IMG_20140305_114525, a photo by AMetalnikov on Flickr.

March 5, 2014

The Flamingo Restaurant site at 7518-7550 Cambie Street has sold for $12,500,000. The 29,500 SF site sold for $163 per buildable SF (based on an estimated achievable rezoned density of 2.6 FSR). The site will require rezoning under the Cambie Corridor Plan.

The city has sold the Merchant Square office tower to a company owned in part by two Vancouver tycoons, including well-known philanthropist Joe Segal.

The eight-storey building is under construction at the corner of Columbia and Eighth streets. It sits atop Anvil Centre civic facility.

The tower has fetched $36.5 million for the city, and the price does not include the three levels of parking or the “tenant improvements” needed to lease the space.

The building’s new owner is 777 Columbia, a company jointly owned by Segal’s Kingswood Capital Corporation and CRS Group of Companies. Developer Suki Sekhon runs CRS.

“We’ve been looking at it for a few years. It’s a growing area and we think it’s got great potential,” said Sekhon, who said the building has no tenants confirmed.

Read more: http://www.newwestnewsleader.com/news/248291681.html

Curious to hear your thoughts. Which area that is currently undergoing (or has recently undergone) planning changes, has the most upside value? That is, where would you be most likely to buy a piece of land or an investment property given future growth trends in the City?

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