The former Gardenworks site at 705 West 3rd Street in North Vancouver has sold to Western Canadian Properties Group for $14,400,000.

The 24,346 SF site has an approved rezoning application for a 6-storey, 70-unit rental building with a child care facility on the ground floor. The plans had been developed by a joint venture between Omicron and Lotus Pacific, who had originally acquired the site in 2017. The site is essentially ‘shovel ready’.

The sale price equates to $237 per buildable SF based on the approved density of 2.50 FSR.

A new rezoning application has been submitted by Lotus Capital and Omicron to the City of North Vancouver for 705 West 3rd Street, currently home to Gardenworks.

A previous proposal from 2017 proposed a 6-storey condo building with 55 units. Now, the application has been revised to reflect land dedications for an new and improved rapid bus stop, market conditions and government financing incentives.

The site is designated Mixed-use Level 2 in the OCP.

The new proposal is a 6-storey rental building. Details include:

• 70 market rental units;
  • 4 studios, 47 one-bedrooms, 12 two-bedrooms & 7 three-bedrooms;
• a private child care facility on the ground level;
• a total density of 2.50 FSR;
• 87 parking stalls on two levels of underground.

The architect for the project is Ankenman Marchand.

A redevelopment has been proposed for the GardenWorks property at 705 West 3rd Street, at the corner of Marine Drive and Bewicke Avenue in North Vancouver.

The 21,576 SF site is currently zoned CS-1 but was redesignated in the City of North Vancouver’s Official Community Plan as Mixed Use Level 2 (Medium Density). The OCP allows for a density of 2.0 Floor Space Ratio (FSR) and a potential for an additional bonus of up to 0.5 FSR, in accordance with the City’s Density Bonus and Community Benefits Policy.

The development is by Lotus Capital and Omicron.

Details of the proposal include a new 6-storey building with residential above retail, including:

• 55 condo units;
• 28 one-bedrooms, 21 two-bedrooms & 6 three-bedrooms;
• 6,000 SF of retail space;
• A density of 2.50 FSR;
• A 1,750 SF daycare
• 91 underground parking stalls.

The architect for the project is Ankenman Marchand Architects.