Cadillac Fairview has submitted a new development application to the City of Vancouver for 601 West Cordova Street, currently the surface parking lot between the Waterfront Station building and The Landing.

The site was previously subject of an application for a new office tower in 2020, but did not move forward.

The architect for the resubmission is James Cheng, who also designed The Stack office tower, on Melville Street.

The current proposal calls for a 22-storey office building, stacked to look like a silhouette of a tree and cantilevered over Waterfront Station. Details include:

• 417,000 SF of office space;
• a total density of 7.05 FSR;
• a building height of 416 ft.
• A public plaza.

Under the site’s existing DD zoning, the application is “conditional” so it may be permitted. However, it requires the decision of the Development Permit Board.

A 2-storey office building at 3066 Arbutus Street has sold to an owner-user. The 1978-era building is located on a 6,930 SF lot at the Northeast corner of Arbutus & West 15th Avenue on the Westside of Vancouver.

Details:

• Building Size: 6,311 SF
• Sale Price: $5,412,750
• Price/SF: $858

The 2nd floor of the building was vacant, with the ground floor leased to Luxmore Realty until 2027.

The property had been listed for sale for $6,800,000 by Jones Lang Lasalle.

A 3-storey medical office building known as Fleetwood Professsional Centre has sold. The property is located at 16088 84th Avenue in the Fleetwood area of Surrey.

Details:

• 28,074 SF
• Year Built: 1994
• 84 surface parking spaces
• Price: $13,000,000
• $463/SF

The property was sold by Nicholas Westlake of CBRE.

Allied Properties REIT has announced the completion of the remaining 50% interest in M4 of Main Alley Campus in Mount Pleasant from Westbank.

Details:

• Building Size: 208,000 SF (167,000 SF office, 38,000 SF industrial)
• Year Built: 2025
• 50% Interest
• Purchase Price: $89,700,000
• $863/SF

The sale was negotiated in July and completed September 30.

Allied Properties REIT has sold 1220 Homer Street to a user group for $13,250,000, . The 4-storey, 19,384 SF heritage office building was originally built in 1947 but had been restored. The building was primarily vacant at the time of sale.

The sale price equates to $684/SF.

The building had originally been acquired in 2018 for $17,500,000, and a 3.40% cap rate.