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Development, Market Research

Amid Swift Unit Sales, Cambie Street Land Values Continue Uptick

The Cambie Corridor Plan has been approved for almost four years now and a great deal has taken place within the plan area from 16th to Marine Drive. The end result of five years of planning and development activity is only beginning to be seen with a handful of buildings sprouting up. Up and down the Corridor, numerous land assemblies have occurred, with dozens of rezoning applications at various stages of the process. Eleven sites have now had rezoning enacted; meaning they have been officially approved by the City.

Approximately 28% of the 439 lots in the plan area have now been sold to 42 different developers, and despite a growing list of projects at various stages of construction and approvals, demand from developers continues unabated, particularly for prime locations such as those near Queen Elizabeth Park and Langara Golf Course. The result has been an increase in land values of almost 20% since the Cambie Corridor Plan was adopted by Vancouver City Council in May 2011.

The following chart depicts all of the site/land assembly sales that have taken place within the plan area since 2009.

* based on approved density, or plan maximum where no application exists yet.

* based on approved density, or plan maximum where no application exists yet.

So why are values going up despite an increase in the number of projects coming down the pipeline? Two underlying factors appear to be primary valuation drivers for Cambie land sales, particularly over the past 18 months.

First, a handful of projects have now gone into the marketing phase and have achieved very strong sales in terms of both pricing and sales velocity. In desirable areas of the corridor, woodframe product in selling in the $650-$700 per SF range, and concrete product is selling in the $775-$825 per SF range. Clearly there is a market for new condo product anywhere on the Westside of Vancouver, and Cambie’s accessibility and proximity to transit, parks and schools appeals to many buyers. Developers such as Mosaic Homes and Intergulf have been able to capitalize on this demand.

Secondly, the Cambie Corridor Plan facilitates a relatively straightforward rezoning process that is difficult to find elsewhere in the City. Opportunities for densification in other areas of Vancouver are now almost entirely limited to commercial strips such as Broadway with existing zoning for mixed-use multifamily. With public pushback to other planning efforts in such areas as Grandview-Woodlands where public consultation is being prolonged at the behest of vocal community organizations, developers are forced to concentrate their efforts to the path of least resistance. The Marpole Community Plan was also approved in 2014, though is far less ambitious than Cambie, partially as a result of public opposition, and will result in far fewer rezoning applications and developments.

With a dearth in supply of new sites for development elsewhere in the City of Vancouver, Cambie Street land values will likely continue its steady upward march so long as attendant condo demand continues to be strong.

March 14, 2015by david.taylor@colliers.com
Development

Knox United Church Development Moving Ahead

While the site was rezoned over 5 years ago, the Knox United Church site at the Northeast corner of Balaclava and West 41st Avenue appears to be closer to reality, with a development application now submitted for the 72,174 SF site. The site was previously owned by Dubai-based Emaar Group who subsequently sold the site in 2011 to Hon Towers Kerrisdale Ltd.

The plan calls for a redevelopment of the church site and adjacent 4 single family lots with a 4-storey residential building and a 2-storey church annex with offices, multi-purpose rooms and a preschool. The south side of the site will be occupied by the 4 storey residential building. The north side of the site is occupied by the existing Knox United Church, and to the east of it is proposed a new 2 storey annex building containing church functions on the ground floor and a preschool on the upper level.

Details include:

  • 77 units targeted to seniors
  • A total density of 1.35 FSR
  • Conservation of the Knox Church listed as heritage “B”
  • One level of underground parking

knox Knox1 Knox2 Knox3

March 12, 2015by david.taylor@colliers.com
Development

508 Helmcken Street Going Back to Public Hearing

The controversial project at Helmcken and Richards whose permits were cancelled by a BC Supreme Court judge in January, is now heading back to public hearing.

The City of Vancouver is now reconsidering the application by Brenhill Development that was submitted on April 26, 2013, to rezone the site for a 36-storey mixed-use building including:

  • 448 residential units, of which 110 would be market rental and 338 strata-titled,
  • a private pre-school and kindergarten, and
  • commercial space on the ground floor.

As a public benefit associated with this rezoning application, Brenhill negotiated a deal with the City to provide social housing in a new building on a site it owned at 1099 Richards Street as part of a land swap to replace housing for the residents of Jubilee House presently located at 508 Helmcken Street. The site at 1099 Richards was already above ground with construction at the time of the judge’s ruling in January.

The decision (Community Association of New Yaletown v. Vancouver (City), 2015 BCSC 117) resulted in By-law 10870, which rezoned 508 Helmcken Street, being quashed and directed that a new Public Hearing be held.

Stay tuned for additional documents that will be considered by Council…

March 12, 2015by david.taylor@colliers.com
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