Scotiabank has sold their branch location at the Northwest corner of Dunbar and West 41st Avenue for $14,000,000, or $343 per buildable SF based on current redevelopment potential. The 16,320 SF, C-2 zoned property was put up for sale on the market in 2015. The buyer is Luxurious Property Ltd.
Next Pacific has applied to rezone an 11,128 SF, two lot assembly site at 151-157 West 41st Avenue from RS-1 to CD-1 to allow a townhouse development that includes:
The application is being considered under the Cambie Corridor Plan and Riley Park/South Cambie Community Vision. The architect for the project is DYS Architecture.
A development application has been filed for a new townhouse project in Marpole; one of nearly a dozen that have been brought forward in the new RM-8 zone created in the Marpole Community Plan in 2014. The proposal in question is by Alabaster Homes for a 22,027 SF site at 8107-8123 Shaughnessy Street (one block East of Oak). The site comprises an assembly of four existing single family lots. The proposal includes:
Existing 4-single family houses
The architect for the project is Formwerks Architectural.
Alabaster has other townhouse projects in the works in Marpole, including Osler Residences (currently in pre-sales) and Oak & Park.
After media reports this week about large assessment increases for residential properties in Vancouver, a quick look at commercial property assessments reveals a similar trend, with rapidly rising values, particularly in certain “hot” areas.
Below is a summary of a random sample of 20 properties within the City of Vancouver with a commercial or multifamily zoning, and the % increase in their respective assessment values this year over last.
(click the chart to view more clearly)
Data source: BC Assessment
While this analysis is not intended to be exhaustive by any means, it does show some pretty substantial increases in various areas, particularly on or near the Broadway Corridor. Elsewhere, in zones that allow residential development, assessment are rising quickly to reflect sales comparables that are reaching new records on an almost monthly basis. In most cases, it is the land component of the assessments which has risen dramatically in recent years as a result of heightened demand for condo development.
There are likely to be implications for existing commercial tenants in many of these properties as property tax increases flow through to tenants dependent upon their lease structure.
Construction for The Exchange is now above ground. The 31-storey, 369,000 SF office tower at the corner of Howe and Pender began construction in late 2014 and has involved the complex retention of the original Vancouver Stock Exchange building (475 Howe). The new building is slated for completion in early 2017. National Bank is signed on as the first major tenant, occupying 45,000 SF.
Photos courtesy mcminsen http://po.st/5Xmz1b via @imageshack