A development application has been filed for a triangular site at the Northeast corner of Fraser Street and East 17th Avenue. The site is zoned C-2 which allows for a maximum density of 2.5 FSR. Project details include:
- 4-storey building
- retail/restaurant use on the ground floor (fronting Fraser Street)
- residential units on the 2nd, 3rd and 4th storeys
- total of 30 condo units
- 29 underground parking spaces
The site does not include the small lot just to the North on Fraser. The architect notes: “Our development team has approached the owner on a number of occasions to purchase the site but we have been unsuccessful in assembling it into the parcel.”
The site was acquired in 2007 by Mangat Property Group Ltd. for $2,000,000, or $67 per buildable SF.
Mount Pleasant has increasingly become a target for new residential development given the attraction to primarily a younger demographic. Resales data for the last 6 months in Mount Pleasant shows an average resales value of $686 per SF for units less than 4 years old at time of sale.
