Two current applications continue a recent trend of redevelopment of older I-1 zoned properties in the Mt. Pleasant area, referred to more recently by some as “Mt. Pixel” because of the many tech companies that are locating in the area. The I-1 zone was amended by the City in 2013 to be more flexible in allowing office uses up to 3.0 FSR in density, and this has spurred several land sales; primarily to developers, either for speculative development or build-to-suits. The pace of recent development applications points to the demand for general office use in an area that was traditionally limited to light-industrial uses.

The two projects are outlined below:

22 East 5th Avenue

This proposal for this site at the Southeast corner of East 5th and Ontario envisions restoring the facade of the existing one-storey industrial building on site, and adding a new 6-storey retail and office building with parking on the first and second floor (due to site slope). Details include:

• manufacturing and retail uses on the main floor
• office space on the 3rd to 6th floors
• total density of 54,389 SF (3.0 FSR)
• 46,537 SF of office space
• a building height of 80 ft.
• 70 parking stalls on the main and 2nd floor

Existing Site Condition

The architect for this project is Christopher Bozyk.

34 West 7th Avenue

An application has also been filed by Chard Development for a site at 34 West 7th, which was purchased for $8,150,000 earlier this year. Preliminary plans call for a 4-storey building with clothing manufacturing uses on the ground floor and office uses on the 2nd to 4th floors, and two levels of underground parking. The total density is not known at this time, but the site would allow for up to 54,350 SF (3.0 FSR).

The architect for this project is Proscenium Architecture.

A lowrise retail and office building at West Broadway and Ash Street has sold for $38,888,888 to a Chinese investor. The 34,600 SF building was sold by TPMG Capital, a long-time owner. The property is 31,250 SF in size and is zoned C-3A which allows a density of 3.0 FSR, but only for commercial use in this sub-area, this equates to $415 per buildable SF. The main retail tenant is Rogue, which has a long-term lease.

Seaspan is seeking development permit approval to construct an office building to provide the necessary office facilities for their ship building operations at the foot of Pemberton Avenue in North Vancouver.

The new central facility will house the office component of its ship building and marine service operations. The location on the site offers both overview of the shipyards, and easy access for staff moving back and forth between on-site facilities. The proposal includes:

•  a new 4-storey building with offices, meeting rooms, change rooms, and a canteen for the Seaspan staff
• Total floor area of 84,000 SF
• 122 parking spaces on an adjacent lot

In 2011, Seaspan was awarded a contract to build 17 non-combat ships on the adjacent site.

8010 Saba Road in Richmond has sold for $24,250,000. The property is improved with a 33,456 SF retail and office building whose main tenants include HSBC and National Bank Financial. The purchase price equates to a 4.4% cap rate, or $722 per SF. The building was sold by bid process in June with no asking price.

Here is a video overview of the property by the listing agent, Cushman Wakefield:

8010 Saba Road, Richmond BC from Cushman & Wakefield | Vancouver on Vimeo.

A new light industrial/office building is being planned for a mid-block site on Railway Street, in an area East of Main Street along the CN Rail tracks. The plan for the 132′ x 53′ (6,584 SF), M-2 zoned site is for a 6-storey building including:

• retail on the ground floor, manufacturing on floors 2, 4 & 5, wholesaling on the third floor and office space on the 6th floor
• a total density of 5.0 FSR
• a building height of 100 ft.
• 3 levels of underground parking
• no building setbacks

Considered Design Inc., the landscape architect for the project, has some renderings on their website, including the one below.