An application has been submitted by L & A Real Estate Investment to rezone a 20,080 SF site at 6318-6340 Cambie Street from RT-2 to CD-1 to allow an 8-storey mixed-use building and seven townhouses, including:

• 50 residential units;
• 14 One-Bedrooms, 25 Two-Bedrooms and 11 Three-Bedrooms
• commercial space at grade;
• a maximum building height of 95 ft.;
• a density of 3.25 FSR; and
• 61 underground parking spaces.

The requested density is the limit under the current Cambie Corridor Plan designation for this area (2.25-3.25). The architect for the project is Integra Architecture.

The project will sit across the street from two 8-storey projects already complete or near completion including: Forty Nine West, and Prelude (completed 2014).

With the news today that St. Paul’s will move to it’s new location, it has been indicated that Providence Health Care will use the sale or lease of the existing Burrard Street location to help contribute to its share of the $1.2 Billion False Creek Flats project.

So how much is the Burrard site worth?

First, an overview of the site:

• Site Area: 292,235 SF, or 6.7 acres
• Existing Zoning: DD – Downtown District (Sub Area G)
• Permitted Density: 6.0 FSR (office not to exceed 5.0 FSR), or 1,753,410 SF (under current zoning)
• Allowable Height: 300 ft (with discretionary increase to 450 ft)
• View Cones: View cone C1 (Laurel Landbridge to the Lions) bisects the site as depicted below and likely limits much of the site to at or near the 300 ft. limit (30-storeys for residential)
• Current Tax Assessment Value (Land Only): $465,004,000

Rezoning potential is unknown at this stage, but the current zoning would appear to support a residential/mixed-use development up to 1.75 Million SF. A preliminary valuation based on this cursory highest and best use analysis yields the following value:

292,235 SF x 6.0 FSR x $250 per buildable SF =

$438,000,000

Now, if the site were rezoned to say 10.0 FSR, with a Community Amenity Contribution or social housing component:

Based on rezoning to 10.0 FSR

292,235 x 10.0 FSR x ($250 per buildable SF less $75 per SF CAC) =

$511,000,000

A rezoning application has been submitted for a new 5-storey rental apartment building in Kits. The site, located at 3063-3091 West Broadway is 21,652 SF and is anticipated to be rezoned from C-2C to CD-1. Details include:

• 78 secured market rental units;
• commercial uses at grade;
• a proposed density of 3.33 FSR
• a building height of 58.4 ft. ; and
• 92 underground parking spaces.

This application is being considered under the Secured Market Rental Housing (Rental 100) Program.