Mixed-Use Building Planned for Fraser & 17th
A development application has been filed for a triangular site at the Northeast corner of Fraser Street and East 17th Avenue. The site is zoned C-2 which allows for a maximum density of 2.5 FSR. Project details include:
- 4-storey building
- retail/restaurant use on the ground floor (fronting Fraser Street)
- residential units on the 2nd, 3rd and 4th storeys
- total of 30 condo units
- 29 underground parking spaces
The site does not include the small lot just to the North on Fraser. The architect notes: “Our development team has approached the owner on a number of occasions to purchase the site but we have been unsuccessful in assembling it into the parcel.”
The site was acquired in 2007 by Mangat Property Group Ltd. for $2,000,000, or $67 per buildable SF.
Mount Pleasant has increasingly become a target for new residential development given the attraction to primarily a younger demographic. Resales data for the last 6 months in Mount Pleasant shows an average resales value of $686 per SF for units less than 4 years old at time of sale.
So Handy Appliances is getting out, but the old medical/health office is staying put.
Unfortunately the building will be as soulless as the rest of the block faces from 16th south, with few active, attractive shops at ground level and nothing to look at, or attract the shoppers.