Safeway site plan gets hearing.
What could be one of the most ambitious development projects in the City of North Vancouver’s recent history is going to the public for consideration.
Despite a substantial list of concerns with Onni’s proposal for two condo towers atop commercial and retail space at the Safeway site at Lonsdale Avenue and 13th Street, council voted 5-2 in favour of sending the project for public feedback on Monday night.
A 23-unit retail/apartment building in the Collingwood area of East Vancouver has sold for $6,825,000, or $296,700 per unit. The cap rate was 4.0%. The building is about 10 years old and has 4 retail CRU’s on the ground floor and 19 apartment units above. The building was listed for sale for $6,980,000.
Courtesy of CBC News
“Cressey Development Group plans to tear down Ridge Theatre, which has shown movies since 1950, and the neighbouring Varsity Ridge Bowling Lanes. (CBC/Stephanie Mercier)Plans to demolish the Varsity Ridge Bowling lanes and the Ridge Theatre to build a new four-story condominium development were approved by the City of Vancouver’s development permit board on Monday night.
Community members had rallied to save the bowling lanes near the corner of 16th Avenue and Arbutus Street in recent weeks, saying they were a valuable community facility. About 700 people use the lanes as league bowlers they say.
But Brian Jackson, the general manager of planning and development, said the board does not have the authority to order Cressey Developments to include a bowling alley in its development.”
http://www.cbc.ca/news/canada/british-columbia/story/2012/10/23/bc-varsity-lanes-vancouver.html
The Freedman Shoes building on South Granville has sold for $7,900,000, or $1,175 per SF. The 6,726 SF building is located on the West side of Granville between West 12th and West 13th Avenues. The building has a current net operating income of $282,000 equating to a 3.6% cap rate.
Burnaby NewsLeader – First Station Square tower in Burnaby sells out in hours.
The first tower at the Station Square redevelopment sold out in three-and-a-half hours Saturday.
Some of the 269 units had already been sold to family and friends of the developers over the last few weeks and the lineup for buyers for the remaining units started at 6:30 a.m. that day, according to Greg Zayadi, director of residential sales and marketing for Anthem Properties, which is developing the project with Beedie Living.
Read more: http://www.burnabynewsleader.com/news/175297501.html