Tower moves towards approval. Polygon’s 33-storey, 253 unit tower at Dow and Beresford in Metrotown.

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PCI Group, which has undertaken several successful mixed-use developments including Crossroads, and the currently under development Marine Gateway, have acquired the former Canadian Tire site at 1460 East Hastings Street at McLean Drive in East Vancouver.

The current zoning is MC-1 industrial; however, it is expected that PCI will propose to rezone the site for a mix of uses. Stay tuned for more information.

Wanson Developments has applied to the City of Vancouver to rezone 6361-6385 Cambie Street from RT-1 to CD-1. The proposal is for a 70-unit residential and retail building, with 8-storeys facing Cambie Street and 2-storeys facing the lane to a height 95 feet.

The proposed project would be comprised of 55,666.3 sq. ft. of residential 2,852.5 sq. ft. of commercial area, with a floor space ratio (FSR) of 3.56. Underground parking is proposed for over 80 stalls.

Source

Nine single family homes on the Cambie Street corridor between West 33^rd Ave and West 35^th Ave have sold for a total purchase price of $30,698,000. The price per sq ft of site area is $444. The lots are zoned single family (RS-1); however, the Cambie Corridor Plan allows for rezoning of the properties to permit a density of 2.25 FSR. Based on this density, the purchase price was $197 per buildable sq ft.

The houses each had lots of between 59-63 feet and sold for between $3,300,000 and $3,500,000.

Our analysis of land value for RS-1 zoned lots outside of the Cambie Corridor Plan in the Cambie and Oakridge area suggests an implied average land value of $211 per sq ft or $1,450,000 (based on an average lot size of 7,044 sq ft).

The lots were listed with a residential realtor in June 2011 and sold by tender process.

Details on the Cambie Corridor Plan can be found here.