1867 West Broadway, a 3-storey B Class concrete office building more commonly known as The CGA Building, has sold for $16,125,000. The 31,000 SF building was owned by the Certified General Accountants Association of B.C., who will vacate it’s 26,000 SF this summer. The site the building is located on is 13,402 SF and is zoned C-3A. The property was listed for sale in late 2014 with no asking price.

The 2nd floor of the building is currently listed for lease at $22.00 per SF.

The purchaser was Austeville Properties who owns the adjacent commercial building. This appears to be a long-term strategic investment as opposed to any kind of redevelopment deal.

The building at 1424 West Broadway, better known at the Joeys Broadway location, has sold for $14,300,000. It had been marketed for sale by Colliers in the summer and received multiple offers.

The property is leased to Joey Broadway and generates an income of $228,000. The site area is 15,265 SF and the zoning is C-3A. The buyer was a local investor.

The City of Vancouver should consider building a new transit line along Broadway in phases, while restricting high density to the busy commercial core to preserve the city’s character in the neighbourhoods along the route, according to a new report.

Issued by the Urban Land Institute’s Governor’s Advisory Panel, the report suggests the public should also be consulted, noting Vancouver “did not balance zoning changes with economic potential and community livability” when it built other mass transit projects — specifically the SkyTrain ahead of Expo 86 and the Canada Line for the 2010 Winter Olympics.

“Invariably, stakeholders perceived that neighbourhood impacts were overlooked or under-represented in order to fast-track major transportation projects. ‘Blanket up-zones’ were applied at transit hubs, leading to rampant speculation and dislocation of residents and businesses,” said the panel, which included experts from across North America.

“Although the panel recognizes that the market may ultimately dictate a lot of development decisions that accompany the growth in population and the increased opportunities that a mass transit line brings, it also recognizes that the local neighbourhoods and districts give Vancouver much of its charm.

Read more: http://www.vancouversun.com/sports/Advisory+report+suggests+building+Broadway+transit+line/10027082/story.html