Larco Investments has applied to the City of Vancouver for permission to develop a site they own at Davie and Cardero with an additional new 23-storey building. The proposal for 1668 Davie St. includes the following:

• 158 secured market rental residential units;
• 105 studio and one-bedroom units, and 53 two & three bedroom units.
• Retention of the London Drugs
• Retail on the ground floor;
• Building height of approximately 210 ft;
• Total floor area of 123,895 SF; and
• 95 underground parking spaces accessed from the lane.
• Density of 6.1 FSR

The site is currently zoned C-5A and the application is being made under the existing zoning, which allows for planning to conditionally approve the proposal. The site also falls within the newer West End Community Plan, under the Lower Davie Village subarea, which allows up to 7.0 FSR.

The proposal calls for demolition of an existing parking garage next to the London Drugs.

The architect for the project is DA Architects & Planners.

1668 Davie Street is just one of several existing and pending applications that have resulted from the 2014 West End Community Plan, including 1177 Jervis Street, a project three blocks East on Davie that is being developed by Intracorp. Several other sites are in the process of being sold for future applications.

Here is an overview of the rezoning applications that will be considered by Vancouver City council next week:

(click on addresses for greater detail regarding the projects)

3063-3091 West Broadway

The plan for this site at Broadway and Balaclava includes 78 market rental units under the Rental 100 program. Currently on the site is a two-storey building with commercial uses at grade and two residential rental suites on the second floor. The rezoning was originally filed back in April 2015.

4162-4188 Cambie Street

This rezoning application was brought forward in March 2015 by Pennyfarthing Homes. The plan for the 22,166 SF site at Cambie and 26th Ave calls for a 6-storey condo building with 56 units. The site is directly across the street from Parc 26, a similar development now in pre-sales. 68% of the units will be 2 or 3 bedroom units.

2312-2328 Galt Street

The plan for this Norquay Village rezoning is a 28-unit, 4-storey apartment building under the Rental 100 program. The site is currently zoned RS-1, but was redesignated in the Norquay Village area plan for apartments.

26 East 1st Avenue

This is a rezoning amendment for a sitea at 1st and Ontario Street in the Olympic Village area owned by Pinnacle International and originally rezoned in 2006. The new plan calls for an 18-storey condo tower with 137-units and a density of 6.98 FSR.

201 West 2nd Avenue

Concord Pacific has applied to the City of Vancouver for permission to develop their 57,365 SF site, which is comprised of a full city block at West 1st Ave and Columbia Street. The site is one of the larger remaining undeveloped parcels in the SEFC area and was originally proposed by Concord back in 2012; having been rezoned previously in 2008. It will include 247 condo units. The architect for the project is GBL.

I am pleased to announce the sale of 1609 Cypress Street, a 16-unit apartment building in Kits. The building was sold to a local investor for $4,400,000.

In one of Vancouver’s largest retail deals of the year, Ackroyd Plaza, a 6.8 acre strip retail centre at Ackroyd Road and No. 3 Road in Richmond, has sold to a local investor.

Major tenants include PriceSmart Foods, White Spot, Boston Pizza and a BC Liquor Store.

The 106,000 SF plaza is currently zoned Downtown Commercial District allowing a maximum floor area ratio of 3.0. Richmond’s City Centre Area Plan designates the site as Urban Core (T6) and Village Centre which allows a maximum density of 4.0 FAR. The existing improvements are only built to a 0.36 floor area ratio, thus representing approximately 1,000,000 sq ft of residual density, therefore the purchase price was based more on the land value then the existing income. The cap rate was well below 3%.

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.