A development application has been submitted for a 9,600 SF site near the Southeast corner of West 4th Avenue and Alma Street. The plan calls for a 4-storey building with 22 residential units above retail. The site is currently occupied by two lowrise houses and a 3-storey mixed use building. The zoning is C-2 which generally allows for 4-storeys in height and 2.5 FSR.

The adjacent condo building on the corner is called The Locarno, and was developed in 2009 by Jericho West Developments.

The site was  listed for sale earlier this year for $9,000,000, which is equivalent to $375 per buildable SF.

Existing Alma St. Frontage

A 3.4 acre site known as Keybridge Centre has sold at 6851-6871 Elmbridge Way in Richmond, near the Olympic Oval. The sale price was $31,300,000. The purchaser was Bene Development Ltd.

The site sits next to Onni’s Ora project, and is also identified under the City of Richmond’s City Centre Area Plan as General Urban T5.

Here is a quick look at the average pricing for concrete condo unit resales in various sub-areas of the Westside of Vancouver. The following criteria were used:

• Condos only (not townhouses)
• Concrete only (no woodframe)
• 3 years old or newer at time of resales
• 2014 Year-to-date

Some of these subareas have very small sample sizes (ie. less than 10 in the case of Marpole and Point Grey) but it still shows an interesting view.

Source: MLS