M28 Holdings Ltd. has submitted a development application for a 75′ x 112′ site at the Southeast corner of 28th and Main for a new rental apartment building. The C-2 zoned site is currently occupied by single storey retail including Le Gent Antiques on the corner.

The new development will be 4-storeys and will include:

• retail and restaurant uses on the ground floor;
• 21 rental market rental units;
• a total density of 2.5 FSR;
• a building height of 45 feet;
• two levels of underground parking accessed from the lane.

Under the site’s existing C-2 zoning, the application is “conditional” so it may be permitted; however, it requires the decision of the Director of Planning.

The site sold in December 2016 for $6,980,000, or $341 per buildable SF based on the application.

1985 West Broadway has sold to The Property Management Group for $39,000,000. The 5-storey ‘A’ Class building, known to most as the Wawanesa Building at Broadway and Maple, was built in 1985 and totals 50,981 SF. The sale price equates to $765 per SF, or a 3.30% cap rate. Wawanesa was the seller in the transaction.

The property had been listed for sale by Avison Young. Below is a marketing video depicting the property:

The C-3A zoned property is located on a 17,280 SF site just a block East of what is anticipated to be a future transit station at Arbutus.