The owners of a site located at 3120-3184 Knight Street (at East 15th Ave) are seeking final approval at public hearing next week for a rezoning from RT-2 to CD-1 District to permit the development of a five-storey residential building with 51 market rental units.

Currently, three rental apartment buildings, built in the 1950s, exist on the site. The buildings are three storeys in height and contain a total of nine rental units. The location of the development, on an arterial street and within 500 metres of an identified local shopping area (Commercial Drive and East 16th Avenue), qualifies the site to be considered, under the policy, for a building of up to six storeys in height.

Existing site

The application was made last year under the Affordable Housing Choices Interim Rezoning Policy (IRP), and in accordance with that policy, the application seeks increased height and density in return for all proposed housing units being secured as for-profit affordable rental housing for the longer of the life of the building and 60 years. The rezoning, if approved, would result in an increase of rental units on this site of over 400% — from the existing 9 units to 51 units.

A 41-unit heritage apartment building at West 10th Ave and Oak Street in Vancouver has sold for $11,000,000, representing a 4.0% cap rate, or $268,000 per unit. The building, built in 1927 had been listed for sale for $13,000,000. The lot is 12,500 SF in size and is zoned RM-3.

Lougheed Town Centre has long been one of the quietest of Burnaby’s four town centres. Not in terms of traffic, of course. The intersection of Lougheed Highway and North Road has always been busy. But while Metrotown has boomed, and the neighbourhoods of Brentwood and Edmonds have seen a flurry of new development over the years, the Lougheed area has been comparatively stagnant.

Since opening in 1969, the mall has evolved over the years. It doubled in size in 1986, and underwent significant renovations about a decade ago. But now big plans are in the works. The area is poised for a massive makeover.

Shape Properties Corporation owns the mall property, and recently purchased four more properties in the town centre.

To prepare the ground for redevelopment, the city is embarking on a planning process for the entire 61-acre “Lougheed Core Area” that includes the wedge from Cameron Street in the north all the way down to the Lougheed-North Road intersection.

And like the plans for Brentwood Town Centre, which Shape also owns, the city and the company hope to gradually transform the site from suburban, car-oriented shopping centre to urban, transit and pedestrian-oriented town centre.

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