Coromandel Properties has completed on the acquisition of two lots at West 57th Avenue and Laurel Street in the Cambie/Marpole area of Vancouver for $44,000,000. The two lots comprise 1.3 acres and add to a land assembly that now totals 1.97 acres.

The lots in question include a large vacant, treed lot on West 57th, as well as a single family lot fronting Laurel Street.

The lots are connected to the separately owned Salvation Army Homestead site which will be similarly redeveloped in the future as part of a different development with a shared roadway dedication linking Laurel Street and Oak Street.

The lots form part of a ‘Unique Site’ designation in the Cambie Corridor Plan, which will allow rezoning for:

“new development (that) will include low- and mid-rise buildings that provide an active residential street interface. New connections through the site and an enhanced public realm along 57th Avenue will integrate the site into the mixed use community.

…Allow a range of housing types, emphasizing low-rise apartments or townhouses on the southern portion of the site and lower mid-rise buildings internal to the site.”

It is also anticipated that the heritage house at 7255 Laurel Street will be preserved and possibly relocated on site as part of a rezoning proposal.

No rezoning application has yet been made public nor density figures announced.

Admiral Operations Ltd. has applied to the City of Vancouver for a development permit for a new townhouse project located on the West side of Oak Street between West 55th Avenue and West 57th Avenue. The site comprises two single family lots, 7239 & 7255 Oak Street.

The proposal calls for two three-storey townhouses and rowhouse buildings. Details include:

• 18 townhouse units including:
  • 3 one-bedrooms, 5 two-bedrooms & 10 three-bedroom units;
• Unit sizes ranging from 520 to 1,227 SF;
• one level of underground parking having vehicular access from the rear lane.

Under the site’s proposed RM-8AN zoning, the application is “conditional” so it may be permitted; however, it requires the decision of the Director of Planning.

The architect for the project is Formwerks.

The site was assembled in 2018 for $7,960,000, or $463 per buildable SF based on the application.

The above chart excludes townhouse and duplex sales.

Two rezoning applications have been submitted by Spire Development under the City of Vancouver’s Affordable Housing Choices Interim Rezoning Policy for adjoining sites at Fraser Street and East 56th Avenue.

7280 Fraser Street

The proposal for this full block fronting the East side of Fraser between 56th and 57th includes a 6-storey building with:

• 95 market rental units;
• 8,000 SF of retail space at grade;
• a total density of 3.17 FSR;
• a building height of 67 ft;
• 71 underground parking stalls and 185 bike spaces; and
• 18 underground parking stalls and 28 bicycle spaces for the adjoining building.

724 East 56th Avenue

The proposal for this current surface parking lot on East 56th Avenue includes two 3-storey stacked townhouse rental buildings. Details include:

• 12 market rental units;
• a total density of 1.40 FSR;
• a building height of 33 ft;
• all underground parking in the adjacent building fronting Fraser.

The architect for the project is Cornerstone Architecture.

The two lots sold in December 2018 for $16,000,000, or $165 per buildable SF based on the applications.

Wall Financial has submitted a rezoning application for a full-block site at Cambie & 43rd.

The 31,692 SF site at 5910-5962 Cambie Street is currently zoned RT-2 but was redesignated for highrise development in the Cambie Corridor Plan.

The proposal consists of a mixed-use development with a 29-storey market residential tower and a 15-storey hotel tower over a 5-storey podium, with retail.

The proposal includes:

• 168 condo units;
  • 94 one-bedrooms & 74 two-bedrooms;
• 270 hotel rooms;
• 4,383 SF of retail at grade;
• a total density of 10.86 FSR;
• a maximum building height of 278 ft.; and
• 281 underground vehicle parking spaces and 377 bicycle spaces.

The application is being considered under the Cambie Corridor Plan.

The architect for the project is Perkins + Will.