After much industry speculation, the Denny’s property has sold to a group led by local developer Anthony Pappajohn. The purchase price was $26,250,000, which equates to $467 per buildable SF for the 18,750 SF C-3A zoned site. Denny’s lease expires in April 2018, creating near term redevelopment potential.

The site had been listed for sale in late 2015 by Jones Lang Lasalle without an asking price and garnered significant interest given it’s location.

C-3A zoned properties on or near Broadway have been attracting a lot of attention due to the zone’s attractiveness with residential entitlements to 3.0 FSR. Likewise, many buyers view the long-term upzone potential in this area as an attractive feature.

A development application has been made for a 4,850 SF C-2 zoned site on the Northeast corner of East 36th Avenue and Victoria Drive in East Vancouver. The plan the site at 5195 Victoria Drive is for a 4-storey mixed-use project containing:

• retail and office uses on the main floor
• 10 residential units (4 one-bedrooms and 6 two-bedrooms)
• a total density of 2.41 FSR (11,626 SF)
• 9 underground parking spaces

The architect for the project is Cornerstone Architecture.

Scotiabank has sold their branch location at the Northwest corner of Dunbar and West 41st Avenue for $14,000,000, or $343 per buildable SF based on current redevelopment potential. The 16,320 SF, C-2 zoned property was put up for sale on the market in 2015. The buyer is Luxurious Property Ltd.