I am pleased to announce the sale of 1290 Homer Street, a heritage style office building located at the corner of Homer and Drake Streets in the Yaletown area of Downtown Vancouver. The building sits on a 50.5 x 120 ft site and is an excellent candidate for repositioning and/or redevelopment.

The property sold for $9,750,000.

Please contact me at david.taylor@colliers.com for details.

Plan A Real Estate has applied to the City of Vancouver to develop additional rental units on an apartment building they own at 1170 Barclay Street, The “Florida Apartments”. The proposal for the site includes:

• interior and exterior alterations, including a 2-storey plus roof deck addition,
• a Heritage Revitalization Agreement, to this existing two-storey plus basement, multiple dwelling building,
• increasing the number of apartment units from 16 to 28 units
  
• 7 surface parking spaces at the rear, having vehicular access from the lane
• total overall density of 2.07 FSR. (17,909 SF).

Under the site’s existing RM-5B zoning, the application is “conditional” so it may be permitted; however, it requires the decision of the Director of Planning.

Existing Building

The architect for the project is Hearth Architectural Inc. The application explains the design rationale:

“The development proposal for The Florida is to preserve and restore the existing Heritage Class “B” Art Deco building that has long been in disrepair and in need of a major renovation. An addition to the restoration of The Florida will take the form of two storeys that steps back from the face of the existing building to emphasize the original heritage massing and form. With a total of 5 storeys in the new development proposal for The Florida, the floor plans will be redesigned to house more functional living spaces and provide for a good mix of studios, one bedrooms and two bedroom apartments. A total of 23 apartments will provide livability options for West End residents.”

The building was acquired in 2010 for $3,360,000, or a 3.5% cap rate.

Westbank Projects has applied to the City of Vancouver for permission to develop a site at 33 West Cordova with a 11-storey mixed-use building.The plan, which involves a deal between Ian Gillespie, the Portland Housing Society and BC Housing, was first announced a year ago.

The proposal for the 19,071 SF site that also fronts onto Blood Alley includes the following:

• 214 rental apartments (80 social housing units /134 secured market rental units);
• commercial uses on the ground floor and cabaret underground;
• 163,482 SF of gross floor area;
• total density of 8.57 FSR
• building height of 110 ft.;
• 267 bicycle parking spots.

Under the site’s existing HA-2 zoning, the application is “conditional” so it may be permitted; however, it requires the decision of the Development Permit Board. 

The architect for the project is Henriquez Partners Architects. In the application, Henriquez explains the design rationale: