Artis REIT has sold Delta Shoppers Mall as part of its asset disposition program, part of a strategy to improve the REIT’s growth profile and strengthen its balance sheet. The property is located at 8037 120 Street, Delta, B.C.

The 74,669 SF retail property sold to a private investor for $34.3 million, which represents a capitalization rate of 5.2% and $460 per SF.

Retail anchors for the shopping centre include: TD Canada Trust, A&B Sound, JYSK Furniture.

PC Urban in partnership with Quadreal have submitted a rezoning application for a 15,164 SF site at 534-550 Cambie St in the ‘Crosstown’ area of Downtown Vancouver.

The site is located mid block on Cambie Street between Dunsmuir
and Pender Streets in the Crosstown neighbourhood and within the
Central Business District (CBD) Extension area. Despite being located
mid-block, the site is bound on three sides by standard 20’ wide city
lanes.

The proposal is to allow for the development of a 22-storey office building that includes:

• 258,000 SF of office space;
• Office floorplates ranging from 9,250 sf to 15,132 SF;
• 5,800 SF of retail space at grade;
• A total density of 17.4 FSR;
• A building height of 302 ft.;
• Multiple private tenant decks as well as amenity decks;
• 128 vehicle parking spaces on 5 underground levels.

The application describes the design rationale which is in part influenced by view cones and the proximity to Victory Square Park:

“The massing of the building is informed by the heights of the site view cone parameters and the Victory Square shadow guidelines and makes for a meaningful contribution to the Vancouver skyline. The office tower is broken down into two masses — a high rise portion and a low rise portion which is gradually terraced to respect the shadows over Victory Square. The proposed building adds an integral unique quality to the surrounding streetscape while respecting and paying homage to the heritage and character of nearby Gastown.”

The application is being considered under the Downtown Official Development Plan and Rezoning Policy for the CBD & CBD Shoulder.

The architect for the project is MCMP Architects.

Nexst Properties on behalf of Champion Development Group has submitted a rezoning application for a site at the southwest corner of Lakewood Drive and Dundas Street, totaling 24,142 SF. The site is located within the Grandview Woodland Community Plan area.

57 Lakewood Drive is zoned C-2 and is currently improved with an older 3-storey commercial/industrial building. The proposal is to allow for the development a 6-storey rental building includes:

• 89 market rental units;
• 35 studios, 22 one-bedrooms, 23 two-bedrooms & 9 three-bedrooms;
• 10,000 SF of retail space at grade;
• A total density of 3.0 FSR;
• A building height of 77 ft.;
• 88 vehicle parking spaces and 192 bicycle parking spaces.

The application is being considered under the Grandview-Woodland Community Plan.

The architect for the project DYS Architecture.

Here is a snapshot of current downtown office buildings at various stages of construction:

Deloitte Summit, 410 West Georgia Street (Westbank)

24-storeys, 355,000 SF

B6, 1090 West Pender Street (BentallGreenOak)

32-storeys, 534,000 square feet

The Stack, 1133 Melville Street (Oxford Properties)

36 storeys, 540,000 SF

Vancouver Centre II, 753 Seymour Street (GWL)

33-storeys, 371,000 SF

The Post, 349 West Georgia Street (Quadreal)

22 & 21 storeys, 1.3 Million SF

601 West Hastings Street (PCI Group)

25 storeys, 285,000 SF

Bosa Waterfront Centre, 320 Granville Street (Bosa Development)

30-storeys, 355,000 SF

TPMG Capital has acquired 2695 Granville Street, a 7-storey office building located at the Northwest corner of Granville and West 11th Avenue.

The 27,812 SF concrete office building was built in 1965 and sits on a 54 x 120′ C-3A zoned lot.

At the $28,600,000 price equates to $1,028 per SF of building area including ground floor retail.

The building had most recently been listed for sale for $29,900,000 following an initial asking price of $36,000,000 in early 2020.