Two Broadway Plan Tower Sites Sold

Two nearby tower sites in the Broadway Plan have sold in separate deals.

2210 West 5th Avenue

An 18,000 SF property at West 5th Avenue and Arbutus Street in Kitsilano has been acquired by Mondivan Group for $20,000,000.

The site is located at the corner of West 5th and Arbutus and is 125 ft by 120 ft and is located in a subarea of the Broadway Plan that permits a tower up to 20-storeys, and 6.50 FSR.

The purchase price equates to $171 per buildable SF at 6.50 FSR.

1960 West 7th Avenue

1960 West 7th Avenue is another 150 ft x 120 ft, 18,000 SF future tower site in Kitsilano that recently sold. This mid-block site on the South side of West 7th between Maple and Cypress Street sold for $23,000,000 to Gracorp.

Gracorp has already submitted a rezoning application for the site that proposes a 20-storey rental tower with 183 units. The purchase price equates to $196 per buildable SF based on the application.