Rize Alliance is proposing to rezone a 1.8 acre site in Surrey City Centre from RF to Comprehensive Development Zone based on the RMC-150 to allow for the development of 471 condo units.

The proposed development is to consist of two, 28-storey apartment buildings containing 450 condo units and 21, 3-storey townhouses units. The development will be built in two phases with initial completion scheduled for 2014.

The proposed unit mix includes 96 studio units, 97 one-bedroom units, 146 one-bedroom and den
units, 103 two-bedroom units and 8 three-bedroom units. The proposed 21 townhouse units will each contain two bedrooms.

The total density is 5.5 FAR as per the City of Surrey’s high density residential designation for the site.

The development complements Weststone’s Ultra project next door.

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Simon Lim and David Taylor are pleased to have acted on behalf of the Vendor in the sale of 3900 & 3971 Bayview Street in Richmond, B.C.

The property comprises a newly constructed open-format retail centre on leasehold land on Steveston’s renowned waterfront. The property is fully leased and includes the adjacent parking lot. Riversong has a leasable area of 9,681 sq ft.

The purchase price was $3,300,000, representing $341 per sq ft. The cap rate was 7.5%.

711 Beach Avenue has been sold by Black Top Cabs for $6,500,000 to a private investor.The property is located at the corner of Beach Avenue and Howe Street in the Downtown South area.

The property is 8,399 sq ft, representing a price per sq ft of $774.

Simon Lim and David Taylor are pleased to have acted on behalf of the Vendor in the sale of 222-236 West Broadway, Vancouver, B.C.

Comprising three 2-storey commercial buildings on a 15,974 sq ft site, the property represents an excellent redevelopment opportunity with holding income located just 2 blocks east of Cambie Street and the Canada Line.

The price was $7,500,000, representing $158 per buildable sq ft.

The Sutton Place Hotel in Downtown Vancouver has been sold to Northland Properties Corporation for $163,625,000. The transaction includes the La Grande Residence building that had been operated as long-term stay units. Those units will likely be sold as strata-titled hotel units.

The hotel was built in 1986 and renovated in 2005. It comprises 561 units overall including 350 hotel rooms and 47 suites. The overall price per room is $291,667.