A strip retail centre at Burrard Street and West 3rd Avenue in the Kitsilano area of Vancouver has sold for $15,000,000, which equates to $414 per buildable SF. The site is zoned C-3A and is 12,076 SF. Existing tenants in the property include Starbucks and Allwest Insurance. There is no information available at this time about any future redevelopment plans.
A development application has been submitted to redevelop a single-storey retail building on four lots on Victoria Drive near East 54th Avenue. The plan for the C-2 zoned site at 7151 Victoria drive is for a 4-storey woodframe mixed use building that includes:
The architect for the project is GBL Architects.
After much industry speculation, the Denny’s property has sold to a group led by local developer Anthony Pappajohn. The purchase price was $26,250,000, which equates to $467 per buildable SF for the 18,750 SF C-3A zoned site. Denny’s lease expires in April 2018, creating near term redevelopment potential.
The site had been listed for sale in late 2015 by Jones Lang Lasalle without an asking price and garnered significant interest given it’s location.
C-3A zoned properties on or near Broadway have been attracting a lot of attention due to the zone’s attractiveness with residential entitlements to 3.0 FSR. Likewise, many buyers view the long-term upzone potential in this area as an attractive feature.