With the news today that St. Paul’s will move to it’s new location, it has been indicated that Providence Health Care will use the sale or lease of the existing Burrard Street location to help contribute to its share of the $1.2 Billion False Creek Flats project.

So how much is the Burrard site worth?

First, an overview of the site:

• Site Area: 292,235 SF, or 6.7 acres
• Existing Zoning: DD – Downtown District (Sub Area G)
• Permitted Density: 6.0 FSR (office not to exceed 5.0 FSR), or 1,753,410 SF (under current zoning)
• Allowable Height: 300 ft (with discretionary increase to 450 ft)
• View Cones: View cone C1 (Laurel Landbridge to the Lions) bisects the site as depicted below and likely limits much of the site to at or near the 300 ft. limit (30-storeys for residential)
• Current Tax Assessment Value (Land Only): $465,004,000

Rezoning potential is unknown at this stage, but the current zoning would appear to support a residential/mixed-use development up to 1.75 Million SF. A preliminary valuation based on this cursory highest and best use analysis yields the following value:

292,235 SF x 6.0 FSR x $250 per buildable SF =

$438,000,000

Now, if the site were rezoned to say 10.0 FSR, with a Community Amenity Contribution or social housing component:

Based on rezoning to 10.0 FSR

292,235 x 10.0 FSR x ($250 per buildable SF less $75 per SF CAC) =

$511,000,000

Here is a list of rezoning applications headed for Burnaby City Council’s consideration on Monday:

1. 8850 University Crescent (SFU Univercity) – Highrise residential tower with mid-rise residential building
2. 5521-5525 Hastings Street – 4-storey mixed use building based on C2 and RM3 guidelines
3. Brentwood Mall Site Phase III – third highrise residential building by Shape Properties
4. 4453-4475 Hastings Street – 4-storey mixed use building  based on C8a guidelines and Heights Community Plan
5. 7911-7923 Edmonds Street – 4-storey mixed use buildings based on C9 guidelines and Sixth Street Community Plan
6. 4769 Hazel Street & 4758 Grange Street – This interesting proposal by Bentall Kennedy seeks to amend the existing CD zoning on a 2.4 acre highrise apartment site it owns in the Metrotown area. The proposal seeks to add additional apartment units on the site, depicted below.

Intracorp has filed a rezoning application for a 61,604 SF site at 375 West 59th Avenue from RS-1 to CD-1. The site is currently occupied by a lowrise private hospital called Amherst Hospital. The plan is for a residential development with two 6-storey buildings and one 5-storey building, including:

• 154 residential units;
• a maximum height of 74.7 ft.;
• a density of 2.83 FSR
• 229 underground parking spaces