A local private investor has acquired 122-130 West Hastings Street in Downtown Vancouver for $11,500,000, or $240 per sq ft.

The building is a 48,000 sq ft, 3-storey heritage building containing office space.

James KM Cheng Architects has applied to the City of Vancouver to rezone 8018-8150 Cambie Street from C-1 and RT-1 to a Comprehensive Development District to allow a mixed-use development comprising 446 residential units, 59 rental units, 14 “choice of use” units (residential or commercial), and 10,000 sq. ft. of retail/commercial space.

The application proposes a 285-ft., 31-storey tower and a 235-ft., 24-storey tower. Both towers would be set above one-storey, two-storey, and four-storey, ground-oriented podium buildings containing live-work units and townhouses. Ground-level commercial use is located at the corner of Cambie Street and Marine Drive. The floor space ratio (FSR) proposed is 5.1 FSR for the southern portion, and 4.4 FSR for the northern portion.

Source: City of Vancouver

Westbank Projects has closed on the acquisition of 2220 Kingsway in Vancouver. The 2.3 acre site was purchased from Manulife Financial for $34,088,000, representing approximately $107 per buildable sq ft.

The site, currently occupied by Canadian Tire for at least another year, will likely be rezoned to accommodate a mixed-use retail/residential development under the guidelines of the Norquay Village Neighbourhood Centre Plan, which, because of the large nature of the site, will likely allow a density of 3.2 to 3.5 FSR for a residential/commercial development with towers as high as 14-storeys.

Regency Towers, an 11-storey, 112 unit building located at 706 Queens Avenue in New Westminster has been bought by a private investor for $14,975,000, representing $133,000 per unit.

The New Westminster apartment market continues to see a strong pace of transaction activity bolstered by strong fundamentals and relatively attractive prices on a per unit basis.

La Carina Apartments, a 12-storey 37-unit building located at 1937 Pendrell Street in the West End of Vancouver has sold for $13,500,000, representing $365,000 per unit.

The vendor and purchaser were both private investors.