The City of Vancouver has received two separate rezoning applications that propose to build a total of 523 hotel rooms in mixed-use projects planned for Marpole and downtown.

BDK Development Corp. is behind the 30-storey building at 8555 Cambie St. while Reliance Properties Ltd. and real estate investment management firm Hines have applied to build a 49-storey tower at 1166 West Pender St.

BDK’s proposal replaces a two-storey commercial building in the Marine Landing area with a tower that will accommodate 25 storeys of hotel space with 324 rooms, industrial space for a bakery, a restaurant on the 30th floor and retail shops.

“We believe that the addition of hotel, employment and industrial spaces this project delivers, as well as the photovoltaic panel designs and ground-floor public realm enhancements support livability, health and sustainability in Marine Landing,” BDK said in its application booklet.

BDK says photovoltaic panels would enable the production of renewable energy for the building, while the panels are strategically angled to provide occupants with shade in the summer and light penetration in the winter.

'Hotel space outside of downtown Vancouver'

The site is located between Southwest Marine Drive and Kent Avenue, 180 metres from the Marine Drive Canada Line station, the first stop into Vancouver from Vancouver International Airport.

“The proposal responds to the growing demand for visitor accommodation and council’s directive to increase hotel space outside of downtown Vancouver,” said BDK. The company is working with Sea to Sky Architecture and RR Planning Ltd. on the project.

The nearest accommodations to the site are an older hotel to the west at Oak and Southwest Marine Drive, as well as two short-term rentals several blocks to the north and east.

“Given the site's unique gateway location, amenity draw and growing population, the additional hotel space would benefit the community with more available jobs and more visitors to support local businesses,” BDK said.

Since the opening of the Canada Line in 2009, the area has been transforming into an urban community with a growing mix of housing, jobs and services. The change has increased traffic volumes.

The site is located to the south of several mixed-use tower sites that range from 13 to 35 storeys, with the tallest buildings adjacent to Marine Drive station.

'Market conditions' scrap original proposal

Meanwhile, the hotel proposal for 1166 West Pender St. includes 199 hotel rooms on the first 11 levels of the tower. Another 33 levels would be dedicated to 340 strata residential units, according to the Reliance-Hines application booklet.

The original scheme for the wedge-shaped site in the central business district, which received rezoning approval in 2019, was a 32-storey office tower with more than 350,000 square feet of office space.

It would have replaced a 15-storey building.

“Due to market conditions, the project is unable to proceed as previously proposed,” the developers’ application booklet said.

“The new design features a more slender tower form, greater setbacks and a smaller tower plate compared to the original office building, better integrating into the surrounding urban context while increasing the total height [to 530 feet] and program mix.”

Several new projects have recently been built in the neighbourhood.

Directly across the lane south of the proposed site is The Stack, a 33-storey, 531.5-foot office building. Further to the south is the Paradox Hotel, a 63-storey tower at 1161 West Georgia St.

Down the street to the east on 1090 West Pender St. is another recently constructed 31-storey office building. The 13-storey Loden Hotel and the 20-storey Coast Coal Harbour hotel are in the neighbourhood.

“The proposed 1166 West Pender project addresses critical gaps in Vancouver’s housing and hotel sectors while supporting long-time economic growth and aligning with city policies aimed at addressing housing needs and improving the local tourism economy,” Reliance-Hines said.

The public feedback window for people to weigh in on the project runs from Nov. 18 to Dec. 1. The question-and-answer period for the 8555 Cambie St. proposal opens Nov. 4 and runs until Nov. 17.

Participation can occur by accessing the City of Vancouver’s “Shape Your City” section of the website.

mhowell@lodestarmedia.ca

X/@Howellings

Strong interest following the listing of Tsawwassen Corner Shopping Centre at 1215 56th St., Delta, last fall has culminated with the property’s sale to a foreign investor.

The transaction closed on July 8, with a final sale price of $18.2 million. This was slightly below the 2025 assessed value of $19 million.

However, lead listing agent Andrew Gormley of Marcus & Millichap’s Western Canada NNN Group said demand was strong, with the open-air mall garnering 86 signed confidentiality agreements from prospective buyers and seven letters of intent during the marketing campaign. The successful offer was unconditional, underscoring the buyer’s confidence in the asset.

Maddie Chen of Re/Max Crest Realty represented the buyer, while Gormley together with Jon Buckley, Joe Genest, Curtis Leonhardt and Armaan Sohi represented the seller.

Built in 1967 on just under two acres, the mall totals 28,010 square feet. It traded at $650 per rentable square foot and a 4.7 per cent cap rate on in-place net operating income.

“The sales price reflects strong pricing in today's market, particularly given the asset carries approximately $1.3 million in deferred capital maintenance recommended over the next decade,” Gormley said. “Multiple private and institutional bidders drove competitive pricing, confirming significant investor demand for well-located, nationally tenanted open-air retail centres in the Greater Vancouver area.”

Tsawwassen Corner's anchor tenant, Shoppers Drug Mart, has 30 years of renewal options remaining, providing long-term income stability while near-term value creation is supported by TopCut Barber’s departure on Sept. 1 that will see a new tenant secured at current market rates.

Contractual escalations across the tenant roster, including upcoming renewal opportunities for Shoppers Drug Mart, Vancity, and Liquor Quicker, support long-term value creation.

Paul Richter, director of market analytics with CoStar, noted that the asset's steady cash flow was particularly appealing, though its valuation has dropped steadily since July 1, 2024, when BC Assessment valued the mall at $20.2 million.

"The property traded for roughly 10% below its peak assessed value," Richter said. "This is another sign that investors are placing greater value on cash flow and less value on speculative redevelopment upside. The market is becoming increasingly income-driven, which is leading to a reset in pricing for many redevelopment-oriented assets."

The transaction represented the largest retail centre sale in Delta since 2022, when Trenant Park Square – a much larger property, at 131,000 square feet – sold for $75 million.