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Development, Land

New Westminster Releases Vision for 22nd Street Station Neighbourhood

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.

September 13, 2024by david.taylor@colliers.com
Land

West 4th Safeway Site Sells for $90 Million

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.

July 26, 2024by david.taylor@colliers.com
Land

North Van Rental Development Site Sold

The former Gardenworks site at 705 West 3rd Street in North Vancouver has sold to Western Canadian Properties Group for $14,400,000.

The 24,346 SF site has an approved rezoning application for a 6-storey, 70-unit rental building with a child care facility on the ground floor. The plans had been developed by a joint venture between Omicron and Lotus Pacific, who had originally acquired the site in 2017. The site is essentially ‘shovel ready’.

The sale price equates to $237 per buildable SF based on the approved density of 2.50 FSR.

July 16, 2024by david.taylor@colliers.com
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