Nine single family homes on the Cambie Street corridor between West 33^rd Ave and West 35^th Ave have sold for a total purchase price of $30,698,000. The price per sq ft of site area is $444. The lots are zoned single family (RS-1); however, the Cambie Corridor Plan allows for rezoning of the properties to permit a density of 2.25 FSR. Based on this density, the purchase price was $197 per buildable sq ft.

The houses each had lots of between 59-63 feet and sold for between $3,300,000 and $3,500,000.

Our analysis of land value for RS-1 zoned lots outside of the Cambie Corridor Plan in the Cambie and Oakridge area suggests an implied average land value of $211 per sq ft or $1,450,000 (based on an average lot size of 7,044 sq ft).

The lots were listed with a residential realtor in June 2011 and sold by tender process.

Details on the Cambie Corridor Plan can be found here.

A local private investor has acquired 122-130 West Hastings Street in Downtown Vancouver for $11,500,000, or $240 per sq ft.

The building is a 48,000 sq ft, 3-storey heritage building containing office space.

James KM Cheng Architects has applied to the City of Vancouver to rezone 8018-8150 Cambie Street from C-1 and RT-1 to a Comprehensive Development District to allow a mixed-use development comprising 446 residential units, 59 rental units, 14 “choice of use” units (residential or commercial), and 10,000 sq. ft. of retail/commercial space.

The application proposes a 285-ft., 31-storey tower and a 235-ft., 24-storey tower. Both towers would be set above one-storey, two-storey, and four-storey, ground-oriented podium buildings containing live-work units and townhouses. Ground-level commercial use is located at the corner of Cambie Street and Marine Drive. The floor space ratio (FSR) proposed is 5.1 FSR for the southern portion, and 4.4 FSR for the northern portion.

Source: City of Vancouver

Westbank Projects has closed on the acquisition of 2220 Kingsway in Vancouver. The 2.3 acre site was purchased from Manulife Financial for $34,088,000, representing approximately $107 per buildable sq ft.

The site, currently occupied by Canadian Tire for at least another year, will likely be rezoned to accommodate a mixed-use retail/residential development under the guidelines of the Norquay Village Neighbourhood Centre Plan, which, because of the large nature of the site, will likely allow a density of 3.2 to 3.5 FSR for a residential/commercial development with towers as high as 14-storeys.

Regency Towers, an 11-storey, 112 unit building located at 706 Queens Avenue in New Westminster has been bought by a private investor for $14,975,000, representing $133,000 per unit.

The New Westminster apartment market continues to see a strong pace of transaction activity bolstered by strong fundamentals and relatively attractive prices on a per unit basis.