A vacant 15,000 SF, two-storey office building at 1285 Franklin Street in East Vancouver has sold for $10,550,000, or $695 per SF. The purchaser is Freedom Mobile Inc.
Colliers has completed the sale of a mixed-use development site located at 2245 McAllister Avenue in Port Coquitlam, as reported on by Storeys. The site, previously owned by Quarry Rock, is approved for a 5-storey, 80-unit project with 19,000 SF of retail at grade. It was sold to Northstar Development for $11,600,000 or $168 per buildable SF based on the approved application.
The City of New Westminster is exploring further changes to its Lower Twelfth Street area plan, with an ongoing study now being considered by council following on earlier work from 2024.
Current objectives include:
Confirmation of the Official Community Plan vision for the mix of “ultra-light” uses supported by residential in the Lower Twelfth area.
Endorsement of the neighbourhood massing approach, that would see the highest buildings closer to Downtown transitioning down to the lower density edges of the study area.
Exploring changing the Official Community Plan designation of some properties outside but adjacent to the study area.
Next steps:
Completion of Additional Studies (Summer 2025) and report back to Council on implications to Lower Twelfth area study
Public and Nations Engagement (anticipated Fall 2025)
Council Approval of the Evaluation Framework (anticipated Winter 2025/2026)
