GWL Realty Advisors Acquires Second Site on Robson Street for Mixed-Use Rental Development

The acquisition will provide the opportunity to potentially add much needed purpose-built residential rental units and retail space to Vancouver’s vibrant West End neighbourhood.

GWL Realty Advisors (GWLRA) is pleased to announce the purchase of 1555 Robson Street, a development site that is located next to 1525 Robson Street, another development site recently purchased by the same investor client. The collective site encompasses 0.77 acres and has a right of zoning to accommodate about 400 units of purpose-built rental housing, together with more than 40,000 square feet of retail density.

"We are excited about the opportunity to combine 1555 Robson with our client's neighbouring ownership position,” said Steven Marino, Executive Vice President, Portfolio Management, GWLRA. “The combined site represents a rare, scaled opportunity in one of Canada and North America's most attractive and dynamic markets.”

The land acquisition is in the heart of Vancouver's West End, a lively and diverse neighbourhood with many amenities and attractions. Robson Street is a famous shopping and dining destination that connects the West End, with its parks, beaches and businesses, to the downtown core.

"We are excited about this site as it represents a very significant development opportunity in one of the best locations in the city," said Geoff Heu, Vice President, Development, Western Canada, GWLRA. "This will allow us to make a positive change to the neighbourhood in an impactful manner, which will be great for the city and for our stakeholders. We would like to thank the City of Vancouver for its continued support for our local projects."

GWLRA and its investor clients are expanding their presence in the Vancouver rental market. In 2022, the company developed a 128-unit rental building, Chronicle. In 2023, another new development was introduced, a 159-unit building, The Bowline in North Vancouver.

The acquisition of 1555 Robson Street is consistent with GWLRA's strategy to help address the housing supply issues faced in Canada, and specifically in Vancouver where the vacancy rate is among the lowest in the country. GWLRA is a leading developer and manager of purpose-built rental properties across Canada, with over 7,000 units under management or in various stages of development.

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