Proposed 46-storey tower in limbo.

A proposal for what could potentially be one of Burnaby’s tallest towers – standing at 46-storeys – was withdrawn at a recent public hearing held in council’s chambers.

On March 19, three rezonings were up for public input, except for the highrise proposed for Gilmore Ave. with a three-storey townhouse podium facing Halifax Street and a two-storey residential amenity podium that included a rooftop swimming pool.

Coun. Colleen Jordan, who attended the public hearing, said she could not comment on why the proposed tower was withdrawn.

Now the proposal is in limbo – it will either go to a future public hearing with changes or not go ahead at all. The site’s developer is Millenium Development, which has also developed 10 other highrises in the city, including Mayfair Place, Belvedere and One University Crescent in the SFU community.

From the Wall Street Journal (Big Players Cash Out of Hong Kong Property), note some of the similarities between the commercial price increases in Vancouver’s market and Hong Kong’s market.

HONG KONG — With the government growing confident that it has halted the meteoric rise in property prices, some of this city’s biggest real-estate investors are getting out.

Several of Hong Kong’s wealthiest families are planning initial public offerings of hotels, offices and other real-estate assets in coming months, while others are lowering prices on luxury apartments to entice buyers.

Fueled by low interest rates and a flood of money from wealthy Chinese, Hong Kong’s real-estate market has boomed, with residential prices up 120% and commercial real-estate prices up 90% since the start of 2008, according to government data.

Among the sellers is New World Development Co. Ltd., a conglomerate run by the Cheng family with interests ranging from hotels to offices to jewelry stores. The family hopes to raise up to $1 billion in an offering of some of its hotel properties, people familiar with the matter said. The company owns the city’s Grand Hyatt and other well-known hotels, but it’s not clear which properties would be included in the offering.

Read more: http://online.wsj.com/article/SB10001424127887324789504578384220036108516.html

It has been nearly two years since the Cambie Corridor Plan was implemented. The Plan, which covers a large stretch of land from West 16th Ave all the way south to Marine Drive, has already yielded a flurry of sales activity, with dozens of single family lots sold over the past two years.

So what does that activity look like so far? Here’s a summary:

• Approximately 15 land assemblies of 3 or more single family lots have completed.
• There are 10 sites that have submitted rezoning applications, totalling 1,043 units
• 4 sites have been approved for rezoning
• 2 projects are currently selling and under construction
• Average Community Amenity Contribution (CAC) charge of $40.00 per SF

Here’s a look the projects at various stages of planning and construction.

APPROVED

Elizabeth by Mosaic, 4837-4861 Cambie Street

Rezoning for this project was approved in 2012. It is a 5-storey woodframe project with 41 units, including 6 rental units and a total density of 2.05 FSR. The project is apparently over 50% sold at an average in the mid-$600’s per SF. Total CAC: $37 per SF. It is now in the construction phase.

Prelude by Cedar Developments, 6311 Cambie Street

Rezoning approved in 2011. 6-storey concrete project with 56 units and a density of 2.90 FSR. The project is apparently over 60% sold at around $700 per SF. Total CAC: $42 per SF. It is now under construction.

6361-6385 Cambie Street by Wanson Development

Rezoning for this project was granted at a public hearing on March 14, 2013. The project is expected to launch sales later this year and features 63 market units in an 8-storey concrete building with retail at grade. The total density approved is 3.29 FSR. Total CAC: $44 per SF.

4533-4591 Cambie Street by Intergulf

Rezoning for this project was also granted on March 14, 2013. This is a site we told you about last year and the proposal includes 167 units in 3 6-storey buildings. The total density approved is 2.50 FSR. Total CAC: $40 per SF.

PROPOSED

4139-4187 Cambie Street by Dava Developments

This site was sold by us in 2011 and is now at the open house stage (April 4 at 5pm at the Douglas Park Community Centre). The plan is for two 6-storey buildings and a total of 76 units. 2.60 FSR.

4412-4488 Cambie Street by Dava Developments

Dava also acquired this site at Cambie and W 29th Ave and has filed for rezoning for 102 units and a total density of 2.60 FSR.

4959-5109 Cambie Street by (Private local developer)

This site was a large assembly of 10 lots by an offshore developer in September 2011. A rezoning application was subsequently filed by Formwerks Architecture for a 161-unit development in a 6-storey development.

665-685 West 41st Avenue (site owned by FY Shao)

This site was also assembled and sold in September 2011. A rezoning application was subsequently filed, also by Formwerks Architecture for a 267-unit development (inclusive of some rental units) in a 6-storey development.

755-795 West 41st Avenue (site owned by Buffalo Investments Ltd.)

This site sold in November 2011 for $184 per buildable SF. A rezoning application was filed in September 2012 for a 6-storey building totaling approximately 110 units and a density of 2.72 FSR (above the guide of 2.50 FSR).

Other sites that may recieve applications shortly include a site now owned by Kenstone Properties in the 4900 block of Cambie, 563-571 West King Edward Ave now owned by Regent International, and the King Edward Station lands at 4099 Cambie Street owned by Yuanheng Development.

Of course, we haven’t even mentioned the largest rezoning application in the whole corridor; that being the Oakridge Centre redevelopment (which we covered last year) which could exceed 2 Million SF of space and almost 2,000 units.

Given the number of single family lots in the corridor that have yet to sell, the projects listed here are just the beginning, and it will be years, possibly decades before the corridor is anywhere near full buildout. Stay tuned here for future land sales and rezonings.