Two current applications continue a recent trend of redevelopment of older I-1 zoned properties in the Mt. Pleasant area, referred to more recently by some as “Mt. Pixel” because of the many tech companies that are locating in the area. The I-1 zone was amended by the City in 2013 to be more flexible in allowing office uses up to 3.0 FSR in density, and this has spurred several land sales; primarily to developers, either for speculative development or build-to-suits. The pace of recent development applications points to the demand for general office use in an area that was traditionally limited to light-industrial uses.

The two projects are outlined below:

22 East 5th Avenue

This proposal for this site at the Southeast corner of East 5th and Ontario envisions restoring the facade of the existing one-storey industrial building on site, and adding a new 6-storey retail and office building with parking on the first and second floor (due to site slope). Details include:

• manufacturing and retail uses on the main floor
• office space on the 3rd to 6th floors
• total density of 54,389 SF (3.0 FSR)
• 46,537 SF of office space
• a building height of 80 ft.
• 70 parking stalls on the main and 2nd floor

Existing Site Condition

The architect for this project is Christopher Bozyk.

34 West 7th Avenue

An application has also been filed by Chard Development for a site at 34 West 7th, which was purchased for $8,150,000 earlier this year. Preliminary plans call for a 4-storey building with clothing manufacturing uses on the ground floor and office uses on the 2nd to 4th floors, and two levels of underground parking. The total density is not known at this time, but the site would allow for up to 54,350 SF (3.0 FSR).

The architect for this project is Proscenium Architecture.

In one of Vancouver’s largest retail deals of the year, Ackroyd Plaza, a 6.8 acre strip retail centre at Ackroyd Road and No. 3 Road in Richmond, has sold to a local investor.

Major tenants include PriceSmart Foods, White Spot, Boston Pizza and a BC Liquor Store.

The 106,000 SF plaza is currently zoned Downtown Commercial District allowing a maximum floor area ratio of 3.0. Richmond’s City Centre Area Plan designates the site as Urban Core (T6) and Village Centre which allows a maximum density of 4.0 FAR. The existing improvements are only built to a 0.36 floor area ratio, thus representing approximately 1,000,000 sq ft of residual density, therefore the purchase price was based more on the land value then the existing income. The cap rate was well below 3%.