for 2219–2285 Cambie Street in Vancouver. Originally proposed as a 10-storey office building, the new plan envisions a 30-storey mixed-use tower featuring rental housing, office space, and retail units. This change aligns with the city's Broadway Plan, which encourages higher-density, transit-oriented developments.

The updated proposal includes 212 rental units, with 20% designated as below-market housing. The residential units are distributed as follows: 21 studios, 116 one-bedroom, 54 two-bedroom, and 21 three-bedroom apartments. The building will also feature a five-storey podium comprising 3,985 square feet of ground-floor retail space and 52,563 square feet of office space above. Additionally, plans call for 134 vehicle parking stalls and 442 bicycle parking stalls in a five-level underground parkade.

Nicola Wealth acquired the site in 2020 for approximately $32 million. The properties are currently occupied by a two-storey retail showroom for Robinson Lighting & Bath. The revised proposal seeks to rezone the site from C-3A (Commercial) to CD-1 (Comprehensive Development) to accommodate the increased density and mixed-use nature of the project.

The development's proximity to public transit is a key feature, located half a block south of the Canada Line SkyTrain's Olympic Village Station. This aligns with Vancouver's Broadway Plan, which aims to increase housing supply and promote sustainable, transit-oriented communities.

The revised application reflects a broader trend in Vancouver's real estate market, where developers are adapting to policy changes and shifting market demands. By transitioning from a purely commercial project to a mixed-use development with a significant rental housing component, Nicola Wealth is responding to the city's need for more diverse housing options.

The proposal is currently under review by the City of Vancouver. If approved, the project will contribute to the city's goals of increasing housing availability and supporting sustainable urban growth.