I am pleased to announce the sale of 1484 Martin Street; a 2.5 acre parcel of land representing one of White Rock’s premier mixed-use development opportunities. The property sold for $22,000,000.

1484 Martin Street Brochure

Formwerks Architectural, on behalf of Marcon, has applied to redevelop a 3-lot land assembly on Granville Street for townhouse use. The 20,141 SF site is zoned RM-8N, one of the new zones in the Marpole Community Plan. The project, located between West 57th and West 58th Avenue, includes the following:

• two 2-storey and two 3-storey courtyard townhouse buildings
• a total of 17 units
• all 3-bedrooms ranging between 1,272 SF and 1,571 SF
• a total density of 1.12 FSR
• one level of underground parking containing 34 spaces

The application describes the massing of the project: “Courtyard townhomes are proposed with a 24’ courtyard. Massing is further stepped back at upper levels to allow more natural light into the courtyard. The proposed development also features underground parking with access off the rear lane. We are proposing a two storey with a partial third storey expression along Granville Street, and the third storey is more set back to suit a single-family expression.”

Here’s a quick look at the largest commercial real estate transactions that took place in Metro Vancouver for 2015.

1. Westin Bayshore ($270 MM)

The sale of the Westin Bayshore hotel in the Coal Harbour area of Downtown Vancouver was the largest deal in Vancouver in 2015. The 511-room hotel sits on a prime 2.4 hectare site, some of which can likely be redeveloped to include residential. The fact that the buyer was Concord Pacific came as little surprise in the marketplace; they are one of Vancouver’s largest and most well-capitalized development companies, and have an obvious history of transforming urban waterfront properties. It is only the 6th property in Vancouver to trade for over $200 Million, a benchmark will likely be surpassed by other deals in 2016 (see below).

2. Fairmont Hotel Vancouver ($180 MM)

Another hotel deal is near the top of the list. Larco’s acquisition of the historic Hotel Vancouver was one of the more talked about deals in 2015. The 556-room, 20-storey hotel was built in 1939 and occupies one corner of Vancouver’s (unofficial) centre-ice at West Georgia and Burrard Street. The building occupies 1.6 acres and generates a significant amount of its income from the prime retail on the Burrard and Georgia frontages.

3. Lougheed Village ($165 MM)

One of Vancouver’s largest deals in 2012 (at $80MM) turns out to also be one of the largest deals upon resale in 2015. As reported in BIV just a couple of weeks ago, Starlight Properties bought the large-scale apartment property for $165,000,000. “Lougheed Village has 528-suites in two 24-storey and two eight-storey concrete towers. The 7.3-acre parcel, close to the Burnaby-Coquitlam border and a SkyTrain station, also contains 50,000 square feet of retail space.“

4. Ackroyd Plaza ($102 MM)

In one of Vancouver’s largest retail deals of the year, Ackroyd Plaza, a 6.8 acre strip retail centre at Ackroyd Road and No. 3 Road in Richmond, has sold to a local investor. Major tenants include PriceSmart Foods, White Spot, Boston Pizza and a BC Liquor Store. The development potential was summarized back when the sale was first reported in September 2015.

5. 4750 Kingsway ($100 MM)

Concord Pacific’s makes the list again with their deal with Sears Canada, which was for multiple properties, but the Metrotown Sears property is the key strategic acquisition. Sears will lease back the property, but future development potential includes multiple commercial and residential towers.

Recent speculation surrounding possible sales of the Molson Brewery,  Royal Centre and the Bentall Centre indicate that 2016 could be a massive year for transaction volume in Vancouver. Stay tuned.

Excavation and foundation work continues on Tate Downtown, a 41-storey condo tower at the corner of Howe and Drake in Downtown Vancouver. Developed by the Bonds Group of Companies, the project features 333 units, and is expected to be completed in late 2017. The site was rezoned in 2012.

Photo courtesy mcminsen: http://po.st/6oV0br via @imageshack

A rezoning inquiry goes before City of Vancouver council next week for a site located at 1445-1455 West Georgia Street. The two-lot assembly is owned by Brilliant Circle Group, who acquired the two buildings in 2012/2013. The City’s policy report describes the 18,200 SF site as “unique and prominent due to its triangular shape and its location at the intersection of West Georgia, West Pender and Nicola Streets“.

It was reported in a Globe and Mail article earlier this year that the architect for the project is James Cheng.

The rezoning inquiry anticipates demolition and redevelopment of the two existing lowrise office buildings currently on the property into one landmark residential tower on what is arguably Vancouver’s most prominent ‘flatiron’ sites. The site is currently zoned DD and while not located in the West End Plan like some of the recent nearby proposals by Westbank and Bosa, City staff do appear to support a rezoning in principal. The height can only be considered because it falls under the Granville Bridge view cone limit, which is 515 ft; in addition, the site’s location on Georgia, a main arterial, also qualifies. Preliminary details include:

• a 44-storey residential tower
• a building height of 515 ft.
• 250,000 SF of residential density (13.7 FSR)

If Council gives its approval to move forward with a rezoning application, more design details will likely emerge next year.

Proposed Tower Height