The transit plebiscite is getting a lot of media coverage as the campaigns on both sides of the debate ramp-up. For those not familiar, a proposed 0.5% Metro Vancouver Congestion Tax is being proposed to fund the Mayor’s Council transportation plan, which includes a Broadway Rapid Transit Line, Surrey Rapid Transit Line, new Pattulo Bridge and new B-Line bus services. Mail-in ballots will be sent out beginning March 16, 2015 with voting until May 29, 2015. More information about the referendum and the transit plan is available here.

Which way are you leaning?

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Next week the City of Vancouver Standing Committee on Planning, Transportation and Environment will present the annual report on Community Amenity Contributions (CACs) and Density Bonusing. The report going to council is for information purposes and provides an interesting snapshot of the amount of CAC’s generated by the City (in 2013). Here’s a few highlights:

• 2013 approvals of additional density resulted in public benefits valued at $133 Million and 886 secured market rental units
• In 2013, there were 45 project approvals resulting in 2.6 Milion SF of additional density (rezoning/bonusing)
• In 2013, five large rezoning approvals accounted for 60% of all additional floor area approved and 70% of all contributions committed
  • These are: 508 Helmcken, Burrard Place, 1300 Richards, Vancouver House and 4533 Cambie St.
• Half of all CACs are realized by services provided on-site

Top 10 Rezonings in 2013 – Ranked by Public Benefit

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.