Allied REIT has acquired 948 Homer Street, a 4-storey office building located in Yaletown. The building is 45,321 square feet and was built in 1931. It features high ceilings and openable windows. The purchase price was $18,500,000, representing $408 per sq ft.

This is Allied REIT’s second office building acquisition in Vancouver after acquiring 840 Cambie Street earlier this year.

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520 10th Street, a 3-storey, 50 unit walkup apartment building in New Westminster has sold for $5,500,000, representing $110,000 per unit and a capitalization rate of 5.6%. The building is woodframe and was built in 1967.

The City of Vancouver held open houses June 9-12th to provide an update on planning work for the Plaza of Nations site. Topics on which the City is seeking feedback include the general form of development and land use, as well as the inclusion of sports centre (ice rink that could double as a Canucks training centre, and indoor sportscentre) and potential public benefits including a public plaza.

The current proposal by Canadian Metropolitan Properties is to provide:

• 1,405,000 sq. ft. of Residential Space (approximately 2,400 new residents)
• 352,000 sq. ft of Commercial Job Space (approximately 1,000 new workers)
• Dedicated public open space of 70,062 sq. ft. which includes a public events plaza of approximately 48,000 sq.ft., 10,613 sq. ft. of additional dedicated public space and semi public space of approximately 24,000 sq. ft.
• A Plaza Sports Centre, to be constructed in partnership with Aquilini Development as a Canucks training facility and sports science centre as well as a publicly accessible community space, including an ice rink, community meeting rooms and daycare centre.

City of Vancouver staff will now issue a report to Council that primarily deals with the Sports Centre proposal and civic plaza location.

Proposed sports centre

It is anticipated that a rezoning submission will be forthcoming in July 2011 with open houses in the Fall of 2011, and a public hearing in 2012.

Further information can be obtained here.

Source: City of Vancouver