Old Plaza 500 Hotel may turn into rental suites.

The former Plaza 500 Hotel and Convention Centre on West 12th will likely be converted to rental apartments. In an email to the Courier, Nancy Eng, communications coordinator for the City of Vancouver, confirmed an application by development consultant Brook Pooni Associates to convert floors three to 17 into rental units has been approved by the city subject to conditions. If approved, the second floor will also be converted — from hotel use to office space.

The iconic property, kitty corner to city hall, was home to the Plaza 500 for decades but closed several years ago. It was later announced the property would become part of the Indigo chain, operated by InterContinental Hotels Group, which also manages Holiday Inn and Crowne Plaza hotels.

Apartment building market remains strong in Vancouver.

Prices and total sales are up, but the number of transactions is falling. That’s the picture of Vancouver’s apartment building market, according to the Goodman Report, produced by David and Mark Goodman.

In 2012, both overall dollar volume and the average price per suite hit record highs, David Goodman said in the report. The number of building sales is down 17 per cent in 2012 from 2011, but Goodman said this is not for a lack of buyers.

Scott Brown, senior vice-president of residential project marketing at Colliers International, said potential buyers outnumber sellers for many types of property.

“Vancouver certainly has more prospective buyers for A-Class locations than sellers,” Brown said. “This is true for land and development sites in great locations too.”

We are pleased to have acted on behalf of the buyer in the sale of 1016 West 13th Avenue, an 11-unit apartment building in the South Granville area. The purchase price was $3,200,000 or $290,000 per unit, and a 3.0% cap rate.

The buyer was a local private investor.

New Westminster News Leader – New Westminster IGA to close.

The IGA Marketplace grocery store in New Westminster will close later this year.

Scott Coburn, vice-president for H.Y. Louie Company (operators of the store) said although the company would like to remain operating at the 1025 Columbia St. location, the decision was made to shut because it is no longer financially viable.

 On Jan. 17, the company gave six months’ notice to the property’s owner that it will be closing down. Coburn said for the last year the costs of labour, operating and rental exceeded the revenue generated.

“We have been unable to recover from this decrease in sales,” said Coburn. Read more: http://www.newwestnewsleader.com/news/187782891.html

Nelson development to go ahead, despite concerns.

Plans for a 38-storey tower and three-storey townhouses on two properties on Nelson Avenue are going ahead despite a handful of concerns brought forward by area residents.

The rezoning application, put forward by developer Concord Pacific, went to second reading at Monday night’s council meeting. The primary concerns regarding the properties at 6530 and 6550 Nelson Ave. focused on the density and shape of the building, loss of the rental housing currently on the two properties, vehicle access and traffic safety, and construction impacts, according to a report from the city’s planning and building department.

The concerns are related to the proposed density and shape of the building related to the amenity density bonus, and the form of the building in relationship to the neighbourhood, the report stated.

The development plan is consistent with council’s policies on density and the plan for the Metrotown area, Lou Pelletier, director of building and planning, stated in the report, and the value of the amenity bonus would be $9.5 million.