Westbank Projects has closed on the acquisition of 2220 Kingsway in Vancouver. The 2.3 acre site was purchased from Manulife Financial for $34,088,000, representing approximately $107 per buildable sq ft.

The site, currently occupied by Canadian Tire for at least another year, will likely be rezoned to accommodate a mixed-use retail/residential development under the guidelines of the Norquay Village Neighbourhood Centre Plan, which, because of the large nature of the site, will likely allow a density of 3.2 to 3.5 FSR for a residential/commercial development with towers as high as 14-storeys.

Polygon Homes has submitted a rezoning application to the City of Burnaby to develop a 33-storey, 253 unit tower at the corner of Dow Avenue and Beresford Street adjacent Metrotown. The site is just over one acre in size, and the total density is 227,700 sq ft, representing 5.0 FAR as per the density bonus provisions in the Burnaby Zoning Bylaw by adding a new suffix (‘s’) for the RM3, RM4 and RM5 Districts. There will be no commercial component.

The proposal will go to public hearing September 20, 2011.

Source: City of Burnaby

Yuanheng Developments Ltd. has purchased a 2.2 acre site on No. 3 Road just south of Sea Island Way in the Capstan Village area of Richmond, B.C. The total purchase price was $15,080,000.

Under the City of Richmond’s City Centre Area Plan, the property is designated as Urban Centre T5, which allows residential to a maximum density of 1.2 FAR, and a total density for mixed uses of 2.0 FAR. The total price per buildable square foot therefore equates to $78.03.

Vancouver city council approved a rezoning application for a medium density residential development by Wall Financial at 57th Avenue and Granville Street.

It proposes 735 dwelling units (including 202 rental units) in seven new buildings that range from three storeys to ten storeys in height. The plan will also restore many historic features of the estate, including the Beaux-Arts Mansion, Italianate Gardens, a Gate House and Coach House. Construction of the first phase could start in 2012.

The City of Vancouver has approved the rezoning of Marine Gateway, a mixed-use project located at Marine Drive and Cambie Street at Marine Station on the Canada Line.

The project includes 464 market residential units, 235,000 sq ft of office space, 235,000 sq ft of retail space, including an 11-screen theatre.

The developer is PCI Group.

Source