A 9,000 SF mid-block rental development site at 1247 Kingsway has sold for $5,500,000. The site had been listed for sale for $7,998,000 since July 2022.
The site received DP approval for a 32-unit, 7-storey rental building in May 2022. The site was rezoned under the City of Vancouver’s Rental 100 policy in 2021.
The $5,500,000 purchase price equates to $169/buildable SF. The site was originally acquired by the developer, Da Hua Investment Holdings, in 2017 for $5,000,000.