A new development application in the Norquay Village area of East Vancouver highlights what Vancouver needs far more of: stacked townhouses. This is particularly true where townhouses are replacing single family within walking distance of rapid transit (in this case the 29th Avenue Skytrain station).

The site in question, located at 2757-2761 Horley Street, is zoned RM-7, a new multifamily zone that was approved within the new Norquay Village Neighbourhood Centre Plan.

The proposal for the 8,302 SF site includes:

• a 3-storey plus basement building
• 10 townhouse units plus 3 lockoff units
• a height of 37.7 ft
• a density of 1.20 FSR
• each unit has a front entrance door visible from street
• porches, stairs and roof decks are all facing the street to maximize street life

A rezoning application has been filed for the Flamingo Restaurant site at 7516-7550 Cambie Street. The 29,500 SF site, which consists of three lots, is currently zoned C-1 & RT-1 and RS-1. The proposal, which is being made under the Cambie Corridor Plan, includes:

• Two 6-storey buildings
• ground-level commercial space
• 72 residential units;
• a density of 2.9 FSR
• a total height of 76.8 ft
• 133 underground parking spaces

The site sold in March 2014 for $12,500,000, or $146 per buildable SF if the proposed density is achieved.

This is the 27th rezoning application being made under the Cambie Corridor Plan since it came into place in 2011.

Here is a summary of Metro Vancouver’s most valuable commercial real estate assets. The summary is based on a survey of the top 25 commercial properties ranked by the 2015 tax assessment value. While assessed values don’t neccesarily reflect market values, this analysis provides a fairly accurate snapshot of our city’s most valuable assets:

A few observations:

• Metrotopolis at Metrotown continues to hold its rank as by far Metro Vancouver’s most valuable commercial property, as it has for the last decade. The nearly 1.8M sq ft shopping centre is now assessed at over $1 Billion. This value does not include the adjacent office towers which would likely add another $200 Million, also owned by Caisse de depot, which is Quebec’s largest pension fund manager.

• The redevelopment of Sears into Nordstrom significantly bolstered its assessment value. Including the office towers, Pacific Centre is now valued at over $1 Billion.

• Renovations and improvements at aging regional shopping centres including Park Royal and Guildford Town Centre bolstered values significantly.

• Oakridge Centre’s value had a large increase likely based on it’s 2014 rezoning for over 2,000 residential units.

• Langara Gardens and Landsdowne Centre both fell off this list, but will likely return in the near future. Both properties are slated for redevelopment. Landsdowne in particular is speculated to have significant redevelopment value.

• Pension funds control the vast majority of these larger core/trophy assets. (77% to be exact)

• A group of 6 pension fund managers (some in partnership) control well over 50% of the top 25.

• While the top 3 are super regional shopping centres, 15 of the top 25 are Downtown office towers.