Marloborough Court, a 5-storey office building located at Marlborough Avenue and Kingsway in Burnaby, has been sold to a local private investor.
The building is adjacent to Metropolis at Metrotown mall, is an 83,000 square foot, five storey office complex offering large floor plates. The purchase price was $27,200,000, or $326 per SF.
The building is located on a fairly large site, totaling 36,500 SF. The site is designated commercial within the existing Metrotown Plan.
A controversial piece of property in central Coquitlam that’s sat vacant for years will get a new lease on life, in a move that was widely opposed at a public hearing Monday.The property is located at 1649 Como Lake Ave., directly west of the Chevron station at the intersection with Poirier Street.
The proponent, represented by Tideway Developments, wants to consolidate two lots at 1649 and 1665 Como Lake Ave. to make way for a one-storey, 6,600-square-foot development encompassing four businesses.
What those businesses will look like remains unclear, as the developers are still seeking interested parties. The city’s zoning policy allows only for businesses like a grocery store, specialty food retailer, flower shop or seasonal Christmas tree stand.
The rezoning was endorsed unanimously, despite a handful of residents at the public hearing citing concerns around increased traffic, crime and vandalism, a loss of property values, and the belief that commercial units don’t belong in the neighbourhood.
Read more: http://www.thenownews.com/news/long-vacant-lot-in-coquitlam-to-be-redeveloped-1.1077604
A project that we wrote about back in January goes to public hearing next week. 2975 Oak Street is an existing 14-unit apartment building at Oak and W 14th that is being proposed for partial heritage preservation and replacement with 50 rental units in a new 10-storey tower; for a total density of 2.8 FSR on the 12,500 SF site. All of this is being done under the existing RM-3 zoning.
Existing Building
Proposed New 50-unit Tower
The Aquilini family bought the property back in April of 2012 for $4,600,000 ($130 per buildable SF based on the proposed density).
Demolish 14 units and build 50…and no rezoning. How are they able to do this?
It’s all about the heritage. The existing building is a Heritage ‘B’ and the proposal includes a Heritage Revitalization Agreement (HRA) for the site.
Under the current RM-3 zoning applicable to the site, the existing building could be demolished and the site redeveloped with a density of up to 1.9 FSR and a building height of 120 feet without Council approval, subject to replacement of the existing rental units and securing these units through a Housing Agreement.
However, as incentive and compensation to the owner for the heritage designation, rehabilitation, and conservation of the heritage facades of the existing building built in 1928, an increase in permitted density to 2.8 FSR with a new tower is being supported by the City.
As with any demolition of existing rental, Aquilini had to provide a Tenant Relocation Plan which meets the requirements under the Rate of Change Guidelines for RM, FM, and CD-1 Zoning Districts.
Overall, not a bad little deal especially considering that this project isn’t going under Rental 100 and therefore rents won’t be capped. But before you get excited about finding another just like it, keep in mind that this one was unique with a very small heritage building on a disproportionately large site RM-3 zoned site. Even the City acknowledges that it won’t be setting a precedent as there are so few properties where an HRA would be viable in this area.
District of North Vancouver council approved a six-storey development near Phibbs Exchange Monday, but despite being billed as affordable housing, the project’s cost was too high for one councillor. The 112-unit Oxford Street development showcases the need for amalgamation between the City and District of North Vancouver, according to Coun. Lisa Muri.
“There’s tons of rental in the City of North Vancouver and if we were one municipality we wouldn’t even be having this conversation,” she said.
The project is a rezoning of four single-family lots between 1561 and 1583 Oxford St. Muri was nonplussed by the building’s size, its design, a lack of green space, and its location on a busy thoroughfare. “The access onto the Second Narrows Bridge has been suggested to come out right in front of this building,” she said.
Other councillors cited the project’s location as a prime attribute. “If ever there was a location in our community where it was appropriate to. .. potentially have a bit of a different model available for a building, this is it,” said Coun. Mike Little, noting its proximity to transit.
Read more: http://www.nsnews.com/news/rental-housing-a-go-near-north-vancouver-s-phibbs-exchange-1.1053957