A development application by Rendition Developments for a 50 foot lot at the Northwest corner of Ontario and West 6th Avenue demonstrates the type of development we are likely to see more of in the I-1 zoned area of Mount Pleasant. The site address is 2151 Ontario.

The plan for this 6,039 SF site is a three-storey building with clothing manufacturing on the ground floor, and general offices on the 2nd and 3rd floors. Details includes:

• 5,909 SF of manufacturing area
• 11,875 SF of office space
• A density of 2.95 FSR
• 13 underground parking stalls

The site is currently improved with a single storey industrial building that was listed for sale late last year for $2,695,000, and sold for full asking price.

Changes made to the I-1 zone in 2013 allowed more flexibility with respect to building general office space, which was previously restricted to uses related to the manufacturing. Parking relaxations have also allowed sites such as 2151 Ontario to reach full density without further assembly for underground parking.

Not surprisingly, the 2013 zoning changes have resulted in an attendant increase in sales activity and land values over the past 18 months, a trend which is reinforced with stagnant rates for older light-industrial space.

Here’s a view of the first phase of King George Station in Surrey. This phase of the project by PCI Group is the new help headquarters for Coast Capital Saving Credit Union.

Photo by 604 City, Flickr

1867 West Broadway, a 3-storey B Class concrete office building more commonly known as The CGA Building, has sold for $16,125,000. The 31,000 SF building was owned by the Certified General Accountants Association of B.C., who will vacate it’s 26,000 SF this summer. The site the building is located on is 13,402 SF and is zoned C-3A. The property was listed for sale in late 2014 with no asking price.

The 2nd floor of the building is currently listed for lease at $22.00 per SF.

The purchaser was Austeville Properties who owns the adjacent commercial building. This appears to be a long-term strategic investment as opposed to any kind of redevelopment deal.