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.

Here’s a quick look at the largest deals of 2014. While the announcement of the sale of the Jericho Lands was considered to be among the biggest deals of the year, this is not included as this was not a market transaction.

1. Hyatt Regency ($140 MM)

The sale of the Hyatt Regency hotel in Downtown Vancouver to InnVest REIT last month was the largest deal in Vancouver in 2014. The 644-room hotel sold for $140 Million. According to an InnVest press release: “InnVest funded the acquisition of the Hyatt with a new $70 million, 3.8% floating rate mortgage (three-year term plus two one-year options) and cash on hand”.

2. 1500 West Georgia ($120 MM)

Bosa Properties acquisition of 1500 West Georgia from Morguard was one of the most talked about deals in 2014. The 193,000 SF A Class office building sits on a very valuable and partially underutilized 43,320 SF, full-block site at the Southeast corner of West Georgia and Cardero. Speculation abounds as to future redevelopment.

3. Langara Gardens ($102 MM)

Peterson Group quietly sold a 50% interest in their 621-unit, 21 acre apartment property on Cambie Street known as Langara Gardens to Concert Properties in a deal that would peg the value over $200 Million. The site has been undergoing a preliminary planning process with the City of Vancouver since 2013.

4. 3777 Kingsway ($87 MM)

Another 50% sale managed to make Vancouver’s top deals of the year. The 50% sale of a building that many Vancouverites refer to as the ‘Telus Boot’, a 22-storey office tower near Metrotown, was sold by H&R REIT to Crestpoint for $87 Million.

5. 1444 Alberni & 740 Nicola ($84 MM)

Wall Financial’s acquisition of a full-city block in the West End was one of Vancouver’s largest deals with redevelopment potential. At just under an acre and containing existing apartments and office space, the site has redevelopment potential under the City of Vancouver’s new West End Community Plan.

By ChangingCity

The façade of 151 Water St would be retained, and 157 Water Street would be redeveloped. The project would end up with six floors of office over retail and restaurant uses, and the letter says the project would be 95 feet high. Musson Cattell Mackey are the architects. The Gastown Historic Area Planning Committee will review the scheme this week – they have a few more details; the total space would be 105,426 square feet and their notes say it would be 103 feet high to the top of the mechanical room.

…read more

Source:: Changing City

The Lotus Hotel, a six-storey building retail and apartment property located at West Pender and Abbott Street in Downtown Vancouver has sold for $17,900,000.

The building, built in 1913, was substantially upgraded in 2001 and  2009  The main floor and basement  have been leased as a 12,000 SF retail tenant operating as The Pint Public House. The upper floors feature 110 bachelor suites, which are self-contained with kitchenettes (fridge, stove, sink) and three-piece bathrooms. These units reportedly average 210 SF.

The building was sold by Steve Fame at Colliers and had been listed for sale for $18,698,000.

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.