Cressey Acquires Main & 2nd Avenue Site in $17MM Deal
Cressey Development Group has acquired a 14,922 SF site at 1880 Main Street, at the Southeast corner of Main and 2nd, for $17,000,000. The triangular block, currently improved with lowrise retail buildings, is zoned IC-2. No development applications have yet been filed with the City of Vancouver.
That’s the south east corner, no?
i think you mean the southeast corner
EDIT: It’s the Southeast corner. Thanks guys.
$228 per buildable based on a 5 FSR. Is this the going price? Or is Cressey thinking bigger?
I’m not sure what the ultimate density will be, but $228 per BSF sounds like a good deal based on other trades.
Isnt IC-2 a 3 fsr? Obviously will be re-zoned but you are paying CAC on anything above 3.
The site falls within the ‘Main’ subarea of the Mount Pleasant Community Plan, which likely allows a greater height and density. For reference, the site across the street received rezoning approval at 5.50 FSR.
Thanks for the info David. So what you are saying is that under the ‘Main’ subarea of MPCP one would assume that a higher density would be permitted based on the precedents set. However based on in place it is 3 fsr correct?
check this document out:
http://vancouver.ca/files/cov/mount-pleasant-community-plan-implementation-package-3-lower-main.pdf
3.5.3 Density
The maximum density is as follows:
• 2nd to 3rd Avenue: 5.0 FSR
• 3rd to 6th Avenue: 3.0 FSR
• 6th to 7th Avenue (east side of Main): 3.0 to 4.9 FSR
• 6th to 7th Avenue (west side of Main): 3.0 FSR
They also acquired the vacant lot at 1800 Main in a separate transaction in January for $3,400,000 (3,761 SF). Total site is now 18,683 SF for $20,400,000.
Thanks Paul.