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Apartment, Development

Bosa Submits Revised Rental Plan for West End Towers

Bosa Properties has submitted new rezoning applications for two tower sites they own in the West End that had previously been envisioned for condos & social housing in 2017. With a slowdown in the condo market in 2018-2019, the projects were put on hold.

The sites are located at the Northeast and Southeast corners of Harwood Street and Thurlow Street.

The former development proposals sought 191 condos and 59 social housing units spread between the two sites, or 75% market condos with 25% social housing; however, a City of Vancouver policy change in November 2020 allowed a switch to rental housing with below-market rental in place of social housing.

The proposal for the two site is two 34-storey residential towers and includes:

  • 575 rental units (with 462 market rental units and 113 below-market rental units)
  • A gross density of 13.1 FSR for both sites;
  • Building heights of 316 ft.;
  • Seven levels of underground parking with 151 vehicle parking spaces, 11 accessible spaces, 534 Class A bicycle parking spaces and 15 Class B bicycle parking spaces.

The application is being considered under the Criteria for 100% Secured Rental and Below-Market Housing as an Alternative to Inclusionary Social Housing in the Burrard Corridor, Rezoning Policy for the West End,and the West End Community Plan.

The architect for the project is Henriquez Partners Architects.

April 14, 2021by david.taylor@colliers.com
Investment, Office

MEC Building Sells in $103 Million Deal

The MEC Building at 1077 Great Northern Way in the False Creek Flats area has sold to a partnership between Low Tide Properties and PCI Group for $103,000,000, or $916 per sq ft.

The site allows for a future expansion of the current office building by approximately 60,000 sq ft. on the Northern part of the almost 2-acre site.

The 112,400 SF office building was built in 2014 by Mountain Equipment Co-op and was subsequently sold, most recently in 2018 to Crestpoint for $75,000,000.

Since early 2020, MEC had been attempting to sublease most of the building.

March 28, 2021by david.taylor@colliers.com
Apartment, Development, Retail

18-Storey Rental Building Proposed for Oakridge Site

A rezoning application has been submitted for a site at 809 West 41st Avenue, at the Northwest corner of 41st and Willow, just East of the now approved redevelopment of the Oakridge Transit Centre site. The site is currently improved with the Oakmont Medical Building, built in 1965.

The proposal is to allow for the development of a 18-storey rental building with ground floor commercial retail space. The proposal includes:

  • 131 market rental units (20% of floor area as moderate income housing);
  • 70 one-bedrooms, 43 two-bedrooms & 18 three-bedrooms;
  • 6,200 SF of retail space on the ground floor;
  • A total density of 7.14 FSR;
  • A building height of 194 ft.with additional height for a rooftop amenity space
  • 85 vehicle parking spaces and 254 bicycle parking spaces.

The application is being considered under the Cambie Corridor Plan.

The architect for the project is Arno Matis Architecture.

The site was sold in 2017 for $30,750,000, or $256 per buildable SF.

March 24, 2021by david.taylor@colliers.com
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