The first multi-family development under the City of Vancouver’s new RM-9 zoning has begun marketing in Marpole.
Developer Marcon bought the Yukon Street land assembly of six single-family lots in October of last year for $12.6 million and launched the 73-unit low-rise Park&Metro on the 34,600-square-foot site last month.
Under the RM-9 zoning, a floor-space-ratio of 2 is allowed, which equates to a buildable square foot cost of $182 for this project, or about $100 less than the average on Vancouver’s west side. The city also charges $24.25 per square foot in community amenity contributions under RM-9 zoning.
It’s the first low-density development of its kind in Vancouver built off a major street in more than 30 years.
Marcon’s two-building development will densify the area but not in typical, Vancouver high-rise fashion. One building will be modern; one will be heritage to make it look like two small, boutique buildings and not one big development. Both will be four storeys. There are street entrances for all row-house style suites.
“It’s a natural evolution from laneway homes, and townhouses and a positive way to handle growth and curb issues of affordability,” said Marcon’s development manager, Nic Paolella. He called it “gentle density without urban intensity.”
Park&Metro is the first project to be built under the city’s new RM-9 zoning for Marpole that was put into place after the extension of rapid transit into Vancouver’s west side.
Park&Metro will feature courtyard entry gates for ground floor homes, with floor plans from 570-square-foot one bedrooms to 1,300-square-foot three bedrooms. The homes are two blocks from the Marine Drive Canada Line station at the south end of Cambie Street. Prices start in the mid-$300,000 range.