I’m pleased to present for sale 1508 Everall Street in White Rock, B.C. This 17,000 SF site is a prime opportunity to build a 6-storey, woodframe rental development of approx. 50 units in an established multi-family neighbourhood with strong rental fundamentals.

The site is a 10 minute walk to the White Rock Waterfront, Semiahmoo Shopping Centre and the shops/services on Johnston Street.

Asking Price: $4,800,000

Please contact us for further details.
https://lnkd.in/gezkTGHJ

Gracorp has completed on the sale of a Broadway Plan tower site at 2175 West 7th Avenue in the Kits neighbourhood.

The 18,000 SF site mid-block site has a rezoning application for a 20-storey, 182-unit rental tower at a total density of 6.50 FSR.

The purchase price of $26,000,000 equates to $222 per buildable SF based on the density in the proposed rezoning application.

The City of Port Moody has released a staff report discussing the Province’s recent legislation and housing initiatives. Included in the report is an outline of the City’s proposed approach to the Transit Oriented Areas (TOAs), as well as proposed timing to create ACC’s, update DCC’s and update the OCP.

In Port Moody, the two TOAs that took effect immediately are:
– Inlet Centre Station
– Moody Centre Station

A map has now been generated by the City of Port Moody to show any parcel of land that is deemed to be within the catchment area of the TOA.

The above map can be viewed here.

The report notes that “the Province expects local governments to transition to new planning tools, such as the ACC Bylaw, by mid-2025. As such, staff will need to revisit and revise for Council’s consideration the policy to allow collection of density bonus funds above the new TOA FAR limits, while maintaining the 2.5 FAR threshold for the rest of the City in 2025.”

The report also references the City’s existing inclusionary zoning policy in the TOAs:

“Similarly, the new minimum densities in the TOAs will likely render the City’s Inclusionary Zoning –Affordable Housing Units Policy financially unfeasible. For cities that utilize a density bonus to achieve affordable units, they will no longer be able to do so, except on densities greater than the 3, 4, or 5 FARs allocated through the MD Framework within the TOAs. Port Moody’s Inclusionary Zoning Policy relies upon both the increased land value associated with a higher density and the density bonus itself. As the density bonus will begin at higher FARs within the TOAs, it is likely that inclusionary units will no longer be financially feasible for nearly all projects.

However, as part of the recent webinars, the Province has mentioned that future legislation will include the development of an inclusionary zoning program. The timeline for this legislation is likely Spring 2024 as referenced above.”

The report outlines the following proposed timeline for implementation of the new zoning bylaws to reflect the TOA policy:

Regarding DCC’s and ACC’s the City expects to develop bylaws for both beginning in late 2024, with an expectation to have bylaws adopted for both in late 2025.

Here is the proposed timeline for implementation of ACC’s:

Port Moody was in advanced stages of updating their OCP prior to the Province’s housing legislation. The OCP update has now been paused until next year as a result of the new TOA policy.

Multiple municipalities have now referenced forthcoming legislation from the Province regarding inclusionary zoning, expected in “Spring 2024”.

A full version of the Council report can be viewed here: https://pub-portmoody.escribemeetings.com/filestream.ashx?DocumentId=22270

The City of Burnaby is seeking Council approval on draft Development Cost Charge (DCC) and Amenity Cost Charge (“ACC”) rates, the latter of which is a new charge being developed by each municipality in Metro Vancouver as a result of new Provincial legislation.

Through Bill 46 – Housing Statutes (Development Financing) Amendment Act, 2023, the Province introduced a new tool, ACCs, to help local governments finance services and amenities through development.

Concurrent with updating their OCP, Burnaby will be re-writing their zoning bylaws to comply with and respond to the recent changes in Provincial legislation, including interim updates to meet the June 30, 2024 deadline for the City to: (1) amend the Zoning Bylaw to permit Small Scale Multi-Unit Housing (SSMUH) on lots currently zoned for single and two family housing; and (2) designate all Transit Oriented Areas (TOAs) within Burnaby that are subject to the minimum TOA density and height requirements prescribed by the Province.

ACCs can be used to collect funds for growth-related facilities or features that provide social, cultural, heritage, recreational or environmental benefits to a community. These include, but are not limited to, recreation and community centres, libraries, and childcare facilities.

If Council agrees with the proposed DCC and ACC rates as outlined above, then staff will move forward accordingly; bringing forward a future report with the final recommended DCC and ACC rates for approval at the March 25 Council meeting.

Staff will then forward the DCC Bylaw to the Provincial Inspector of Municipalities for approval. Approval of the Inspector is required for the DCC Bylaw but is not required for the ACC bylaw. The Inspector’s office has indicated that their DCC review process currently takes between 8 to 10 weeks.

Once the City receives Inspector approval of the DCC Bylaw, the DCC Bylaw and ACC Bylaw will be advanced for Final Adoption. The goal is for both the new DCC bylaw and ACC bylaw to be in place before the June 30, 2024 deadline.

If you’re an owner of a property within a Transit Oriented Area (TOA) and are interested in learning more about the ACC rates and their attendant impact on property values, please reach out to us.

Strand has completed on the acquisition of a lowrise rental site on Vancouver’s Westside. The site is a two-lot single family assembly totaling 26,300 SF at 6065-6075 Collingwood Place, near the intersection of Dunbar and SW Marine Drive.

Strand passed public hearing in November on a rezoning proposal under the Secured Rental Policy (“SRP”) to allow a 5-storey, 34-unit rental building.

Under the SRP, the site is located on an eligible arterial road and is able to rezone under the RR-2A (four-storey), RR-2B (five-storey) and RR-2C (six-storey with 20% of residential floor area secured as below-market rental units) zones. Out of the eligible options, Strand chose to rezone to RR-2B which permits rental units up to five-storeys in height and 2.20 FSR.

The $14,170,000 purchase price equates to $225/buildable SF based on the approved rezoning application.