A development application has been submitted for a 4-lot land assembly in the Norquay Village area of East Vancouver. The 17,891 SF site is zoned RM-9AN, which allows up to 2.0 FSR.
The proposal is for a 4-storey condo building that includes:
one level of underground parking containing 40 stalls and 95 Class-A bicycle stalls, having access from the rear lane.
Under the site’s existing RM-9AN zoning, the application is “conditional” so it may be permitted; however, it requires the decision of the Director of Planning.
A 13,700 SF retail and office building on West 4th Avenue near Alma Street has sold for $10,500,000. The building is 2-storeys with office above retail and the site, measuring 11,191 SF is zoned C-2 commercial.
The sale equates to a price per SF of $768 for the building, or $375 per buildable SF based on the zoning. The cap rate equates to 2.8%.
Headwater Projects has applied to the City of Richmond for permission to rezone the former Cactus Club site on No 3 Road, at the Southeast corner of No. 3 and Lansdowne Road, just South of Lansdowne Mall. The site is 29,000 SF in total.
The proposed rezoning would permit the development of a new 15-storey purpose built rental development with ground floor retail. Details include:
149 market rental apartment units;
13 studios, 62 one-bedrooms, 73 two-bedrooms;
5,732 SF of ground floor retail;
a total density of 3.7 FAR;
143 parking spaces.
The project requires an OCP amendment: ” The Official Community Plan (OCP) designates the subject site as “Mixed Use”. The proposed OCP amendment and proposed rezoning are consistent with this designation. The OCP, in Section 3.3 (Diverse Range of Housing Types, Tenure and Affordability), also encourages the development of purpose-built market rental housing and allows for up to a 0.25 FAR density bonus for projects with 100% market rental housing residential use, where 100% of the units incorporate basic universal housing features, and provide at least 40% family-friendly unit sizes (having at least two bedrooms). An OCP Amendment is being brought forward in conjunction with this application to amend the Market Rental Housing Policy under Section 3.3 to introduce wording to permit additional density bonus area for new rental housing projects on a site specific basis to meet community need. Projects would still need to meet the design objectives of the CCAP. The proposed rezoning is consistent with this proposed OCP amendment. “
