Vancouver Market - Tracking commercial real estate investment sales across Metro Vancouver — sale prices, cap rates, and $/SF data for apartment, retail, office, land, and development transactions. By David Taylor, SVP at Colliers International Canada.
Vancouver Market - Tracking commercial real estate investment sales across Metro Vancouver — sale prices, cap rates, and $/SF data for apartment, retail, office, land, and development transactions. By David Taylor, SVP at Colliers International Canada.
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Apartment, Development

53-Unit Rental Building Eyed for Former Gas Station Site In Lower Lonsdale

Pattison Developments has submitted a rezoning application for the former Husky Gas Station at West 3rd and Forbes in the Lower Lonsdale area of North Vancouver.

The 15,000 SF triangular shaped site at 351 West 3rd Street is located at the south-east corner of West 3rd Street and Forbes Avenue. In the current OCP, the site is designated Residential Level 5 which allows a maximum density of 2.60 FSR (including 1.0 bonus FSR), and a maximum height of 6-storeys.

The proposal for the site is a 6-storey market rental building that includes:

  • 53 rental units
    • 5 studios, 36 one-bedrooms, 6 two-bedrooms & 6 three-bedrooms;
  • 6 of the units will be mid market rental units;
  • a total density of 2.60 FSR;
  • 28 underground parking spaces.

The architect for the project is MGBA.

The site was acquired by Pattison in March 2021 for $7,075,000 or $181 per buildable SF based on the application.

The rezoning may be one of the first in Metro Vancouver to proceed without a public hearing based on the recent Provincial amendments to Section 464 of the Local Government Act. The amendments require municipalities not to hold a public hearing if an OCP is in place for the subject site; the bylaw is
consistent with the OCP; the development is residential.

January 19, 2024by david.taylor@colliers.com

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David Taylor Personal Real Estate Corporation

Colliers International

DT

David Taylor

Senior Vice President, Colliers Canada

David Taylor is a Senior Vice President at Colliers International in Vancouver, BC, specializing in the sale of commercial real estate across Metro Vancouver. He has sold over $1.7 Billion in office buildings, retail properties, apartment buildings and development land since 2004.

Vancouver Market chronicles investment and development activity in Metro Vancouver, including sale prices, cap rates, $/SF metrics, and market context for commercial real estate transactions.

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