Intracorp has completed the sale of 3362 Vanness Avenue in the Joyce Collingwood area of East Vancouver for $41,400,000.
The site comprises an existing 12-storey apartment building that was assembled with a neighbouring property and approved for rezoning earlier this year for a 679-unit, two tower rental project.
The total assembly has a combined site area of 38,323 SF. The combined assembly value of $46,550,000 equates to $107 per buildable SF.
I am pleased to present the opportunity to purchase this 12,500 SF corner site in the Broadway Plan, with a rezoning designation for up to 8-storeys, 3.0 FSR. The site is located at the corner of West 12th Avenue and Alberta Street, and can be expanded via assembly of the neighbouring lot, also listed for sale.
For more information, please visit: https://www.collierscanada.com/en-ca/properties/for-sale-woodframe-rental-development-site-near-broadway-city-hall-station/can-2812-alberta-street-vancouver/can2016257
The City of Vancouver will consider a recommendation to makes changes to the West End Rezoning Policy regarding social housing requirements.
The report indicates the following recommended changes in Areas 1 & 2 of the West End Plan (depicted below):
The reduction to the inclusionary social housing requirement is recommended as an interim measure for two years until December 31, 2026, or until adoption of a new Inclusionary Zoning By-law that would supersede this rezoning policy.
Three projects have been approved for rezoning with the 25% social housing but have not yet started construction. These projects would require a new application to be granted the reduction.
The full report can be viewed here: https://council.vancouver.ca/20240924/documents/r1.pdf
The City of New Westminster has released a report outlining their proposed vision for the 22nd Street Station area.
The 22nd Street Skytrain Station area is one of the lowest density Skytrain station areas in Metro Vancouver, and primarily a single family neighbourhood. The area was identified in the 2017 OCP for future planning consideration, which was originally commenced in February 2020 but put on pause until mid-2023. The Provincial TOA legislation has since informed the draft vision for the neighbourhood.
The overall concept for the area is a “Transit Village” that could house up to 30,000 new residents at full build out.
The indicated land use patterns align with the Provincial TOA legislation, allowing up to 5.0 FSR highrise development nearest the station, with 3.0 FSR lowrise development further out.
New Westminster intends on further public consultation this Fall, with a final draft to Council by December 2024, and OCP amendments to facilitate new rezoning applications in 2025.
The Safeway property on West 4th Avenue and Vine Street in Kitsilano has been sold by Sobeys to a partnership between PCI Group and Low Tide Properties for $90,000,000.
The 2.2 acre property is zoned C-2B, which allows mixed use residential above ground floor commercial; up to 3.70 FSR and 6-storeys if the residential is rental. The Broadway Plan does not contemplate towers for the site.
No redevelopment plans have been announced but a likely development scenario under the existing zoning would include a 6-storey rental project with a new Safeway and additional retail on the ground floor.
The purchase price equates to $254 per buildable SF based on the existing zoning at a mixed-use rental density of 3.7 FSR.