A development application has been made for a 4,850 SF C-2 zoned site on the Northeast corner of East 36th Avenue and Victoria Drive in East Vancouver. The plan the site at 5195 Victoria Drive is for a 4-storey mixed-use project containing:

• retail and office uses on the main floor
• 10 residential units (4 one-bedrooms and 6 two-bedrooms)
• a total density of 2.41 FSR (11,626 SF)
• 9 underground parking spaces

The architect for the project is Cornerstone Architecture.

After media reports this week about large assessment increases for residential properties in Vancouver, a quick look at commercial property assessments reveals a similar trend, with rapidly rising values, particularly in certain “hot” areas.

Below is a summary of a random sample of 20 properties within the City of Vancouver with a commercial or multifamily zoning, and the % increase in their respective assessment values this year over last.

(click the chart to view more clearly)

Data source: BC Assessment

While this analysis is not intended to be exhaustive by any means, it does show some pretty substantial increases in various areas, particularly on or near the Broadway Corridor. Elsewhere, in zones that allow residential development, assessment are rising quickly to reflect sales comparables that are reaching new records on an almost monthly basis. In most cases, it is the land component of the assessments which has risen dramatically in recent years as a result of heightened demand for condo development.

There are likely to be implications for existing commercial tenants in many of these properties as property tax increases flow through to tenants dependent upon their lease structure.

Construction for The Exchange is now above ground. The 31-storey, 369,000 SF office tower at the corner of Howe and Pender began construction in late 2014 and has involved the complex retention of the original Vancouver Stock Exchange building (475 Howe). The new building is slated for completion in early 2017. National Bank is signed on as the first major tenant, occupying 45,000 SF.

Photos courtesy mcminsen http://po.st/5Xmz1b via @imageshack

A development application has been filed with the City of Vancouver for the former Terminal City Ironworks site, a 2.3 acre full city block in East Vancouver located at 1900 Pandora Street, with frontage on Franklin St., Victoria Dr. and Semlin Dr. The site, zoned I-2 industrial, was offered for sale in 2014 with Cushman Wakefield for $14.9M.

The history of the site, including its more recent use predominantly as a film shoot location, was reported by the Vancouver Sun earlier this year.

The current development proposal from Conwest Developments anticipates two new buildings including the following:

• a 4-storey wholesale/office building accessed off of Pandora St.
• a 3-storey wholesale building accessed of of Franklin St.
• one level of underground parking
• total building area of 202,262 SF
• total density of 2.06 FSR

The use and density are conditional under the zoning and therefore requires approval of the Director of Planning.

The architect for the project is Taylor Kurtz.

A 42,000 SF, C-Class office building on Hornby Street has sold to Bene Development for $25,500,000, or approximately $625 per SF. The building is currently occupied by Copeman Healthcare, among other tenants. The building sits on a 12,000 SF site.