Polygon Homes has applied to rezone the Mountain Court multifamily complex in North Vancouver for a new multi-phase strata and rental complex in four 5-storey buildings. Mountain Court is an aging apartment complex built in 1968 on a 4.13 acre site located just south of Lynn Valley Centre. This sits next to Polygon’s Canyon Springs project; currently under construction and expected to be completed in 2016.

The District of North Vancouver’s Official Community Plan allows a total density on this site of 2.5 FSR, and the more recent Lynn Valley Town Centre Flexible Planning Framework allows buildings up to 5-storeys.

The proposal includes:

• Phase one:
  • a 75-unit market rental building (1:1 unit replacement, this is the CAC for the development)
  • a 68-unit strata building
• Phase two:
  • two buildings totaling 178 units
• A total of 321 units (76% two and three bedrooms)
• A total of 372,072 SF
• A density of 1.82 FSR

It is anticipated that this will be built out over a five year period.

Oceanside Apartments, a 23-unit apartment building in the West End, has sold for $8,195,000. The 3-storey walkup, also known as Oceanside Hotel, was listed for $8,495,000. The listing brochure indicated that the property had been operated more recently as a hotel and that the Property “can be delivered vacant to a Buyer providing a rare opportunity for an investor to hand-pick tenants and rent out the renovated suites at true market levels.”

The cap rate was 4.4%, and the price per unit was $327,800. Both the seller and buyer were local private investors.

A rezoning application has been submitted for a new 5-storey rental apartment building in Kits. The site, located at 3063-3091 West Broadway is 21,652 SF and is anticipated to be rezoned from C-2C to CD-1. Details include:

• 78 secured market rental units;
• commercial uses at grade;
• a proposed density of 3.33 FSR
• a building height of 58.4 ft. ; and
• 92 underground parking spaces.

This application is being considered under the Secured Market Rental Housing (Rental 100) Program.