Polygon has prepared a proposal including two options for a development at 119 – 131 West Esplanade in North Vancouver, also known as “Site 8”. The site also includes lands owned by City of North Vancouver. The overall rezoning application seeks an amendment to the City’s OCP to increase the allowable building height and to rezone the site to allow the construction of a mixed-use building consisting of a residential tower over a commercial podium. This would be supported by four levels of underground parking.

The site was previously owned by Millenium Properties who proposed a 35-storey tower back in 2007, which was subsequently withdrawn. The site later sold to Polygon.

Two development options are being presented for the City of North Vancouver’s consideration:

Option 1 – with Non-Market Office Space

• 11-storey tower with 107 residential units
• a building height of 122 ft.
• a total density of 3.78 FSR
• sale of City lands, transfer density and density bonus resulting is a cash contribution of $10.3 Million.
• 6,000 SF of office space owned by Polygon and rented at below market rates to non-profits

Option 2 – with Community Amenity Space

• 12-storey tower with 117 residential units
• a building height of 139 ft.
• a total density of 4.07 FSR
• sale of City lands, transfer density and density bonus resulting is a cash contribution of $8.7 Million.
• 16,155 SF of City-owned community space for a museum

In both scenarios, the site has to accommodate almost 100 parking spaces for off-site uses.

View from Esplanade

The architects for the project are DYS Architecture and Nigel Baldwin Architects.

I am pleased to announce the sale of 1290 Homer Street, a heritage style office building located at the corner of Homer and Drake Streets in the Yaletown area of Downtown Vancouver. The building sits on a 50.5 x 120 ft site and is an excellent candidate for repositioning and/or redevelopment.

The property sold for $9,750,000.

Please contact me at david.taylor@colliers.com for details.

The City of Vancouver has placed a 1.42 acre property up for sale at 601 Beach Crescent. The irregularly shaped site sits just East of the Granville Street bridge, and mirrors the Vancouver House site at 1400 Howe Street (though the site has a smaller site area).

City of Vancouver planning documents identify the currently vacant site for a similar height as the Vancouver House project, at 425 feet (though Vancouver House was subsequently approved at 497 feet).

The offer submission date is July 27th, 2016.

Chard Development has submitted a rezoning application for a site it owns at Main & East 5th Avenue in Mount Pleasant.

The proposal for the 23,261 SF site is  to rezone from the current IC-2 zoning to CD-1 under the Mount Pleasant Community Plan. The proposal consists of a 6-storey mixed-use building over three levels of underground parking and includes:

• A total of 51 market residential units
• 20 One-bedrooms, 27 two-bedrooms & 4 three bedrooms
• A floor area of 69,783 SF;
• Commercial uses on ground floor including a restaurant
• A total density of 3.0 FSR
• A building height of 6-storeys and 78 ft.;
• 68 commercial parking stalls and 54 residential parking stalls; and
• 82 bicycle stalls.

The architect for the proposed project is Proscenium Architecture Inc.

Chard has recently had success in the sales of their Ellsworth project just two blocks South at Main & 7th. The project’s 89 units are nearly sold out.

Plan A Real Estate has applied to the City of Vancouver to develop additional rental units on an apartment building they own at 1170 Barclay Street, The “Florida Apartments”. The proposal for the site includes:

• interior and exterior alterations, including a 2-storey plus roof deck addition,
• a Heritage Revitalization Agreement, to this existing two-storey plus basement, multiple dwelling building,
• increasing the number of apartment units from 16 to 28 units
  
• 7 surface parking spaces at the rear, having vehicular access from the lane
• total overall density of 2.07 FSR. (17,909 SF).

Under the site’s existing RM-5B zoning, the application is “conditional” so it may be permitted; however, it requires the decision of the Director of Planning.

Existing Building

The architect for the project is Hearth Architectural Inc. The application explains the design rationale:

“The development proposal for The Florida is to preserve and restore the existing Heritage Class “B” Art Deco building that has long been in disrepair and in need of a major renovation. An addition to the restoration of The Florida will take the form of two storeys that steps back from the face of the existing building to emphasize the original heritage massing and form. With a total of 5 storeys in the new development proposal for The Florida, the floor plans will be redesigned to house more functional living spaces and provide for a good mix of studios, one bedrooms and two bedroom apartments. A total of 23 apartments will provide livability options for West End residents.”

The building was acquired in 2010 for $3,360,000, or a 3.5% cap rate.