520 10th Street, a 3-storey, 50 unit walkup apartment building in New Westminster has sold for $5,500,000, representing $110,000 per unit and a capitalization rate of 5.6%. The building is woodframe and was built in 1967.

The City of Vancouver held open houses June 9-12th to provide an update on planning work for the Plaza of Nations site. Topics on which the City is seeking feedback include the general form of development and land use, as well as the inclusion of sports centre (ice rink that could double as a Canucks training centre, and indoor sportscentre) and potential public benefits including a public plaza.

The current proposal by Canadian Metropolitan Properties is to provide:

• 1,405,000 sq. ft. of Residential Space (approximately 2,400 new residents)
• 352,000 sq. ft of Commercial Job Space (approximately 1,000 new workers)
• Dedicated public open space of 70,062 sq. ft. which includes a public events plaza of approximately 48,000 sq.ft., 10,613 sq. ft. of additional dedicated public space and semi public space of approximately 24,000 sq. ft.
• A Plaza Sports Centre, to be constructed in partnership with Aquilini Development as a Canucks training facility and sports science centre as well as a publicly accessible community space, including an ice rink, community meeting rooms and daycare centre.

City of Vancouver staff will now issue a report to Council that primarily deals with the Sports Centre proposal and civic plaza location.

Proposed sports centre

It is anticipated that a rezoning submission will be forthcoming in July 2011 with open houses in the Fall of 2011, and a public hearing in 2012.

Further information can be obtained here.

Source: City of Vancouver

Cressey’s new Southeast False Creek project, branded ‘Meccanica’, has been approved for rezoning. The site was previously zoned M-2 Industrial (formerly home to Busters Towing).

The project consists of 170 units in a 12-storey tower and 6-storey podium. Total density is 3.5 FSR. Unit sizes range from 540 to 970 sq ft.

Cressey is taking registrations and sales will launch soon.

This will add to other upcoming inventory in the immediate area including Bastion’s Opsal project, and Onni’s Central in addition to several projects at various stages of construction.

Source: City of Vancouver