Allied Properties REIT has announced the completion of the remaining 50% interest in M4 of Main Alley Campus in Mount Pleasant from Westbank.

Details:

• Building Size: 208,000 SF (167,000 SF office, 38,000 SF industrial)
• Year Built: 2025
• 50% Interest
• Purchase Price: $89,700,000
• $863/SF

The sale was negotiated in July and completed September 30.

A 10-storey concrete apartment building in the West End has sold. 1222 Pendrell Street has sold for $12,300,000, or $286,000 per unit. The 43-unit building was built in 1972.

The building contains 41 one-bedroom units and 2 two-bedroom units.

• 43 Units
  • 41 one-bedrooms, 2 two-bedrooms
• Avg. Market Rent $3.91/SF
• Assessment Value: $18,838,000
• Asking Price: $15,000,000
• Notes: “Major capital upgrades required”

The property was listed and sold by Avison Young.

GWL has submitted their formal rezoning application for 1220 Station Street, following a formal announcement earlier this year that they were pivoting from the previously approved office building proposal. GWL acquired the site from Rize Alliance.

The current proposal is two rental towers, 36 & 28-storeys, as well as retail, office, and residential uses in an an 8-storey podium. Overall, the proposal includes:

• 470 units with 20% of the floor area for below-market rental units;
• a total density of 11.1 FSR;
• A building height of 287 ft. and 360 ft.

This application is being considered under the False Creek Flats Plan and the Transit-Oriented Areas Rezoning Policy.

The architect for the project is MCM.

The full application can be viewed here: https://www.shapeyourcity.ca/1220-station-st

Sightline Properties has submitted their rezoning application for a 26-lot land assembly that they acquired earlier this year.

The 3.1 acre combined site is located within the Rupert Renfrew Plan area, and is bound by Kaslo Street, Renfrew Street, Broadway and 10th Avenue.

The proposal is to allow for the development of four residential towers, containing condos, rentals and below market rentals, as well as retail and daycare space.

Details include:

• 1,959 residential units; with
• 1,386 condo units;
• 573 rental units with 20% of the floor area for below-market units;
• Commercial space, a 73-space private child care, and amenities on the ground floor;
• a total density of 10.5 FSR; and
• Building heights ranging from 537 ft. to 618 ft..

The plan is for a four phase development with a tower in each phase.

This application is being considered under the Rupert Renfrew Station Area Plan.

The architect for the project is Arcadis.

The full application can be viewed here: https://www.shapeyourcity.ca/2808-2888-e-broadway

Allied Properties REIT has sold 1220 Homer Street to a user group for $13,250,000, . The 4-storey, 19,384 SF heritage office building was originally built in 1947 but had been restored. The building was primarily vacant at the time of sale.

The sale price equates to $684/SF.

The building had originally been acquired in 2018 for $17,500,000, and a 3.40% cap rate.