District of North Vancouver council approved a six-storey development near Phibbs Exchange Monday, but despite being billed as affordable housing, the project’s cost was too high for one councillor. The 112-unit Oxford Street development showcases the need for amalgamation between the City and District of North Vancouver, according to Coun. Lisa Muri.

“There’s tons of rental in the City of North Vancouver and if we were one municipality we wouldn’t even be having this conversation,” she said.

The project is a rezoning of four single-family lots between 1561 and 1583 Oxford St. Muri was nonplussed by the building’s size, its design, a lack of green space, and its location on a busy thoroughfare. “The access onto the Second Narrows Bridge has been suggested to come out right in front of this building,” she said.

Other councillors cited the project’s location as a prime attribute. “If ever there was a location in our community where it was appropriate to. .. potentially have a bit of a different model available for a building, this is it,” said Coun. Mike Little, noting its proximity to transit.

Read more: http://www.nsnews.com/news/rental-housing-a-go-near-north-vancouver-s-phibbs-exchange-1.1053957

By ChangingCity

Yet another of the ‘stalled’ projects that were impacted by the brief 2008-9 recession and the hike in construction costs around the Olympics got underway in 2011, and is now pretty close to completion. One of the few surface parking lots left Downtown – this one on Robson at Cambie – has been replaced by a 102 room hotel and 78 apartments that for now at least will be offered for rent.

The developers already owned the James Hancock designed Hampton Inn across the lane on Beatty Street, and the Georgian Court next door so there will presumably be efficiencies for them in operating here.

The design, by Relative Form Architecture offers quite a contrast to Walter Francl’s TV Towers across Cambie Street. As built isn’t exactly as shown a few years ago – but pretty close. The pre-cast concrete elements are similar in colour to the library up the street. There were plans to develop the site since the late 1990s, so it’s been a long time coming; initially it was said to be a Hilton – then the Crystal Blu Hotel: now it’s Hotel Blu.

 …read more

Source: Changing City

The City of Vancouver says it paid off the entire $630 million debt for the troubled Olympic Village project after selling 67 remaining condominium units for $91 million to the owners of the Vancouver Canucks.

Mayor Gregor Robertson told reporters Monday the Aquilini Group’s purchase of the condos ends the city’s involvement in the project that he once referred to as a $1.1-billion boondoggle.

“It’s a very good day for the City of Vancouver, in particular for city taxpayers,” said Robertson at a press conference at city hall. “Today, I’m thrilled to announce that we at city hall here have delivered gold for the taxpayers on our Olympic Village.”

Though the mayor framed the news as an Olympic-sized achievement, a later briefing by city manager Penny Ballem revealed the original revenue projections for the $1.1-billion project fell short by $130 million.

Originally, developer Millennium Properties Ltd. agreed in a 2006 deal with the city to pay $200 million for the land. The city only received $70 million.

Read more: http://www.vancourier.com/news/updated-city-of-vancouver-sells-final-stake-in-olympic-village-1.1005787

The owners of a site located at 3120-3184 Knight Street (at East 15th Ave) are seeking final approval at public hearing next week for a rezoning from RT-2 to CD-1 District to permit the development of a five-storey residential building with 51 market rental units.

Currently, three rental apartment buildings, built in the 1950s, exist on the site. The buildings are three storeys in height and contain a total of nine rental units. The location of the development, on an arterial street and within 500 metres of an identified local shopping area (Commercial Drive and East 16th Avenue), qualifies the site to be considered, under the policy, for a building of up to six storeys in height.

Existing site

The application was made last year under the Affordable Housing Choices Interim Rezoning Policy (IRP), and in accordance with that policy, the application seeks increased height and density in return for all proposed housing units being secured as for-profit affordable rental housing for the longer of the life of the building and 60 years. The rezoning, if approved, would result in an increase of rental units on this site of over 400% — from the existing 9 units to 51 units.

A 41-unit heritage apartment building at West 10th Ave and Oak Street in Vancouver has sold for $11,000,000, representing a 4.0% cap rate, or $268,000 per unit. The building, built in 1927 had been listed for sale for $13,000,000. The lot is 12,500 SF in size and is zoned RM-3.