A rezoning application has been filed for the Flamingo Restaurant site at 7516-7550 Cambie Street. The 29,500 SF site, which consists of three lots, is currently zoned C-1 & RT-1 and RS-1. The proposal, which is being made under the Cambie Corridor Plan, includes:

• Two 6-storey buildings
• ground-level commercial space
• 72 residential units;
• a density of 2.9 FSR
• a total height of 76.8 ft
• 133 underground parking spaces

The site sold in March 2014 for $12,500,000, or $146 per buildable SF if the proposed density is achieved.

This is the 27th rezoning application being made under the Cambie Corridor Plan since it came into place in 2011.

Here is a summary of Metro Vancouver’s most valuable commercial real estate assets. The summary is based on a survey of the top 25 commercial properties ranked by the 2015 tax assessment value. While assessed values don’t neccesarily reflect market values, this analysis provides a fairly accurate snapshot of our city’s most valuable assets:

A few observations:

• Metrotopolis at Metrotown continues to hold its rank as by far Metro Vancouver’s most valuable commercial property, as it has for the last decade. The nearly 1.8M sq ft shopping centre is now assessed at over $1 Billion. This value does not include the adjacent office towers which would likely add another $200 Million, also owned by Caisse de depot, which is Quebec’s largest pension fund manager.

• The redevelopment of Sears into Nordstrom significantly bolstered its assessment value. Including the office towers, Pacific Centre is now valued at over $1 Billion.

• Renovations and improvements at aging regional shopping centres including Park Royal and Guildford Town Centre bolstered values significantly.

• Oakridge Centre’s value had a large increase likely based on it’s 2014 rezoning for over 2,000 residential units.

• Langara Gardens and Landsdowne Centre both fell off this list, but will likely return in the near future. Both properties are slated for redevelopment. Landsdowne in particular is speculated to have significant redevelopment value.

• Pension funds control the vast majority of these larger core/trophy assets. (77% to be exact)

• A group of 6 pension fund managers (some in partnership) control well over 50% of the top 25.

• While the top 3 are super regional shopping centres, 15 of the top 25 are Downtown office towers.

Townline Homes has applied to the City of Vancouver to rezone the Quality Inn site at 1335 Howe Street from DD to CD-1 to permit a 40-storey residential building and includes:

• a density of 11.2 FSR
• 389 market condo units
• a 378 ft. tower with a 7-storey podium (height limited by view cone)
• 24,000 SF of transferred heritage density
• Average 6,500 SF tower floorplate
• a 37-space childcare facility

Policies allowing rezoning include: Vancouver’s Downtown Capacity Review Study, Green Buildings Policy for Rezonings and the Downtown Official Development Plan.

The site made headlines in 2014 as it was announced that the building would be operated as temporary homeless housing. Information on the current shelter facility can be found here.

Pinnacle International has applied to amend the existing CD-1 zoning for a site it owns and currently houses a presentation centre but has not yet developed at 2-26 East 1st Avenue, at the corner of Ontario Street near the Olympic Village area of Southeast False Creek. The proposal is for an 18-storey building that includes:

• 137 residential units;
• a density of 6.98 FSR
• 162 underground parking spaces.

The site was originally rezoned in 2006. This application is being considered under the Southeast False Creek Official Development Plan, Southeast False Creek Design Guidelines for Additional Penthouse Storeys, and Comprehensive Development District CD-1 (464).

A strata townhouse complex located at the southwest corner of Cambie and West 65th Avenue has been acquired by the Buddhist Compassion Relief Tzu Chi Foundation of Canada for $16,700,000. The 34,600 SF site is currently zoned CD, but is designated for 6-storey development in the Cambie Corridor Plan. The purchase price equates to $195 per buildable SF assuming a density of 2.5 FSR.