![IMG_0059 by blazzzinred [vancityhotshots]](http://farm8.staticflickr.com/7325/10978075343_e51364f7c0.jpg)
New Nordstrom building under construction.
Mayan Apartments, a 16-unit apartment building at West 3rd and Maple Street in Kits, has sold for $4,275,000, or a 3.9% cap rate and $267,000 per unit. The building had been listed for sale for $4,785,000.
Vancouver city council has approved a controversial West End neighbourhood plan that outlines development in the area for the next 30 years.
The plan aims to strike a balance between development pressures and preserving the West End’s quiet, tree-lined streets, where 45,000 people live in only 112 blocks.
It gives developers and planners a road map for the foreseeable future that permits infill development in the centre of the neighbourhood and taller towers on busy corridors around the edges.
Coun. Tim Stevenson says the city expects $600-million will be invested in the neighbourhood over the next 30 years.
“We’ll certainly see more density because we’re expecting seven- to 10-thousand more people in the next 20 years, and we obviously have to accommodate that,” said Stevenson.