A lowrise retail and office building at West Broadway and Ash Street has sold for $38,888,888 to a Chinese investor. The 34,600 SF building was sold by TPMG Capital, a long-time owner. The property is 31,250 SF in size and is zoned C-3A which allows a density of 3.0 FSR, but only for commercial use in this sub-area, this equates to $415 per buildable SF. The main retail tenant is Rogue, which has a long-term lease.

Another week, another couple of rezoning applications for the Cambie Corridor…

Two applications have been filed for separate sites/projects across the street from each other on the West side of Cambie Street at West 62nd Avenue. The two applications feature similar designs and appear to be from the same developer:

7807 Cambie Street

This is a 10,544 SF site is for a 6-storey residential building that includes:

• 27 residential units;
• a building height of 65 feet;;
• a density of 2.70 FSR; and
• 36 underground parking spaces and 35 bicycle spaces.

This site, currently occupied by a duplex, was sold 2014 for $3,940,000, or $139 per BSF based on the anticipated density.

505 West 62nd Avenue

This is a 10,512 SF site is for a 6-storey residential building that includes:

• 22 residential units;
• a building height of 70 feet;;
• a density of 2.70 FSR; and
• 31 underground parking spaces and 46 bicycle spaces.

This property was previously listed for sale for $4,800,000, and sold for $4,300,000, or $150 per BSF to SDAE DEVELOPMENT (CANADA) CO. LTD.

Both applications are being considered under the Cambie Corridor Plan. The architect for both projects is GBL.

Townline Homes has filed an application to rezone the Oakridge United Church property located at 305 West 41st Avenue from RS-1 to CD-1. The preliminary plan for the 18,960 SF site two blocks East of Cambie is for a new 6-storey residential building that includes new church space for Oakridge United:

• 58 residential units;
• a replacement church space;
• a building height of 68 ft. ;
• a density of 3.33 FSR (0.32 FSR for church, 3.21 for residential)
• 74 underground parking spaces and 73 bicycle parking spaces.

This application is being considered under the Cambie Corridor Plan. The architect for the project is Patrick Cotter of ZGF Cotter Architects Inc.

A former Esso gas station site at the Southeast corner of West 10th Ave and Alma has been sold by Imperial Oil to Landa Global Properties for $18,118,000. The 23,201 SF, C-2 zoned site had been vacant for several years as part of remediation, and was listed for sale by tender process by Cushman Wakefield.

The price represents $311 per buildable SF based on the development potential under the existing C-2 zoning for 2.5 FSR.

A rezoning application has been filed for a 46,563 SF site at 445 Kingsway in the Mount Pleasant area which would allow rezoning from the existing C-2 zoning to allow a 6-storey mixed-use building that includes:

• 109 secured market rental apartment units;
• Commercial use (car dealership) at grade;
• A density of 3.69 FSR;
• A building height of 75.5 ft.; and
• 90 residential parking stalls, 209 dealership parking stalls, 4 loading spaces and 156 bike parking spaces.

The application is being considered under the Secured Market Rental Housing (Rental 100) Program.

The site is currently improved with Desination Hyundai, a single-storey auto dealership. The renderings appear to show that Destination Honda will be the new tenant. The architect for this proposal is FNDA Architecture.