A development application has been submitted to redevelop a single-storey retail building on four lots on Victoria Drive near East 54th Avenue. The plan for the C-2 zoned site at 7151 Victoria drive is for a 4-storey woodframe mixed use building that includes:
The architect for the project is GBL Architects.
A development application has been made for a 4,850 SF C-2 zoned site on the Northeast corner of East 36th Avenue and Victoria Drive in East Vancouver. The plan the site at 5195 Victoria Drive is for a 4-storey mixed-use project containing:
The architect for the project is Cornerstone Architecture.
After media reports this week about large assessment increases for residential properties in Vancouver, a quick look at commercial property assessments reveals a similar trend, with rapidly rising values, particularly in certain “hot” areas.
Below is a summary of a random sample of 20 properties within the City of Vancouver with a commercial or multifamily zoning, and the % increase in their respective assessment values this year over last.
(click the chart to view more clearly)
Data source: BC Assessment
While this analysis is not intended to be exhaustive by any means, it does show some pretty substantial increases in various areas, particularly on or near the Broadway Corridor. Elsewhere, in zones that allow residential development, assessment are rising quickly to reflect sales comparables that are reaching new records on an almost monthly basis. In most cases, it is the land component of the assessments which has risen dramatically in recent years as a result of heightened demand for condo development.
There are likely to be implications for existing commercial tenants in many of these properties as property tax increases flow through to tenants dependent upon their lease structure.