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Development

48-unit Building Planned for Cambie Near 37th

An application has been made by an unnamed developer through GBL Architects to rezone a two-lot, 18,976 SF site at 5355-5387 Cambie Street to allow a 6-storey residential building and a 2-storey building with townhouse units at the rear, including:

    • a total of 48 residential units;
    • a density of 2.49 FSR;
    • a height of 71 ft;
    • 51 underground parking spaces; and
    • 60 bicycle spaces.

5355 Cambie_1

5355_2

The buyer had assembled these two adjacent lots in May 2014 for $6,300,000, or $133 per buildable SF . The corner lot on W 37th Ave (526 Cambie Street) is 68’ wide and contains a single family dwelling. Despite the efforts, the developer was not able to secure this corner property. GBL’s drawings demonstrate that this lot is developable, on its own, under the Cambie Corridor guidanceachieving 6 storeys and 2.6 FSR.
November 5, 2014by david.taylor@colliers.com
Development

New West Council Approves 1000 Quayside Drive Project

Two towers will soon stand sentry over the Westminster Quay. City council gave the green light to a proposal from Bosa Properties to construct a 28-storey and 23-storey tower at 1000 Quayside Drive.

The site next to the Inn at the Quay is currently a parking lot. The approval for the 519-unit residential project with 10,000 square feet of commercial space came despite opposition at a public hearing Monday night. Most complained about the project’s height or the traffic congestion it will create.10267newwest141031-1000Quayside-may2014

“If you load this city with these massive megalithic properties you won’t be able to live in this city,” said resident Bob McCullough.

The approval also came despite a petition signed by 56 residents living in the Plaza 88 complex across the railway tracks and Columbia Street from the proposed project. The signatures were collected by Arlene Hudlin who, like McCullough, lives at 898 Carnarvon St.

Read more: http://www.newwestnewsleader.com/news/280861482.html

October 30, 2014by david.taylor@colliers.com
Apartment, Development

Hollyburn Building Portfolio the Old Fashioned Way

Groundbreaking occurred yesterday for a project that has been in the making for years. Hollyburn Properties officially commenced construction of M2 (Marlborough Tower 2) yesterday, a 14-storey rental apartment building located at the corner of 14th and Chesterfield, directly adjacent City Hall. The project had originally been envisioned back in 2005 as part of a land swap with the City, but was left as a parking lot until now.

“We’re sort of in an environment where it’s a perfect storm of economic factors that allow for rental construction today that weren’t really available nine years ago,” said Hollyburn director David Sander to the North Shore News,  noting construction costs have come down and stabilized, the rental market has strengthened and financing for construction is at all-time low interest rates.

MARLBOROUGH+II_1 M2_2The building is expected to be ready for occupancy in Summer 2016 and will contain 130 units starting at $1,100 per month. The suite mix is as follows:

  • 10 Townhouses
  • 6 Penthouses
  • 50 – 2 Bedrooms
  • 70 – 1 Bedrooms

More info on the building can be found here: http://www.rentersguide.com/marlborough-tower-2 .

October 30, 2014by david.taylor@colliers.com
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