A walk-up apartment building in Metrotown has sold for $10,400,000, or $216,667 per unit. The building is located on a 32,500 SF site at 6425 Silver Avenue, just south of a number of large-scale developments on Beresford Street. The zoning for the property is RM-3 and it is not known if the OCP will permit a higher density when the new Metrotown Area Plan is released. The buyer was a local investor.

Imani Developments is planning a new project at Marine Drive and Tatlow Avenue in North Vancouver. The proposed building is a 4-storey mixed-use building with 39 condo units above 3 retail units (6,508 SF). The 23,445 SF site is zoned C-9 and is designated for an approximate density of 1.79 FSR.

1865-1895 Charles Street Brochure

By ChangingCity

This isn’t a rezoning proposal yet, but no doubt something like it will appear as a proposal soon. It’s for a site that’s one of very few where the Downtown Eastside Plan allows the possibility of 150 feet tall buildings. On the corner between V6A and Ginger, Studio One Architecture have posted a picture of a building that has a cornice at a similar height to those buildings, and a taller element set back from that cornice.

Currently there’s a tired hostel that’s supposed to be a Single Room Occupancy hotel, a former vegetarian restaurant that still retains a yoga studio, the Brickhouse club (which is seldom if ever open these days) and the virtual reality version of history represented by the Jimi Hendrix shrine (as there’s no actual direct connection between Jimi and the shrine’s location, which started life as a cab stand and was later a storage room for a now-demolished restaurant).

…read more

Source:: Changing City Updates

Allied REIT isn’t quite as active in Vancouver as out East, but a notable buyer nonetheless…

By Paul Brent

For many real estate companies, it has been a tough year to complete acquisitions.

That has definitely not been the case for Allied Properties REIT (AP.UN-T), which last month announced two more deals to increase its 2014 tally to $225 million.

While the frenetic deal-making activity may have taken many observers by surprise, Allied anticipated the dam would break this year, according to Michael Emory, the REIT’s president and chief executive. “We got a sense late last year and early this year that the pace of acquisitions was going to pick up. It was more a function of availability than anything else.”

The REIT, known for acquiring older, trendy office space in the downtown cores of major Canadian cities, has racked up seven purchases so far this year, the latest two in Toronto: 555 Richmond Street West and 460 King St. W.

That’s a change for Allied Properties REIT.

Stabilized rental property

“I don’t think that we acquired anything much in Toronto, especially in terms of the stabilized rental property portfolio, last year or the year before that,” said Emory. “We did, of course, acquire The Well with RioCan and Diamond …read more

Source:: RENX