A rezoning application has been submitted for a two-lot land assembly on the East side of Cambie Street between West 27th and West 28th Avenue. The site at 4338-4362 Cambie Street is 20,848 SF.

The proposal consists of a 6-storey residential building that includes:

• 68 condo units including 6 townhouses at the lane;
  • 42 one-bedrooms, 18 two-bedrooms & 8 three-bedrooms;
• A total density of 2.75 FSR;
• A building height of 67 ft.; and 
• 68 underground parking spaces and 129 Class A bicycle spaces.

This rezoning application is being considered under the Cambie Corridor Plan.

The architect for the project is Arno Matis Architecture.

Matis also designed a project one block North, which will include 57-units.

The site was acquired in 2017 for $17,500,000 or $305 per buildable SF based on the application.

The City of Vancouver is seeking approval for their annual inflationary adjustment to DCL (Development Cost Levy) rates and CAC targets.

The inflationary rate adjustment to DCLs and CAC targets are an annual process that allows the City to keep pace with annual changes in property values and construction costs.  

The proposed 2019 inflationary rate adjustment represents an increase of 5.2%, reflecting increases in the cost of land and non-residential construction costs. A core principle behind the annual inflationary rate adjustment system is that it should be able to adapt to market changes. As a result of a weakening residential market, it is recommended that this year’s inflationary rate adjustment be applied only to non-residential rate categories, maintaining existing rates for residential uses. The one exception is the phase-in of the Vancouver Utilities DCL rate for high-density residential development on the east side.

The annual inflation index since 2010 is outlined in the table below:

The 2019 rate adjustments are outlined in the following tables from the City Staff report:

The staff report outlines the following economic rationale for the inflationary rates for both residential and commercial:

Residential Market

• According to City of Vancouver data, the value of year-to-date building permits
  issued (as of March 2019) has declined by 24.1% from last year’s value;
• According to CMHC, year-to-date new housing starts in the City (as of May 2019)
  have increased by 3.8% compared to 2018;
• According to CMHC, year-to-date new housing absorptions in the City (as of May 2019) have declined 20% compared to 2018;
• UDI’s State of the Market report for Q1 2019 also showed that sales across new
  concrete condominiums, wood frame condominiums, and townhouses have
  declined to some of the lowest levels observed in Vancouver since Q1 2013 and that inventories of unsold units are trending upward;
• UDI’s State of the Market report for Q4 2018 indicated that new tax measures and stricter mortgage lending policies have contributed to uncertainty and pessimism in the Metro Vancouver market from real estate investors;
• According to data from the Real Estate Board of Greater Vancouver (April 2019),
  resale home prices have declined year-over-year for all housing types in all locations of the region. In Vancouver, year-over-year resale prices are down between 9% and 14% depending on the location and type of housing.
  .
  Non-Residential Market
  • Colliers, Cushman & Wakefield, and CBRE indicate strong demand for office space with vacancy rates reported as low as 2.0% in Downtown Vancouver along with high amounts of office floor area absorption and increased average asking rents. There is also a large amount of supply anticipated for completion in the early 2020s with large multinational tech firms opening new offices in Vancouver.
  • Colliers, Cushman & Wakefield, and CBRE also report increased demand for industrial floor space with vacancy rates reported as low as 1.9% in Vancouver. New supply is being constructed featuring a mix of ground floor production space and office on upper levels.

Target allocations of DCL revenues are estimated as follows:

• Replacement housing – 36%
• Transportation – 25%
• Parks – 18%
• Childcare – 13%
• Utilities (Upgrades for Affordable Housing) – 8%

A full copy of the 2019 Annual Inflationary Rate Adjustment to Development Contributions and Associated DCL Amendments can be viewed here: http://council.vancouver.ca/20170725/documents/p8.pdf

• Three residential towers – two at 28 storeys & one at 24-storeys;
• 488 condo units;
  • 5 studios, 228 one-bedrooms, 231 two-bedrooms & 24 three-bedrooms;
• 223 non-market rental units;
  • 67 studios, 46 one-bedrooms, 66 two-bedrooms & 44 three-bedrooms;
• 30 Pearson supportive units;
• 85,019 SF of retail space;
• a significant public plaza at the Northeast corner to accomodate a potential future Canada Line Station;
• tower heights of 243 ft. & 285 ft.
• 5 levels of underground parking accessed from Paulson Street.

The application describes the design rationale: “The northern portion of the block has a single tower marking the corner of West 57th Ave. and Internal Street 2 with a mid-rise extension parallel to West 57th Ave. The northern and southern edges of the north building offer commercial spaces along West 57th Ave. and the internal public plaza. The southern block has two towers, each with a mid-rise extension. One tower sites at the southern edge of the transit plaza, serving as a landmark and reinforcing the plaza as the site gateway.”

The remaining phases comprise over one million square feet of additional market and non-market density.

The architect for Cambie Gardens is IBI Group.