As construction progresses on PCI Group‘s first phase of King George Station, here is a video outlining the various phases of this large mixed-use project that promises to be transformative for the City Centre area of Surrey. The project entails 345,000 SF retail and 495,000 SF of office space, along with approximately 1,200 residential units.
An interesting development application was submitted this week for a property at the Southwest corner of Granville and 6th, owned and occupied by Zonda Nellis. The plan is relatively unique since the site is only 30′ x 120′ (3,600 SF). The site is zoned C-3A so the density max of 3.0 FSR is conditional. It is exceedingly rare to see a site of this scale seek a DP for a density as high as 3.0 FSR. Sometimes this type of plan makes sense on corner sites if assembly isn’t possible, or if as the case may be here, the property has been owned for a long time and the cost base of the land is quite low.
The plan calls for the existing single-storey retail building to be replaced with a 5-storey mixed-use development with retail at grade and four levels of residential above, with one level of underground parking below. Details include:
- 2,464 SF of retail space (3 CRUs)
- 8,336 SF of residential space
- A total density of 3.0 FSR (10,800 SF)
- A total of 4 parking stalls (one per residential floor)
Zonda Nellis has had her designer clothing shop on the site for over 20 years. She would like to redevelop her site with a mix of residential units and retail so that she may combine her work and family life in one location. It has also one level of underground parking and storage accessed by a car lift off the lane. The site is too small to accommodate a traditional underground parking layout. It will be interesting to see if smaller sites such as this will increasingly seek to maximize density without assembling neighbouring properties.
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.
