Colliers has completed the sale of a mixed-use development site located at 2245 McAllister Avenue in Port Coquitlam, as reported on by Storeys. The site, previously owned by Quarry Rock, is approved for a 5-storey, 80-unit project with 19,000 SF of retail at grade. It was sold to Northstar Development for $11,600,000 or $168 per buildable SF based on the approved application.
The centre comprises 193,785 SF situated on three properties totaling 20.15 acres and is adjacent to the Willowbrook Shopping Centre (commonly referred to as Willowbrook Mall), the area’s regional shopping centre of over 640,000 SF. The property is anchored by Safeway and is 90% leased to national retailers.
The projected 2025 NOI for the property is $5.5 Million, equating to a 4.0% going-in cap rate.
Vittori Developments has submitted an application for a new 10-storey rental building on an assembly of two single family lots on West 27th Avenue, just East of Cambie Street. The combined lot size is 15,000 SF.
The lots are currently designated within the Cambie Corridor Plan for townhouses, but is located within Tier 2 – 400 meters of the King Edward Skytrain Station. Under the TOA rezoning policy, the site is allowed up to 12-storeys, 4.0 FSR.
The proposal for the site contemplates a 10-storey concrete rental apartment building that includes:
63 rental units (20% below market);
27 one-bedroos, 18 two-bedrooms and 18 three-bedrooms;
a total density of 4.0 FSR;
a building height of 113 ft.
66 underground parking spaces on two levels.
The architect for the project is Raffaele Architecture Inc.
