Earls has sold its long-held property on Marine Drive to a development group led by Darwin Construction for $20,000,000. The 2.06 acre site is currently built out with the restaurant itself, which Earls has occupied since 1984, and surface parking. No word on redevelopment plans yet, though based on the purchase price, redevelopment is surely on the horizon.

Interestingly, the site straddles two municipalities, with one legal lot located in West Vancouver, and the other located in the District of North Vancouver. The lot on the North Vancouver side is designated for 1.75 FSR.

The site appears to have excellent development potential with recent rezoning approval for two residential towers with 262 units at the Grouse Inn site further down the block at Capilano Road.

With office space vacancies across Metro Vancouver increasing at the highest rate since 2005, building owners are developing innovative strategies to attract and retain office and commercial tenants.

Office vacancy rates have continued to climb this year, reaching 9.3 per cent in Metro Vancouver in the second quarter of 2014, the highest rate since 2005, according to a recent report by Colliers International.

A lack of demand from large, traditional industries that have largely opted not to renew leases, combined with a surge in the amount of new space coming on stream around the region, is to blame for the high rate of vacancy, according to the report, which also suggested many prospective tenants are waiting before inking major office deals.

Serracan, the developer behind the FiveTen building at the corner of Seymour and Pender in Vancouver, is trying a flexible approach. The 10-storey, 70,000-square-foot building is set to have its ground broken by early winter.

Owner Gino Nonni, who has 30 years of experience in the real estate industry, is well aware many of Vancouver’s commercial landlords are struggling to fill their buildings. With that in mind, he said, Serracan is offering tenants the chance to meet with the design team ahead of signing leases to discuss customizing their spaces. The building is slated to open for occupancy in spring 2016.

Read more: http://www.vancouversun.com/business/commercial-real-estate/Commercial+real+estate+Developers/10091911/story.html?__lsa=f7bd-85ad

The City’s first ever development application is being made under the new RM-9 zoning that was implemented by the Marpole Community Plan earlier this year.

Formwerks Architectural is proposing to construct one 3-storey and two 4-storey stacked townhome development with a total of 19 residential units above 27 underground parking spaces. The application is conditional under the RM-9 zoning. The site, located at 332-356 West 62nd Avenue is 15,746 SF in size and features courtyard townhomes and stacked townhomes with a 24 ft. courtyard in between.

There will be a variety of 2-bedroom ground oriented units, with some 2 and 3-bedroom townhouse units ranging from 1,062 to 1,868 SF