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Apartment, Development

92-Unit Rental Building Planned for East Hastings

PCI Group has filed an application to rezone a property they own at 2805 East Hastings Street, most commonly known as a Burger King for many years. The plan for the 24,902 SF, C-2C1 zoned site is to develop a six-storey rental building with retail on the ground floor. The proposal includes:

    • 92 rental apartment units;
    • 18,300 SF of CRU retail on the ground floor;
    • a density of 3.84 FSR
    • a building height of 70.2 ft. ; and
    • 97 underground parking spaces.

This application is being considered under the Rental 100 Program and is possible due to the site’s location on a main arterial street. The site has 204 feet of frontage on Hastings.

2805 E Hastings

The application describes the development as follows:

“Located on the Hastings corridor, the project provides for a ground floor containing small scale retail CRU’s with five storeys of residential use consisting of 92 residential rental units, which include 55 one-bedroom units (average size of 544sf), 32 two-bedroom units
(average size of 742sf) and 5 three-bedroom units (average size of 1,000sf).


The project incorporates one and a half levels of underground parking with access at the northeast corner from the lane. A modest size amenity space is located on the sixth floor with an adjacent landscaped outdoor terrace. The elevators provide access to a roof garden.”
2805 E Hastings_2 2805 E Hastings_3 2850 E Hastings_1
The architect for the project is Burrowes Huggins Architects.


PCI Group acquired the site in August 2015 for $11,100,000. It was listed and sold by Casey Weeks and Steve Fame of Colliers.
October 17, 2015by david.taylor@colliers.com
Development

City Releases Policy Statement for Oakridge Transit Centre

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.

OTC_1

The report describes the vision for the site:

“The OTC will be primarily residential and designed to accommodate a range of housing
types and provide for a mix of incomes. New housing will be focused around a central public park that includes a childcare centre, and local-serving shops and services will be concentrated along West 41st Avenue. The OTC will invite local residents into and through the site on public walkways, bicycle paths, and new streets. The tallest buildings will be located in the centre of the site and along 41st Avenue to reduce impacts to the surrounding neighbourhood and shadowing on public spaces.”
Here is a summary of what is being proposed 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)

OTC_2 OTC_3

October 15, 2015by david.taylor@colliers.com
Investment, Office, Retail

604 West Broadway Sells in $39MM Deal

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.

604 West Broadway

 

October 14, 2015by david.taylor@colliers.com
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