A rezoning application has been submitted for a 33,730 SF site at the Northwest corner of Commercial Drive and East 18th Avenue in East Vancouver. The rezoning is seeking to create 3365 Commercial Drive and 1695-1775 East 18th Avenue from RS-2 (Single Family Dwelling) District to CD-1 (Comprehensive Development) District. The rezoning will create two separate buildings, as follows:
- A heritage designated house (relocated from another portion of the site) with:
- 5 three-bedroom market units
- A total density of 1.12 FSR
- A new rental building on the balance of the site, which contains:
- 112 secured market rental units (25 studios, 45 1-bedroom, 32 two-bedroom, and 10 three-bedroom);
- 2.85 FSR
- 64 underground parking spaces and 144 bicycle spaces.
This application is being considered under the Interim Rezoning Policy for Increasing Affordable Housing Choices and the Herit
age Policies and Guidelines.
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.
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.
