Construction is now well underway on Aquilini Group‘s second rental tower at Rogers Arena. The south tower will be 31-storeys with 5-levels of underground parking. It will include “over 250 residential rental units in addition to fitness and multipurpose facilities.
A rendering of the tower can be seen at Francl Architecture’s site.
Courtesy mcminsen http://po.st/myTf07 via @imageshack
Courtesy mcminsen http://po.st/TVX5V6 via @imageshack
2280 West 6th Avenue, a 43-unit walkup apartment building in Kitsilano has sold to a local investor for $13,800,000, equating to a 2.7% cap rate and $321,000 per unit. The RM-4 zoned property sits on a 21,000 SF lot with 175 feet of frontage on West 6th. The asking price was $15,300,000.
The Red Door Housing Society has applied to the City of Vancouver to rezone a 16,884 SF site at 870 East 8th Avenue from RM-4 to CD-1 to allow the replacement of an existing affordable rental housing project with a larger affordable rental building. The proposal includes:
Current Improvements
Proposal
The application is being considered under the Mount Pleasant Community Plan.
The architect for the project is DYS Architecture.
Scotiabank has sold their branch location at the Northwest corner of Dunbar and West 41st Avenue for $14,000,000, or $343 per buildable SF based on current redevelopment potential. The 16,320 SF, C-2 zoned property was put up for sale on the market in 2015. The buyer is Luxurious Property Ltd.
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.