Groundbreaking occurred yesterday for a project that has been in the making for years. Hollyburn Properties officially commenced construction of M2 (Marlborough Tower 2) yesterday, a 14-storey rental apartment building located at the corner of 14th and Chesterfield, directly adjacent City Hall. The project had originally been envisioned back in 2005 as part of a land swap with the City, but was left as a parking lot until now.

Thank you @CityOfNorthVan @DarrellMussatto, breaking ground w/ us on 14th & Chesterfield. Purpose built #rental pic.twitter.com/wLoB8xMuWA

— Hollyburn Properties (@HollyburnPpty) October 29, 2014

The building is expected to be ready for occupancy in Summer 2016 and will contain 130 units starting at $1,100 per month. The suite mix is as follows:

• 10 Townhouses
• 6 Penthouses
• 50 – 2 Bedrooms
• 70 – 1 Bedrooms

More info on the building can be found here: http://www.rentersguide.com/marlborough-tower-2 .

The building at 1424 West Broadway, better known at the Joeys Broadway location, has sold for $14,300,000. It had been marketed for sale by Colliers in the summer and received multiple offers.

The property is leased to Joey Broadway and generates an income of $228,000. The site area is 15,265 SF and the zoning is C-3A. The buyer was a local investor.