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Marloborough Court, a 5-storey office building located at Marlborough Avenue and Kingsway in Burnaby, has been sold to a local private investor.
The building is adjacent to Metropolis at Metrotown mall, is an 83,000 square foot, five storey office complex offering large floor plates. The purchase price was $27,200,000, or $326 per SF.
The building is located on a fairly large site, totaling 36,500 SF. The site is designated commercial within the existing Metrotown Plan.
Here is an update on Changing City about a site I sold in 2011:
By ChangingCity
This is another project near the Cambie corridor; on West Broadway with 61 condos over retail on eight floors. W T Leung designed the project which will replace three small commercial buildings to continue the residential densification of West Broadway.
The project was approved in June 2012, marketing started, and then stopped. Now it has a new name – Citti – and a new sales centre as a different developer takes over the design and tries to get sufficient sales to build. The cladding is a traditional brick masonry finish with some dramatic orange details a little reminicent of the GBL Olympic Village design.
Source: Changing City
A rezoning application for 10 single-family lots located at 4949-5109 Cambie Street goes to public hearing next week.
Washington Properties (whose project you might be familiar with on West 41st across from Oakridge) is planning the development of three six-storey concrete residential buildings containing a total of 202 units all over two levels of underground parking. The total site frontage is 626 feet, and the total site area is 76,825 SF.
Washington’s website suggests the units will all have air conditioning and “high” ceilings.
The Cambie Corridor Plan suggests this site can achieve 1.75 to 2.25 FSR, but before a road dedication and a transfer of heritage density, the proposed density is 2.39 FSR (or 2.60 FSR after the road dedication). Approximately 20% of the $5.5 Million CAC will be the transfer of heritage density.
The site was acquired between 2011 and 2012 for $34,098,000, or $186 per buildable SF.
See more information here.