The Monterey Apartments at West 10th Avenue and Hemlock Street in the South Granville area has sold. The 17-unit heritage ‘C’ class building had been listed for sale in 2012 with an asking price of $4,800,000. It sold in January for $4,497,000, equating to a 3.6% cap rate and a price per unit of $265,000. The building was built in 1925. The buyer was Premier Pacific Properties.

After more than 50 Vancouverites signed up to speak at a public hearing Tuesday night, city council planned to push back its vote by two weeks on a controversial plan to rezone a prime piece of waterfront real estate in the city’s West End.

Many of the planned speakers were locals asking city hall either to reject the plan or force affordable housing into a Beach Towers rezoning application that proposes the development of 133 units available at above-market rental prices.

“We want a third of these units to have a starting rent that’s targeted to the median income in our community,” said Christine Ackermann of the West End Residents Association. “I think it’s our job to push city hall for more affordability and I think they can get it.”

The rezoning hearing for the Beach Towers STIR project (click here to view rezoning application documents) is happening now. 

Click here to watch the proposal live.

Colliers has acted on behalf of the Vendor in the sale of 5895 Barker Avenue, a 48-unit apartment building in Metrotown, that represents a 31,520 SF development site. The purchase price was $12,500,000, representing about $117 per buildable SF based upon anticipated rezoning to allow a high-density residential project. The RM-3 zoned site is located about l 100 metres from Patterson Skytrain Station.

Old Plaza 500 Hotel may turn into rental suites.

The former Plaza 500 Hotel and Convention Centre on West 12th will likely be converted to rental apartments. In an email to the Courier, Nancy Eng, communications coordinator for the City of Vancouver, confirmed an application by development consultant Brook Pooni Associates to convert floors three to 17 into rental units has been approved by the city subject to conditions. If approved, the second floor will also be converted — from hotel use to office space.

The iconic property, kitty corner to city hall, was home to the Plaza 500 for decades but closed several years ago. It was later announced the property would become part of the Indigo chain, operated by InterContinental Hotels Group, which also manages Holiday Inn and Crowne Plaza hotels.