A 42,000 SF, C-Class office building on Hornby Street has sold to Bene Development for $25,500,000, or approximately $625 per SF. The building is currently occupied by Copeman Healthcare, among other tenants. The building sits on a 12,000 SF site.
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:
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.
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.
Westbank has applied to the City of Vancouver to rezone a site in the Joyce-Collingwood area to allow a 29-storey condo tower. Details include:
- 3,530 SF of commercial space at grade
- 191,000 SF of residential space
- 236 apartment units
- A density of 14.33 FSR
The City describes the rationale for the proposed rezoning:
“This site falls within the area of the ongoing Joyce-Collingwood Station Precinct Review. The review is anticipated to provide new policy advice to consider rezoning applications in a focused area around the Joyce-Collingwood SkyTrain Station. The outcomes of the Station Precinct Review will be brought forward for consideration by City Council prior to the Council’s consideration of this application.”
PCI Group has filed an application to rezone a property they own at 2805 East Hastings Street, most commonly known as a Burger King for many years. The plan for the 24,902 SF, C-2C1 zoned site is to develop a six-storey rental building with retail on the ground floor. The proposal includes:
- 92 rental apartment units;
- 18,300 SF of CRU retail on the ground floor;
- a density of 3.84 FSR
- a building height of 70.2 ft. ; and
- 97 underground parking spaces.
This application is being considered under the Rental 100 Program and is possible due to the site’s location on a main arterial street. The site has 204 feet of frontage on Hastings.
The application describes the development as follows:
“Located on the Hastings corridor, the project provides for a ground floor containing small scale retail CRU’s with five storeys of residential use consisting of 92 residential rental units, which include 55 one-bedroom units (average size of 544sf), 32 two-bedroom units
(average size of 742sf) and 5 three-bedroom units (average size of 1,000sf).
The project incorporates one and a half levels of underground parking with access at the northeast corner from the lane. A modest size amenity space is located on the sixth floor with an adjacent landscaped outdoor terrace. The elevators provide access to a roof garden.”
The architect for the project is Burrowes Huggins Architects.
PCI Group acquired the site in August 2015 for $11,100,000. It was listed and sold by Casey Weeks and Steve Fame of Colliers.
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.