Larco Investments Ltd. is planning a redevelopment of Park Royal South to include potentially 350 condo units in two towers, as well as redesigned vehicle circulation, new retail space and state of the art cinemas.

Larco plans to consult with the public and Squamish First Nations over the next 6 to 9 months, followed by a formal proposal to the City of West Vancouver in early 2012. Construction could begin as early as 2014.

Plans are available at Park Royal, or can be viewed here.

Canada Safeway has placed its 42-acre property in the Edmonds area of Burnaby on the market. The site is currently used for a warehousing and distribution centre but is designated within the City of Burnaby’s Official Community Plan as multi-family residential. It is an excellent development opportunity with the potential to develop upwards of 1,500 units.

Wall Financial has applied to rezone 32 single family lots to permit redevelopment with three residential towers (31, 32 and 29 storeys) on the Boundary Road and Vanness Avenue frontages and a mid-rise (8-storey) building on the Ormidale Avenue frontage. A total of 1,319 dwelling units are proposed. Proposed FSR is 5.99 (799,218 square feet). The project would include a large outdoor public space on the Ormidale Avenue frontage and proposes approximately 33,000 square feet of Community Amenity Space in the two towers fronting Boundary Road.

Source: City of Vancouver

Concert Properties Ltd. is close to closing a deal with TransLink for a three-acre site on Quebec Street at East 1st Avenue in Vancouver.

Adjacent to the Olympic Village on False Creek, the site was released to the market last year as part of the sale of several surplus properties TransLink is selling to garner funds for a revolving land account that the transit authority will use to acquire properties for development.

Concert was unable to say more regarding the pending acquisition. The deal would give it a prime piece of property in an area where Wall Financial Corp., Pinnacle International and Onni, among other developers, are active.

The deal, and one for three acres adjacent to Brighouse Station in Richmond, will likely close by year’s end, said Phil Christie, vice-president, real estate, for TransLink. A site released at King Edward Station in Vancouver is also on the market, but Christie said bids are under review and no offers have gone firm.

Christie said that proceeds from the sales will fund the development of a 300-bus transit centre located on Tree Island in Richmond, a site TransLink acquired last year for more than $20 million.

The deal on Quebec Street will also enable TransLink to acquire a site in Vancouver for its new small-fleet centre, part of which operates at the old Oakridge bus barns.

“We’ve got a great deal on that, and that frees up a lot of money to pay for the new facility,” Christie said of the pending Quebec Street transaction.

Relocation of its community shuttle fleet and other small vehicles at a new location will in turn allow TransLink to sell the old Oakridge site.

Source: Business in Vancouver
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