The City of Vancouver has released an administrative report that provides information on Community Amenity Contributions (CACs) and Density Bonusing for 2014. These types of reports highlight some interesting market information. Of note, 2014 generated more than the previous two years combined, primarily as a result of the Oakridge Centre rezoning approval.

Here are few highlights:

• In 2014, there were 50 approvals of additional density resulting in a net increase in floor area of 6,500,000 SF and total public benefit in the amount of $234 Million.
• The rezoning of Oakridge Centre in May 2014 represents 60% of the density and CACs generated
• 80% of the public benefits are provided as on-site contributions, and 20% were cash in-lieu
• 95% of additional density approvals aligned with recently approved community plans
• The heritage density bank has been drawn down to 800,000 SF, a 50% decrease since the creation of new heritage transfer density was put on hold in 2009
• There were 14 approvals for secured market rental housing in 2014, or 1,073 apartment units

For those interested, the report provides a full list of all rezoning applications approved by Council in 2014 that generated additional density and public benefits.

Continuing the trend of strong demand for Mount Pleasant industrial properties with redevelopment potential, 34-54 West 7th Avenue has sold for $8,510,000, or $157 per buildable SF. The buyer was Chard Development.

The existing building is an aging two-level industrial building originally a meat packing plant and now a food manufacturing facility.

The 18,117 SF site is zoned I-1. Traditionally, I-1 zoning was a mixed light-industrial office zone, but in 2013 the City of Vancouver amended the zone to allow 100% general office. This amendment has set off a two year long flurry of speculative sale and development activity, with a few office projects already in the works. With few opportunities to build smaller office buildings downtown, and with soaring land prices everywhere where residential or mixed-use is allowed, Mount Pleasant has been a target for many developers and users.

The building had been listed for sale by Casey Weeks, Matt Smith and James Starke of Colliers and received multiple offers.

The draft concept plan for Burnaby’s Lougheed Town Centre will be going to City Council for their endorsement. Over the past year, City staff have developed preliminary concepts for the redevelopment of the Lougheed Mall site, owned by Shape properties, as well as the surrounding area. This master planning process follows along the lines of the Brentwood Town Centre area planning that also included Shape’s Brentwood Mall property. The arrival of the Evergreen Line next year provided the impetus for a new high density transit-oriented development in this location.

The Lougheed Town Centre Core Area is defined as the 72 acres bordered by North Road to the east, Lougheed Highway to the South, Bartlett Court to the West and Cameron Street to the North.

The Plan is quite ambitious as it seeks to to create a vibrant new retail strip on Austin Road with 7-storey podiums; a new North-South grand promenade with 6-storey podiums and highrise residential towers; a revitalized North Road with higher densities; a new East-West connector called “Cross Creek”; transitional areas for both Cameron Street and Bartlett Court.

Relevant development and potential zoning details include:

• Overall residential density of 5.0 FAR for all development sites (excluding Cameron St. which is 3.6 FAR)
• Total eventual density of 12.2 Million SF
• Residential towers up to 60-storeys in height
• Potential for 6.0 FAR density for commercial space (or 14.9 Million SF)
• Five new major public open spaces including a 1.6 acre park
• CAC’s including cash contributions and replacement of Cameron Rec Centre and Cameron Library
• New internal road, bike path and pedestrian network

Overall Draft Concept Plan

Proposed Building Heights