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.
The 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