A highly coveted office building and adjacent development site has sold to Peterson Group for $41,000,000. The property, located at the corner of Granville and West 10th Avenue, was owned by BMO and offered for sale by BMO through Form Retail in the spring of 2015.

The offering included the 5-storey, 45,000 SF office building built in 1973 on the corner anchored by BMO, and the adjacent 16,000 SF parking lot, which can be developed under the current RM-3 zoning. It was anticipated that BMO would enter into a 10-year leaseback as part of the deal.

Thind Properties has submitted an application to rezone a 31,623 SF site at 2395-2443 Kingsway from C-2 and RT-2 to CD-1 to allow a 12-storey building condo building with retail at grade, including:

• 126 units
• 9,837 SF of retail space at grade
• a building height of 125 ft.
• a density of 3.79 FSR; and
• 154 underground parking spaces.

The site has 297 feet of frontage on Kingsway. The application is being considered under the Norquay Village Neighbourhood Centre Plan which designated the site for highrise residential up to 3.80 FSR.

Based on the overwhelming success of sales of its first two towers, and with almost all of the 850 units in Brentwood ONE and Brentwood TWO towers having now sold out, Shape Properties is seeking Burnaby City Council approval for a third phase, comprising a further 526 units in a new 51-storey tower on the Lougheed Highway frontage. Details include:

• 429,578 SF of residential space
• 29,195 SF of retail space
• 46,587 SF of office space on floors 2-4
• 317 one-bedroom units and 209 two and three bedroom units
• 579 underground parking spaces
• A total community amenity contribution of $11,987,000 (or $80 per BSF)

When completed, this third tower will bring the total unit count at Brentwood Town Centre up to 1,366 units, about a third of the total overall units planned for the site.

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.”