Cressey’s new Southeast False Creek project, branded ‘Meccanica’, has been approved for rezoning. The site was previously zoned M-2 Industrial (formerly home to Busters Towing).

The project consists of 170 units in a 12-storey tower and 6-storey podium. Total density is 3.5 FSR. Unit sizes range from 540 to 970 sq ft.

Cressey is taking registrations and sales will launch soon.

This will add to other upcoming inventory in the immediate area including Bastion’s Opsal project, and Onni’s Central in addition to several projects at various stages of construction.

Source: City of Vancouver

The District of West Vancouver is currently in the public consultation process of a plan to revitalize the centre of the municipality, centred around the Ambleside area.

Objectives of the plan include the following:

• Revitalize Ambleside through the development of the 1300 Block;
• Relocate the inadequate police station from the 1300 Block and the Fire Hall on 16^th Street and Fulton Avenue to a new integrated police and fire post-disaster facility on the Municipal Hall property; thereby, allowing the 1300 Block and the Fire Hall site to be developed to their full potential;
• Enliven the Municipal Hall area and enhance streetscapes through place-making and the development of municipally owned lands with housing; and
• Generate sufficient revenues from the sale or lease of the municipally owned lands in the 1300 Block and in the Municipal Hall area to pay for the Public Safety Building
• with surplus funds applied to the Endowment Fund or public amenities.

In 2011, West Vancouver Council have held several meetings and information sessions, with the budget for the study approved June 6, 2011. It is expected that the plan will conclude some time in 2012.

Further information can be obtained at the District of West Vancouver’s website for the plan.

Source: City of West Vancouver

Western Coast Investments Ltd. has acquired the Comfort Inn Vancouver Airport Hotel at No. 3 Road and Sea Island Way in Richmond, B.C.

The hotel contains 129 rooms. The purchase price was $8,533,000, representing $66,147 per room. The site is 1.6 acres.

The zoning in the area is for hotel commercial. The official community plan is Urban Centre T5, which allows a variety of uses.

Hollyburn Properties have acquired Crestview Terrace, a 10-storey concrete apartment building located at 1414 Davie Street in the West End of Vancouver. The building has 36 units and was built in 1965. The price was $7,641,560, equating to $212,000 per unit, and a capitalization rate of 3.8%. The zoning for the property is RM-5A.

Holborn Group has acquired 620-622 Seymour Street in Downtown Vancouver for $5,500,000, or $478 per sq ft. The 2-storey, 11,500 sq ft building has been vacant. The site is 6,000 sq ft which equates to $183 per buildable square foot on land value.

Holborn owns the adjacent Bay Parkade and this acquisition represents additional assembly of land with future redevelopment potential.