Strand has completed on the acquisition of a lowrise rental site on Vancouver’s Westside. The site is a two-lot single family assembly totaling 26,300 SF at 6065-6075 Collingwood Place, near the intersection of Dunbar and SW Marine Drive.
Strand passed public hearing in November on a rezoning proposal under the Secured Rental Policy (“SRP”) to allow a 5-storey, 34-unit rental building.
Under the SRP, the site is located on an eligible arterial road and is able to rezone under the RR-2A (four-storey), RR-2B (five-storey) and RR-2C (six-storey with 20% of residential floor area secured as below-market rental units) zones. Out of the eligible options, Strand chose to rezone to RR-2B which permits rental units up to five-storeys in height and 2.20 FSR.
The $14,170,000 purchase price equates to $225/buildable SF based on the approved rezoning application.