Polygon Development has submitted a rezoning application to the District of North Vancouver for a 3.5 acre site they own in the Lynn Valley Town Centre area.

The site is a combination of two properties:

• 1246-1268 Lynn Valley Road is currently occupied by two-storey strip mall.
• 3050-3174 Baird Road is currently occupied by Draycott Gardens, a 32-unit rental townhouse complex built in 1972.

The OCP designation for the site is: Residential Level 5: Low Density Apartment and Residential Level 6: Medium Density Apartment.

The rezoning application proposes four 6-storey buildings that include:

• 408 total units;
• 64 rental units (including 32 replacement rental units);
• 344 condo units;
• 27,000 SF of commercial space;
• Two levels of underground parking with 450 stalls.
• A total density of 2.50 FSR.

An overview of the proposal can be viewed here:

The site was acquired for a combined value of $59,400,000 in 2021.

A 2-storey retail and apartment building at 5853-5857 Victoria Drive, at East 43rd Avenue in East Vancouver has sold.

Details:

• Building Size: 3,082 SF
• Lot Size: 3,643 SF
• 2 retail units (local restaurant & pharmacy) + 2 one-bedroom apartment units
• Purchase Price: $2,639,000
• $/SF Building: $856/SF
• Cap Rate: Approx. 4%

The property had been listed with RE/MAX City Realty with a list price of $2,790,000.

A 10-storey concrete apartment building in the West End has sold. 1222 Pendrell Street has sold for $12,300,000, or $286,000 per unit. The 43-unit building was built in 1972.

The building contains 41 one-bedroom units and 2 two-bedroom units.

• 43 Units
  • 41 one-bedrooms, 2 two-bedrooms
• Avg. Market Rent $3.91/SF
• Assessment Value: $18,838,000
• Asking Price: $15,000,000
• Notes: “Major capital upgrades required”

The property was listed and sold by Avison Young.

1281 Broughton Street, a 31-unit building in the West End, has been sold by Reliance Properties to CAP REIT in a deal valued at $13,953,000, or $450,000 per unit.

The building is located on the Southwest corner of Broughton & Burnaby Street in the West End. The 8-storey concrete building was built in 1959 all all corner units with hardwood flooring. The building has laundry, storage, and some parking.

Details:

Lot size: 8,650 SF

The asking price for the property had been $15,900,000.

The property was listed and sold by CBRE.

Building rental listing “Twelve81”: https://www.capreit.ca/apartments-for-rent/vancouver-bc/the-twelve81/

Goh Ballet Academy has submitted a rezoning application for the small corner site they currently own and operate at 2345 Main Street, at the Northwest corner of West 8th and Main in Mount Pleasant.

The existing building was formerly a Royal Bank building, built in 1912 that Goh Ballet took over in 1985. The site is 62′ x 100′ and is on the heritage register.

The site is located in the Main Street Village Area A subarea of the Broadway Plan, which enables the development of retail/service, office, residential, and cultural uses up to 6 storeys and 3 FSR. The retention of heritage assets and development of cultural spaces can enable additional building heights up to 8-9 storeys. The proposal is seeking relaxations due to its proximity to the upcoming Broadway Line Station.

The proposal calls for a redevelopment of the 6,181 SF site with a 26-storey student housing tower that includes:

• 344 student housing units;
• 1,500 SF of ground floor retail space;
• 3 levels of underground cultural spaces (expansion of Goh Ballet);
• a total density of 23.0 FSR;
• A building height of 343 ft. with additional height for rooftop amenity space; and
• Retention of the Royal Bank Heritage Building (Vancouver Heritage Register).

This application is being considered under the Broadway Plan and requests consideration of density and height in excess of the existing policy.

The architect for the project is Align Architecture.

The full application can be viewed here: https://www.shapeyourcity.ca/2345-2349-main-st