Four developments go before Vancouver City Council next week seeking approval of form of development, which is the last administrative motion at the Council level required before construction, so these four projects will likely start site clearing for imminent excavation and construction:

501 West 26th Avenue (Parc 26)

Parc 26 is a 75-unit condo project at West 26th and Cambie that was sold by our team in 2011 to Dava Developments and approved for rezoning in 2014. According to twitter, the project is now over 65% sold.

521 West King Edward Avenue

Just across King Edward Street from Parc 26, this site was also assembled by Colliers in 2011, and achieved rezoning in 2014. The developer is Regent International. The plan is for a 70-unit, 6-storey condo building.

333 East 11th Avenue (The Duke)

This site was initially marketed in 2010 and received rezoning approval in 2015 for a rental tower under the City’s Rental 100 program. The 201-unit rental apartment building, now named “The Duke”, will be 14-storeys with a 4,925 SF retail component. Site clearing has already commenced.

984 West Broadway

This site at Broadway and Oak was approved for rezoning for 10-storey office tower way back in 2011, and is just now looking to move forward. The project, by BlueSky Properties, was rezoned under the Metro Core plan to allow a 5.22 FSR density.

• wholesale space with ancillary office use on floors 1, 2, 6 & 7
• mini-storage warehouse on levels 3, 4 & 5
• one level of underground parking
• building height of 100 ft
• total floor area of 112,750 SF (3.0 FSR)

The architect notes that while the site is 37,500 SF in area, there are several factors which make it a challenging site to develop, and they are requesting a relaxation of the height limit to deal with these issues.

“The site is approximately 37,500 sq/ft in area; however , two Statutory Right of Ways (SRW) exist on title (one with Canadian Pacific Railway (CPR) and another with Metro Vancouver,) which preclude any building on approximately 18,600 sq.ft of the lot. The SRW held by CPR is the more restrictive of the two and prevents its paving, its use as surface parking or any form of access. The two SRW’s represent more that 50% of the site that is unbuildable and approximately 25% of the lot that access is completely denied by CPR.”

I am pleased to have acted on behalf of the Vendor and Purchaser of each of the 4 lots of a land assembly at Cambie Street and West 31st Avenue. The property can be rezoned to allow up to 6-storeys residential. The total purchase price of the combined site was $20,432,000.

A 45-unit Richmond apartment complex known as Cook Place Apartments has sold for $11,700,000 to a local investor. The price represents $260,000 per unit and a cap rate of 3.3%. The property is ideally situated near the City Centre area of Richmond, just one and half blocks East of Richmond Centre Mall and a short walk to the Canada Line.

The building itself is a 3-storey woodframe building built in 1979, with underground parking. There are 30 Two-Bedroom units and 15 One-Bedroom units. Rents were approximately 10% under market. The property was listed with an asking price of $11,888,000.

Here’s a building that had sold in 2012 that recently resold for a substantial gain. The 43 unit, 8-storey concrete building located at West 5th Ave and Alma sold for $14,495,000 or $337,093 per unit, representing a 12% price appreciation from 2012 when the building sold for $12,800,000.