Lost amid the hype surrounding the impending City of Vancouver council decision on the removal of the Dunsmuir and Georgia viaducts is the release of the policy statement for the Oakridge Transit Centre (“OTC”) site, which is slated for imminent sale.

OTC is a 13.8 acre site on West 41st Avenue just east of Oak Street that is owned by Translink and has been used as a bus barn since 1948. Upon completion of the new Vancouver Transit Centre in 2006, the site became redundant over the next few years and Translink subsequently approached the City to redevelop the site. Planning began in early 2014, with various open houses and workshops, culminating in the current policy statement.

The report describes the vision for the site:

• a total density of 2.1 FSR
• 1,265,000 SF of development (estimated to be roughly 1,200 units)
• Building heights of 3-15 storeys
• 20% of units are affordable housing units
• 10,000-20,000 SF of retail uses along West 41st frontage
• 2.3 acre park
• $60 Million+ CAC
• Rezoning for adjacent Oakmont Medical Centre site (6-storeys, 2.5 FSR) and Petro Canada (8-storeys, 3.25 FSR)

A lowrise retail and office building at West Broadway and Ash Street has sold for $38,888,888 to a Chinese investor. The 34,600 SF building was sold by TPMG Capital, a long-time owner. The property is 31,250 SF in size and is zoned C-3A which allows a density of 3.0 FSR, but only for commercial use in this sub-area, this equates to $415 per buildable SF. The main retail tenant is Rogue, which has a long-term lease.

Another week, another couple of rezoning applications for the Cambie Corridor…

Two applications have been filed for separate sites/projects across the street from each other on the West side of Cambie Street at West 62nd Avenue. The two applications feature similar designs and appear to be from the same developer:

7807 Cambie Street

This is a 10,544 SF site is for a 6-storey residential building that includes:

• 27 residential units;
• a building height of 65 feet;;
• a density of 2.70 FSR; and
• 36 underground parking spaces and 35 bicycle spaces.

This site, currently occupied by a duplex, was sold 2014 for $3,940,000, or $139 per BSF based on the anticipated density.

505 West 62nd Avenue

This is a 10,512 SF site is for a 6-storey residential building that includes:

• 22 residential units;
• a building height of 70 feet;;
• a density of 2.70 FSR; and
• 31 underground parking spaces and 46 bicycle spaces.

This property was previously listed for sale for $4,800,000, and sold for $4,300,000, or $150 per BSF to SDAE DEVELOPMENT (CANADA) CO. LTD.

Both applications are being considered under the Cambie Corridor Plan. The architect for both projects is GBL.