I am pleased to announce the sale of 1166 West Pender Street, a 140,000 SF office building located in Downtown Vancouver.  This off-market transaction closed earlier this month.

The 15-storey building was built in the early 1970’s and is located on an 18,700 SF site that may permit a higher density and height in the future.

Transaction details:

Buyer: Reliance Properties

Seller: Triovest Realty Advisors, on behalf of Greystone

Please contact me for further information regarding this sale.

Construction for The Exchange is now well above ground and becoming noticeable from street level.The construction had just reached the ground level back in December.

The 31-storey, 369,000 SF office tower is now over a year into construction, with completion slated for 2017. Aside from National Bank, there have been no major tenants announced for the building yet.

courtesy mcminsen http://po.st/WpSyw2 via @imageshack

courtesy mcminsen http://po.st/NI3oQY via @imageshack

courtesy mcminsen http://po.st/fsUIU5 via @imageshack

City of North Vancouver Council will be considering a draft Housing Action Plan (“HAP”) that has been prepared by CitySpaces Consulting.

The concept for the HAP was first brought forward in 2015 as a way to explore new housing policies to encourage more options and enhance affordability, with particular focus on renters, seniors and low to moderate income families.

Some of the specific policy and regulatory actions being proposed in the HAP include:

Family-Friendly Housing Policy

• Increase the number of family-friendly units within new multi-unit residential
  development projects
• Amend the Zoning Bylaw to require a minimum percentage of three or more bedroom units in all new multi-unit residential development.

Density Bonus and Secured Low-End of Market Rental

• To secure low-end of market rental units in new multi-unit residential development projects
• Update the Density Bonus and Community Benefits Policy to permit a 1.0 FSR density bonus to eligible rental housing in exchange for 10% secured low-end of market rental (10% below CMHC average)
• 100% purpose built rental not required to have low-end of market rental.

Housing on the Frequent Transit Network

• Encouraging the development of new rental housing and reducing construction costs for purpose built rental housing and non-market housing within close proximity to the Frequent Transit Network
• Reduced Parking Policy pilot project – 25% reduction for rental, 75% reduction for non-market if sites located within 400 metres of Frequent Transit Network.

Rental Revitalization Tax Exemption Bylaw

• Preserve the existing rental supply and improve livability of existing rental and social housing through a new Rental Housing Revitalization Tax Exemption Bylaw which would apply to new construction to be exempt from property taxes for up to 10 years depending on eligibility criteria

Fee Simple Townhouses

• Making townhouses more affordable and encourage movement of moderate-income households up the housing continuum and to alleviate pressure on the rental supply
• Create templates for Party Wall Agreements and Service Easement Agreements
• Explore areas to pre-zone for Fee Simple Townhouses

Explore Repurposing Bungalows

• Intensifying single detached lots while retaining neighbourhood scale and character; and reducing demolition waste and to bolster the existing coach house initiative
• Relocation of old bungalows to repurpose as coach houses
• Incentives for owners to repurpose bungalows

A copy of the full report can be downloaded here.