Intracorp has filed a rezoning application for a 61,604 SF site at 375 West 59th Avenue from RS-1 to CD-1. The site is currently occupied by a lowrise private hospital called Amherst Hospital. The plan is for a residential development with two 6-storey buildings and one 5-storey building, including:
A development application by Rendition Developments for a 50 foot lot at the Northwest corner of Ontario and West 6th Avenue demonstrates the type of development we are likely to see more of in the I-1 zoned area of Mount Pleasant. The site address is 2151 Ontario.
The plan for this 6,039 SF site is a three-storey building with clothing manufacturing on the ground floor, and general offices on the 2nd and 3rd floors. Details includes:
The site is currently improved with a single storey industrial building that was listed for sale late last year for $2,695,000, and sold for full asking price.
Changes made to the I-1 zone in 2013 allowed more flexibility with respect to building general office space, which was previously restricted to uses related to the manufacturing. Parking relaxations have also allowed sites such as 2151 Ontario to reach full density without further assembly for underground parking.
Not surprisingly, the 2013 zoning changes have resulted in an attendant increase in sales activity and land values over the past 18 months, a trend which is reinforced with stagnant rates for older light-industrial space.
Below is a snapshot of the housing price index for East Vancouver and Westside single family homes relative to Westside condos (including downtown). Of note, while average single family house prices in East Vancouver did not experience as much inflation as the Westside did in 2012, recent price gains are now tracking right along with the Westside.
It would be an interesting analysis to determine how much speculation and redevelopment activity is playing into house price increases.
Data source: REBGV HPI
