Below Market Lease Marpole Terrace Co-op
Motion 25 · Council Meeting, July 14, 2026
Summary
- Council authorized a long-term below-market ground lease with Marpole Terrace Housing Co-operative for the City-owned property at 8695 Southwest Marine Drive, replacing an expiring 41-year lease that began in 1985.
- The new lease runs to September 30, 2066, with an option for the co-op to extend for a further 20 years, subject to meeting specified conditions.
- Rent is calculated based on co-op members' incomes rather than market land values, consistent with the City's Co-operative Housing Lease Renewal Methodology approved by Council in 2021.
- Of the co-op's 39 units, 15 (38%) are Rent Geared to Income (RGI) units serving households with average incomes around $34,400, well above the required minimum of 15% RGI units.
- A 10-year transition grant of approximately $1.07 million will be provided to ease the impact of land rent on the co-op's budget, starting at a 95% subsidy in year one and declining to 10% by year ten; the grant is entirely allocated to non-RGI units.
- Because the lease is below market, the recommendation required at least eight affirmative votes from Council under the Vancouver Charter; the co-op board formally endorsed the key lease terms on June 18, 2026.
Vote
Transcript
1 segments
get this wrong here okay uh so the following has uh or have been approved on consent uh communication number two uh reappointment of vancouver city of vancouver representative to ubcm executive board report number six below market lease and grant to marple terrorist co-op at 8695 southwest marine drive Report number eight, Vancouver Heritage Foundation VHF Heritage Conservation Grants Program, annual report 2025 through to 2026 and grant release for 2026. Report number 10, consultation for rezoning applications to amend the Vancouver official development plan.
Report number 14 revision of approval in principle CD-1 rezoning 282 West 49th Avenue. Report number 15, revision of approval in principle, CD-1 rezoning 8080 Yukon Street. Report number 16, CD-1 rezoning 6212 through 6218 Ash Street. Report number 17, CD-1 amendment, CD-1499 East Fraserlands, Area 2 South, 3202 through 3270 Riverwalk Avenue, Parcel 11. Then we go to report number 21, CD-1 rezoning 466 through 476 West 27th Avenue. Report number 22, CD-1 rezoning 365 through 395 West Broadway. Report number 23, CD-1 rezoning 1088 West 12th Avenue. Report number 24, CD-1 rezoning 1618 through 1680 East Hastings Street. And then report number 28, CD-1 Then we go to Referral Report Number 2, CD-1708, Text Amendment 2538-2550, Birch Street and 1293-1298, West Broadway. Referral Report Number 4, Vancouver ODP Amendment and CD-1 Rezoning 2516, Commercial Drive and 1704, East Broadway. And then Referral Report Number 5, Vancouver ODP Amendment and CD-1 rezoning 6525 through 6577 Oak Street. Does that? Yes. Awesome. Great. Okay. So the first item of business is communication number one. Oh.
Okay.
Sorry. Two seconds.