A development application has been submitted for a land assembly in Mount Pleasant. The plan is for a new 3-storey condo building while preserving and restoring the existing 4-unit building at 547 East 16th Avenue that was built in 1912. The site is 15,117 SF, and is zoned RM-4. Details include:

• Density of 1.45 FSR
• Total of 21 units (17 new units and 4 in existing building)
• 21 underground parking spaces
• Total building height of 35.1 ft

Larco has applied to the City of Vancouver for permission to develop the first phase of Arbutus Village. The plan calls for development of the Northeast corner (“Block A”) of the 7-acre site with one mixed-use building comprising office space, a below-grade self-storage facility, a grocery store, and residential rental apartments. The proposal includes the following:

• a mixed-use building comprising office space and a grocery store on the ground floor, and seven floors with 215 apartments units above;
• total floor area of 395,000 SF (including 120,000 SF below-grade self-storage facility and a 54,000 SF new Safeway grocery store);
• four levels of underground parking (374 spaces) and self-storage facility, accessed off of a proposed Yew Street extension.
• First step will be demolition of the Northeast portion of the existing mall, followed by new internal streets and eventual relocation of Safeway

The rezoning for the site was approved back in July 2011, but no further development approval activity has taken place since. The whole plan calls for 508 residential units. The development application effectively quiets any previous rumours that the site may have been for sale.

The Development Permit Board meeting is scheduled for this application on September 8, 2015. Subsequent phases of the project will require additional development permits.

A development application has been filed for a triangular site at the Northeast corner of Fraser Street and East 17th Avenue. The site is zoned C-2 which allows for a maximum density of 2.5 FSR. Project details include:

• 4-storey building
• retail/restaurant use on the ground floor (fronting Fraser Street)
• residential units on the 2nd, 3rd and 4th storeys
• total of 30 condo units
• 29 underground parking spaces

The site does not include the small lot just to the North on Fraser. The architect notes: “Our development team has approached the owner on a number of occasions to purchase the site but we have been unsuccessful in assembling it into the parcel.”

The site was acquired in 2007 by Mangat Property Group Ltd. for $2,000,000, or $67 per buildable SF.

Mount Pleasant has increasingly become a target for new residential development given the attraction to primarily a younger demographic. Resales data for the last 6 months in Mount Pleasant shows an average resales value of $686 per SF for units less than 4 years old at time of sale.