A two-storey retail and office plaza at Burrard and West 3rd has sold. The site at 1855 Burrard Street is 12,311 SF and designated within the Broadway Plan for up to 20-storeys, 6.50 FSR.

The existing building is 9,756 SF and was built in 1988. Tenants include Waypoint Insurance and a Sushi restaurant. It includes 24 parking stalls.

Details of the sale:

• Purchase Price: $10,700,000
• Cap Rate: 3.7%
• Price per SF: $1,096 per SF
• Price per buildable SF: $134 (based on 6.50 FSR)

The building was listed and sold by Avison Young: https://d3k1yame0apvip.cloudfront.net/v2/client-10/082c2f525f5d6da/BurrardSt1855_WEB.pdf

This property sold previously in 2015 for $15,000,000 and then re-traded in 2018 for $25,000,000.

Starlight has announced the acquisition of Villa Esto, an 83-unit, 10-storey concrete rental apartment building located at 1175 Haro Street in the West End of Downtown Vancouver.

Details of the transaction:

• Purchase Price: $33,100,000
• Price per Unit: $399,000

The property was listed and sold by Colliers VIDA team: https://www.collierscanada.com/en-ca/properties/sold-83-unit-rental-apartment-building-in-vancouvers-west-end/can-1175-haro-street-vancouver-bc/can2018225

Equiton Living has completed on the acquisition of Mountain Park Residences (formerly Oceana Court), a 117-unit lowrise apartment complex on a 2.7 acre site at 7070 Inlet Drive, at the base of Burnaby Mountain.

Details:

• Purchase Price: $46,625,000
• Cap Rate: 4.4%
• Price per unit: $390,000
• Year Built: 1967

The property was listed and sold by Cushman Wakefield: https://www.cwinvestmentproperties.com/listings/7070-inlet-drive-oceana-court-burnaby-bc-66/

OpenRoad Auto Group has submitted an application to the City of Surrey for a new auto mall in the Newton area of Surrey.

The site currently contains a large distribution warehouse and surface parking and loading areas. Significant portions of the site have been cleared but not yet developed. The site is located on 76 Avenue, two blocks West of King George Boulevard.

The plan for the site includes a new auto mall, including:

• Six bare-land strata lots;
• Five dealership buildings and one retail building;
• 1,044 parking stalls
• 0.24 FAR density

Full rezoning report: https://www.surrey.ca/sites/default/files/planning-reports/PLR_7925-0301-00.pdf

Vertex Developments in partnership with Fastmark Development has submitted a rezoning application for a site at East 10th and Victoria Drive in East Vancouver.

The proposal is to allow for the development of a 26-storey rental tower, and includes:

• 250 units (10% of the floor area at below-market rates);
• a total density of 10.8 FSR;
• A building height of 266 ft.

This application is being considered under the Transit-Oriented Areas Rezoning Policy and the Grandview-Woodland Community Plan. The application notes that it exceeds the existing policies.

The architect for the project is dys Architecture.

The full application can be viewed here: https://www.shapeyourcity.ca/2611-victoria-dr