Intracorp Homes and Oxford Properties Partner on South Vancouver Rental Apartment Development at Ashley Mar Site
Posted on 12/05/2021
Joe Houssian founded Intracorp Homes in 1976. In 1994, Houssian acquired the urban development business from Intrawest to create Intracorp Developments. Oxford Properties entered into a joint venture with Intracorp Homes to develop 649 rental apartments at the site of the Ashley Mar Housing Co-operative in South Vancouver. The plan by Intracorp Homes calls for the demolition of the co-op’s existing 54-unit townhome complex at Ash Street and SW Marine Drive. Upon completion, Oxford, alongside Intracorp, will deliver 125 homes to the Ashley Mar Housing Co-operative, more than doubling the currently available homes on site as part of one of Canada’s largest co-op housing renewal projects. Current residents will all be relocated during construction before moving back into the redeveloped co-op tower, which they will continue to own and operate.
Located steps from the Canada Line at 8495 Cambie Street and 8460 Ash Street, the nearly 1.5 acre site will offer a range of bachelor, 1-bedroom, 2-bedroom, 3-bedroom and townhome layouts to accommodate a wide array of renters including families. The development comprises two new 27-storey and 31-storey market rental towers, and a 16-storey co-op tower. Situated within the Marpole-South Cambie transit corridor, residents will be steps from the Marine Drive Skytrain Station, featuring a movie theatre, grocery store, shops and restaurants, and with Downtown Vancouver reachable within 20 minutes.
Oxford Properties is targeting a significant pipeline of opportunities in Vancouver as a core, long-term market, primarily through new development projects to deliver much needed supply of professionally managed rental product.
Keywords: OMERS Corporation, Ontario Municipal Employees Retirement System.