The Vancouver Investment & Development Advisors Group at Colliers has completed on the sale of a 6.30 acre commercial development site in the Big Bend area of South Burnaby.
The property is located at 5701-5813 Byrne Road. The site has an existing older 58,000 SF warehouse.
The sale completed at $34,500,000 or $5.5 Million per acre. The purchaser is a private local investor.
The City of New Westminster has now designated their five Transit Oriented Areas (TOAs), defined as all parcels within 800 metres of a Skytrain station that permit any residential uses currently.
From the staff report: “Rezoning will continue to be required for all development proposing increases to permitted density within TOD Areas, including for development with heights and densities outlined in the MD Framework. The TOD Area regulations do not change the existing rezoning process (e.g. application fees, submission requirements, staff review) or the ability to establish certain conditions of rezoning approval (e.g. tenant protections, off-site servicing requirements, etc.).
Generally:
TOA Maps with Tiers
The pdf version of the above maps can be viewed here: https://pub-newwestcity.escribemeetings.com/filestream.ashx?DocumentId=18719
Reliance Properties has submitted a rezoning application for the sufrace parking lot at 1540 West 10th Avenue, located just West of Granville Street.
The lot has 125 feet of frontage and was acquired as part of the sale of the adjacent office building at 2609 Granville Street in 2017 in a deal valued at $59,000,000.
The current proposal under the Broadway Plan is to allow for the development of a 21-storey rental building that includes:
The architect for the project is Office of McFarlane Biggar.
The District of West Vancouver has released a report outlining their response to Provincial Bill 44: Housing Statutes (Residential Development) Amendment Act that requires municipalities to allow for Small Scale Multi Unit Housing (SSMUH) on all single family and duplex zoned lots by June 30, 2024.
West Vancouver has taken the approach that the vast majority of their lots are not subject to the legislation since “the definition of “Restricted Zone”….does not encompass parcels that permit single-family dwelling, secondary suites and detached secondary suites (coach house). Consequently, the District’s RS1-5 and RS7-10 zones are not “Restricted Zones” and not subject to SSMUH requirements.”
The report goes on to outline that there are only 222 parcels affected by the proposed zoning
amendments, constituting 1.6% of residential lots in West Vancouver and resulting in a theoretical net increase of 363 units in zoned capacity.
Below is a map, outline in orange, those single family lots which are within 400 metres of frequent bus service and therefore will require update to allow up to 6-units.
It is expected that the zoning bylaws will be updated by the June 30, 2024 deadline.
Four lots on West King Edward Avenue have been acquired by Amica Senior Lifestyles with partner Marcon for what is expected to be a 6-storey independent living building.
The lots at 1110-1150 West King Edward Avenue are located on the South side of King Edward, two blocks West of Oak Street. The four lots combined total 38,700 SF. The total purchase price for the assembly was $28,450,000.
A rezoning application has now been submitted for the site which proposes a 6-storey seniors facility with 169 proposed units. The proposed height is 91.8 ft. and FSR is 3.08. 45 parking spaces under one level of underground parking is proposed.
Based on the application the purchase price equates to $239 per buildable SF.
The sale was brokered by London Pacific.
This is the latest in a number of land assembly acquisitions by Amica on the Westside of Vancouver, including two sold by our team.