An older 2-storey downtown building has sold in a $9,880,000 deal to Reliance Properties. Beatty Place, located at 837 Beatty Street between Robson and Smithe Streets, is a somewhat non-descript 15,000 SF building that most locals would know from the ticket broker on the bottom floor, or more recently the Bar Method, which is located on the second floor. The building is located on a 6,990 SF site. The building was sold by TPMG Capital.

There is no word yet on any renovation or redevelopment plans for the building. The zoning for the property is DD-C3, which permits a density of 5.0 FSR. Non-residential uses must not be less than 2.0 FSR.

The acquisition is just three blocks South of Reliance’s award-winning redevelopment of 564 Beatty Street, which saw redevelopment for office space above an older brick and beam heritage building.

As was reported in the media late last week, two major rezoning inquiries are going before the City of Vancouver’s Standing Committee on City Finance and Services on Wednesday; one was expected and one was a bit of a surprise within the industry. The inquiry stage simply confirms Council’s approval to proceed to a formal rezoning application stage.

Sinclair Centre

• 1.54 acre site
• Proposal to increase the density and height for commercial uses
• 1,100,000 SF of office space for Federal Gov’t (up from existing 390,000 SF)
• A density of 17.0 – 20.0 FSR
• Max height of 350 ft due to view cones (29 storeys)
• Existing CD-1 zoning proposed to be amended

Excerpt from the Policy Report explaining the heritage aspect:

• the former Main Post Office (built in 1910) — Municipally Designated and Federally Recognized Heritage Building, listed as an ‘A’
• the R.V. Winch Building (built in 1911) — Municipally Designated and Federally Recognized Heritage Building , listed as an ‘A
• the Customs Examining Warehouse (built in 1913) — Vancouver Heritage Register, listed as an ‘A,’ and Federally Recognized Heritage Building , listed as an ‘A,
• the Federal Building/Post Office Extension (built in 1936) — listed as a ‘B’ (but not designated).
• In 1986 the four buildings were restored by the Federal Government. While the buildings were seismically upgraded, they would not meet today’s standards and some portions of the buildings received very modest upgrades

Post Office Site

• 2.98 acre site acquired by bcIMC in 2013 for $159 Million
• Rezoning to allow reuse and retention of the existing building, with new residential and commercial uses
• Existing Post Office building would contain retail, office, hotel, residential lobbies
  and the blank granite walls would be modified to provide for pedestrian-oriented at-grade retail
• New building above would contain office, hotel, and rental/condo housing
• View cones limit building heights between 225 feet and 285 feet

Comment from the Policy Report on the heritage aspect:

MYIE Group is forging ahead with plans for a site in the Bridgeport Area of Richmond that has been on the drawing board. They have now applied for a development permit for the proposed International Trade Centre. The project was originally conceived several years ago and recieved rezoning in 2013.

The site is a triangular, 71,350 SF piece of land at 8451 Bridgeport Road. The proposed uses include general retail, restaurant, hotel and office. The plan includes:

• A total density of 3.0 FAR (215,000 SF)
  
• Three towers of 9, 12 (office) and 14-storeys (hotel) with a common five-storey podium including retail
• Approximately 100 hotel rooms (Opus Hotel, managed by Trilogy)

In an effort to capitalize on the overwhelming success of Aberdeen Square, the office space will be strata-titled and sold. The developer is taking registrations through Magnum Projects.

A development application has been submitted for a prominent corner. A new 3-storey building is in the planning stage at the Northeast corner of Burrard and West 4th Avenue, currently home to Comor Sports. The proposal for the 93′ x 113′, C-2B zoned site includes:

• retail use on Level 1 (Comor would be the tenant)
• office use on Levels 2 and 3
• 3 levels of underground parking
• total floor area of 26,244 SF (2.5 FSR)

Bonnis Properties is proposing to redevelop a site that they acquired at the northwest corner of West 4th Avenue and Arbutus Street. The plan calls for a one-storey, 4,010 SF retail building with a roof deck. The 50 x 111′ C-2B zoned site is currently occupied by a Midas service centre.

The proposal is explained by the architect in the application: “The proposed structure has been design for potential relocation of the adjacent Lululemon store to the proposed building.The design including the roof terrace is based on the requirements and specifications of this potential tenant. The design of the building is flexible to allow for one or two commercial units in the future if required. The proposed building is a non-combustible steel construction and the exterior finishes are a combination of exterior architectural concrete panel system and metal cladding.”

The site was acquired through a bidding process in late 2013 and was ultimately sold for $6,000,000, or $1,081 per SF of land.