Pennyfarthing Homes has submitted a rezoning application for a single family lot on the East side of Cambie Street, just South of West King Edward Avenue at 4138 Cambie Street. The plan for the 11,095 SF site is for a 6-storey concrete condo building, including:

• 22 units including 2 townhouses on the lane
• 1 studio unit, 15 two bedroom units & 6 three-bedroom units
• a total density of 2.33 FSR
• a building height of 67 feet
• 25 underground parking spaces on one level

The rezoning is being done under the Cambie Corridor Plan.

Pennyfarthing is enjoying success on projects already underway in the Cambie Corridor including Bennington House on King Edward, The Grayson (which is now sold out and sits directly south of the above mentioned site), and Hawthorne, which is rezoned and soon to be released.

Pennyfarthing Development has applied to rezone a Cambie Street land assembly at 5030-5070 Cambie Street, on the East side of Cambie between West 33rd and West 35th to allow a 6-storey condo building and 2-storey townhouses along the lane, including:

• a total of 51 residential units;
• a maximum building height of 66 ft.;
• a total density of 2.40 FSR; and
• 65 vehicle parking spaces and 64 bicycle spaces.

The application is being considered under the Cambie Corridor Plan.

Pennyfarthing is now under construction on Bennington House, which quickly sold out.

Below is a brief update to a previous analysis of land sales along the Cambie Corridor that was originally posted last year. The most recent project to launch pre-sales is The Regent by Regent International on the North side of West King Edward, which launched in July 2016, and having substantially sold out at over $1,000 per SF. Fully 13 of the first 15 projects to launch pre-sales since 2012 have sold out quite quickly and steadily increasing prices.

As one of the most consistently strong pre-sales markets in Metro Vancouver, land values are continuing to increase as developers are bidding more aggressively to reflect end-sales demand.

Up and down the Corridor, numerous land assemblies have occurred, with many rezoning applications at various stages of the process. Almost 20 sites have now had rezoning enacted; meaning they have been officially approved by the City, and over one-third of the 439 lots in the plan area have now been sold.

The following chart depicts all of the site/land assembly sales that have taken place within the plan area since 2009. As recently as 2014, land sales averaged $175-200 per buildable SF. Today, land values have escalated to as high as $250-300 per buildable SF, and a couple of sites have actually traded above the $300 per buildable SF threshold.

The strength of the Cambie land market is not entirely surprising given the strong pre-sales trends and given that land on the Westside with exisitng zoning for multifamily is now regularly trading above $400 per buildable SF.

Construction is coming along on Cambie Star, an 8-storey condo development at the Northwest corner of Cambie Street and West King Edward Ave.

The project is being built by Yuanheng Canada, who acquired the site from Translink as one of the first Cambie Corridor land sales back in 2011 for $9,400,000, or $146 per buildable SF.

The site is located directly adjacent the King Edward Canada Line station and a portion of the building is directly above the station entrance (the station entrance itself becomes a volumetric statutory right of way). There is also a covenant on title that the developer is required to build a space for a retail bike repair facility attached to the station. There will also be ground floor commercial units fronting Cambie Street.

The site was formally approved for rezoning in late 2014 for a 59-unit, 8-storey development at a total density of 3.52 FSR. Sales began in November 2014 and the project was substantially sold out in 2015. MLS pre-sales in late 2015 show the most recent sales took place in the $825 per SF range. The site signage and project website now indicates that the project is sold out.

Photo courtesy mcminsen http://po.st/qsN457 via @imageshack

Photo courtesy mcminsen http://po.st/8eqti9 via @imageshack

Photo courtesy mcminsen http://po.st/3wwYVp via @imageshack

South Street Development Group has applied to rezone a 23,088 SF three-lot land assembly at 431-455 West King Edward Avenue to allow a new rental apartment development. The proposal is for a 4-storey building with 2-storey townhouses at the lane that includes:

• 42 secured market rental units;
• 5 one-bedrooms, 24 two-bedrooms, 13 three & four-bedrooms
• a building height of 45 ft.
• a total density of 1.98 FSR; and
• 54 vehicle parking spaces and 63 bicycle spaces.

The application is being considered under the Cambie Corridor Plan. The architect is Integra Architecture.