Here is a brief overview of City of Vancouver rezoning applications going before City Council next week:

468 West 33rd Ave & 4956-4958 Cambie Street

This application was made by Kenstone Properties back in August 2014.

The proposal is for a 65-unit, 6-storey condo building at the Southeast corner of 33rd and Cambie. If approved by council it will go to public hearing next.

5648-5678 Victoria Drive

This proposal, by Bhandal Homes, is for a 6-storey, 48-unit market rental apartment building with retail at grade. The site is currently zoned C-2, but the application for greater density (3.48 FSR) is being made under the Rental 100 policy.

It is seeking to go to public hearing.

3819 Boundary Road

This is another market rental application being made under the Rental 100 program. The plan for this site, originally conceived in 2013, is to rezone from C-1 to allow a 4-storey building with 23 rental apartments. If approved it goes to public hearing.

Polygon Homes has applied to rezone the Mountain Court multifamily complex in North Vancouver for a new multi-phase strata and rental complex in four 5-storey buildings. Mountain Court is an aging apartment complex built in 1968 on a 4.13 acre site located just south of Lynn Valley Centre. This sits next to Polygon’s Canyon Springs project; currently under construction and expected to be completed in 2016.

The District of North Vancouver’s Official Community Plan allows a total density on this site of 2.5 FSR, and the more recent Lynn Valley Town Centre Flexible Planning Framework allows buildings up to 5-storeys.

The proposal includes:

• Phase one:
  • a 75-unit market rental building (1:1 unit replacement, this is the CAC for the development)
  • a 68-unit strata building
• Phase two:
  • two buildings totaling 178 units
• A total of 321 units (76% two and three bedrooms)
• A total of 372,072 SF
• A density of 1.82 FSR

It is anticipated that this will be built out over a five year period.

Oceanside Apartments, a 23-unit apartment building in the West End, has sold for $8,195,000. The 3-storey walkup, also known as Oceanside Hotel, was listed for $8,495,000. The listing brochure indicated that the property had been operated more recently as a hotel and that the Property “can be delivered vacant to a Buyer providing a rare opportunity for an investor to hand-pick tenants and rent out the renovated suites at true market levels.”

The cap rate was 4.4%, and the price per unit was $327,800. Both the seller and buyer were local private investors.