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Development, Market Research

City Puts the Brakes on Grandview Woodland Community Plan

As we reported last week, the City decided to backtrack on proposed tower heights around Commercial and Broadway as part of the Grandview Woodland Community Plan. Now the City has responded further, by suggesting they will extend the timeline for the planning process by six months. Here is an excerpt from a motion of notice for next week’s Council meeting:

“As of July 15, 2013, 718 individuals have sent a message to Mayor and Council, noting that “the land use rezoning proposals in the ‘Emerging directions’ document and map…came as a complete surprise to the community when they were published in June 2013” and demanding at least six months more for the Grandview-Woodland Community Plan (“a reasonable period of time”) for “an open and collaborative process to discuss, debate and select preferred options with regard to these proposals.”

THEREFORE BE IT RESOLVED THAT Council direct staff to:
a. Extend the timeline for the Grandview-Woodland Community Plan by at least six months;
b. Conduct an open and collaborative process for the community to discuss, debate, and select preferred options for the Community Plan.”
July 18, 2013by david.taylor@colliers.com
Development

Development Proposal at 755-795 West 41st Ave Moves Forward

Buffalo Investment (Canada) Ltd.’s proposed rezoning of 5 single family lots at 755–795 West 41st Avenue, just West of Oakridge Mall, goes to City Council next week. The proposal is to build two six-storey residential buildings and two-storey townhouses containing a total of 74 residential units under the Cambie Corridor Plan. The rezoning would increase the density from 0.70 FSR to 2.87 FSR and the height from 35 ft. to 64 ft.

755-795 West 41st AveThe site was sold in November 2011 for $15,750,000, which equates to $160 per builable SF on achieved density (assuming it is approved at public hearing).

An interesting note from the City regarding applicable CAC’s:

“Based on an evaluation of previously approved Cambie Corridor rezonings, a target CAC rate of $55 per square foot, based on the net additional increase in floor area, has been
determined to be appropriate for this application and for future Phase 2 area residential rezonings of four- to six-storeys in height.”
Source: City of Vancouver
July 18, 2013by david.taylor@colliers.com

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