Another major Safeway grocery store location in Metro Vancouver is being eyed for a new mixed-use building development.
There was recently a change of ownership for the Safeway at 2315 West 4th Avenue, which is located at the northwest corner of the intersection of Vine Street and West 4th Avenue in Vancouver’s Kitsilano neighbourhood.
Since it was built in 1968, the grocery store has served as a major anchor business for the West 4th Avenue retail district.
A spokesperson for local developer PCI Developments confirmed to Daily Hive Urbanized that the firm has acquired the property as part of its continuing joint partnership with LowTide Properties in pursuing new development opportunities.
As the planning process for the redevelopment is still in the early stages, they have indicated that there are limited details to share at this time.
However, they have noted that they will proceed directly to the development permit application step — indicating that the proposed project’s uses and size will align with existing zoning and will not require a rezoning application — and that the new building development will include a replacement Safeway as part of its mix of uses.
The grocery store property spans almost the entirety of the city block’s land area — about 2.2 acres, with the vast majority of the property used as surface vehicle parking. The grocery store building itself has a floor area of over 27,000 sq ft.
Records show the two properties that form the Safeway property changed hands on June 11, 2024 in a combined deal worth $90 million.
Safeway at 2315 West 4th Avenue, Vancouver. (Google Maps)
Safeway at 2315 West 4th Avenue, Vancouver. (Google Maps)
As of July 2023, according to BC Assessment, the property’s assessed value was $87.2 million, with $87.13 million coming from the land and $65,300 coming from the structure. This was down substantially from $116.2 million in July 2022, with $116.23 million coming from the land and $60,000 coming from the structure. At its peak, in both assessment years of 2018 and 2019, it was worth $126.9 million, following an upward climb since its 2014 assessment of $50.3 million.
This property is not under the City of Vancouver’s Broadway Plan, as it falls just west of Vine Street, which is the westernmost boundary line of the area plan.
For the area of the West 4th Avenue retail strip that is within the Broadway Plan (east of Safeway), such as the Whole Foods Market building across the street, the area plan limits the potential new developments to low-rise heights to maintain the retail district’s village-like character.
“Rezoning applications will generally not be considered in this area under the Broadway Plan. All development should conform with the C-2B zoning district and any associated design guidelines,” reads the Broadway Plan for sub-area KW4A, which is the continuous stretch of West 4th Avenue between Vine Street and Burrard Street.
PCI Developments and LowTide Properties are also collaborating on a major mixed-use developments with rental housing next to SkyTrain’s VCC-Clark Station (with a grocery store) and the future Great Northern Way-Emily Carr Station.
As well, PCI Developments is also pursuing a number of transit-oriented development projects along Broadway, such as the under-construction 39-storey mixed-use rental housing tower (with Loblaws City Market) fully integrated with SkyTrain’s future South Granville Station at 1477 West Broadway and a proposed 25-storey rental housing tower at 1434-1456 West Broadway next to South Granville Station.
Last week, PCI Developments’ rezoning application to build a 30-storey mixed-use rental housing tower at 2096 West Broadway, next to SkyTrain’s future Arbutus Station, was approved by Vancouver City Council. It is a 50/50 partnership with TransLink, with this particular project being the public transit authority’s very first for-profit real estate building development.
Other prominent projects by PCI Developments include the low-rise Crossroads building (with Whole Foods Market and London Drugs) next to Broadway-City Hall SkyTrain Station and the Marine Gateway complex (with T&T Supermarket, Cineplex, and Winners) next to Marine Drive SkyTrain Station.
In partnership with Westbank, Crombie REIT is proposing to redevelop the Safeway next to Commercial-Broadway SkyTrain Station, with the latest application revision indicating there will be three towers up to 43 storeys with over 1,000 rental homes and a new replacement Safeway.
BentallGreenOak is also looking to turn the site of the former Safeway at 4545 West 10th Avenue in West Point Grey into a mixed-use development of up to 19 storeys with 569 rental homes and a new 37,000 sq ft replacement and expanded grocery store.
In Summer 2025, Fresh St. Market will open a 20,000 sq ft location within the new Kitsilano Block mixed-use building at the northwest corner of the intersection of West 4th Avenue and Macdonald Street — just four blocks west of PCI Developments and LowTide Properties’ newly acquired Safeway property.