Intracorp has completed the sale of 3362 Vanness Avenue in the Joyce Collingwood area of East Vancouver for $41,400,000.

The site comprises an existing 12-storey apartment building that was assembled with a neighbouring property and approved for rezoning earlier this year for a 679-unit, two tower rental project.

The total assembly has a combined site area of 38,323 SF. The combined assembly value of $46,550,000 equates to $107 per buildable SF.

Sightline Properties has submitted a rezoning application for a site at 4975-4997 Joyce Street in the Joyce Collingwood area of East Vancouver.

The 13,859 SF site is located on the West side of Joyce Street half a block from the Skytrain Station.

The proposal is for a 38-storey rental tower that includes:

• 408 market rental units with 10% below-market rental;
• 3,700 SF of ground floor retail space;
• a total density of 18.89 FSR;
• A building height of 384 ft. with additional height for rooftop amenity space.

This application is being considered under the Joyce-Collingwood Station Precinct Plan. The application requests consideration of height and density in excess of the existing policy.

The architect for the project is Ciccozzi Architecture.

The City of Vancouver has released a report outlining proposed by-laws to implement rezoning policy under the Provincial Legislation: Bill 47 for transit oriented areas.

The proposed rezoning policy includes the following:

• Land Use Framework: The rezoning policy generally follows the tiers identified in the
  TOA Policy Manual for heights and densities, with some minor adjustments:
  • For Tier 1 (200m, 20-storey inner ring), the density has been increased from a Floor
    Space Ratio (FSR) of 5.0 to 5.5 FSR
  • This also applies to certain RM-zoned properties in the Commercial-Broadway Station Precinct of the Grandview-Woodland Community Plan that are up to 400 m from the Station.
  • In all tiers, the policy will also support applications for low-rise market rental developments of 4- or 5-storeys, and 6-storeys with 20% below-market rental, which could be rezoned directly into existing rental residential (RR) district schedules rather than custom zones for each site.
  • Ground floor commercial required where it aligns with existing area plans, or on arterial sites within 400 meters of a station, otherwise at option of developer.
• Tenure & Affordability: Proposals seeking to maximize height and density in all Tiers (20-storey,
  12-storey and 8-storey rings), will be required to:
  • Secure 100% as rental, with a minimum 20% as below-market rental; or
  • Deliver 30% as “turn-key” social housing.
• Tenant Protection: The same enhanced tenant stability and protection policies approved for the Broadway Plan are included in the TOA Rezoning Policy.
• Heritage: Properties may be limited in historic areas or for properties with an HRA. 10% additional density available for sites that retain, conserve or designate heritage on site.
• Infrastructure: upgrades may be required and can be confirmed and/or implemented during the rezoning process.
• Process: A rezoning enquiry will be strongly encouraged prior to submission of a formal rezoning application.
• CACs: Residential rezonings opting to pursue TOA heights and densities enabled under the TOA rezoning policy would be expected to provide the required affordable housing (social or below-market rental) to achieve the identified height and/or floor space. For these rezonings, no additional cash CAC contribution or proforma review will be required as staff are recommending a CAC exemption for these inclusionary housing projects.

The full report, as well as individual TOA maps confirming parcels, can be viewed here: https://council.vancouver.ca/20240626/documents/cfsc1.pdf