A walk-up apartment building in Metrotown has sold for $10,400,000, or $216,667 per unit. The building is located on a 32,500 SF site at 6425 Silver Avenue, just south of a number of large-scale developments on Beresford Street. The zoning for the property is RM-3 and it is not known if the OCP will permit a higher density when the new Metrotown Area Plan is released. The buyer was a local investor.

This article in the New York Times highlights some challenges in incorporating social housing in a higher-end market condo building. This is an issue that may become more prominent in Vancouver as the City tries to generate new social housing units by requiring social housing in new market developments; particularly in higher density areas like the West End.

‘Poor Door’ in New York Tower Opens Housing Fight

New York Times, August 27, 2014

A 33-story glassy tower rising on Manhattan’s waterfront will offer all the extras that a condo buyer paying up to $25 million would expect, like concierge service, entertainment rooms, and unobstructed views of the Hudson River and miles beyond.

The project will also cater to renters who make no more than about $50,000. They will not share the same perks, and they will also not share the same entrance.

 The so-called poor door has brought an outcry, with numerous officials now demanding an end to the strategy. But the question of how to best incorporate affordable units into projects built for the rich has become more relevant than ever as Mayor Bill de Blasio seeks the construction of 80,000 new affordable units over the next 10 years.

 The answer is not a simple one. As public housing becomes a crumbling relic of another era, American cities have grown more reliant on the private sector to build housing for the poor and working class. Developers say they can maximize their revenues, and thus build more affordable units, by separating them from their luxury counterparts.

Read more: http://www.nytimes.com/2014/08/27/nyregion/separate-entryways-for-new-york-condo-buyers-and-renters-create-an-affordable-housing-dilemma.html

By ChangingCity

Grace Court is a 1912 7-storey 26 unit concrete apartment building designed by R MacKay Fripp for D D Hutchinson. When it was built it cost $40,000 and filled just over half the lot it sits on. Recent changes to the West End zoning from the West End Plan allow an infill building on the remainder of the site. (Generally the infill is allowed on the lane, although in this case it’s the end lot so it will be addressed as 1071 Cardero Street).

…read more

Source:: Changing City Updates

A number of development applications have begun popping up in the West End; partially a result of the West End Community Plan that was adopted by the City of Vancouver in late 2013.

Most of these projects, including a site I sold at 1546 Nelson Street earlier this year, have an underutilized land area such as a surface parking lot or oversize backyard.

Here are  few that have come up for application this summer:

1546 Nelson Street  (sold in February for $2,050,000)

1071 Cardero Street

1529 Comox Street

An application has been made to rezone a 23,347 SF site consisting of an assembly of single family lots at 126-168 East 35th Avenue from RS-1 to CD-1. The proposal, being made under the Little Mountain Adjacent Area Rezoning Policy, is for a 6-storey apartment building and a 1-storey building along the lane that includes:

• 48 residential units;
• a density of 2.3 FAR;
• 60 underground parking spaces