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An existing C-2 zoned strip retail building at the corner of Oak Street and Laurier Avenue (one block North of King Edward) is proposed for redevelopment to allow a 4-storey building with retail uses on the ground floor and 11 residential units above, all over two levels of underground parking. Details for this 12,819 SF site include:
- Total density of 29,100 SF or 2.27 FSR (less than 2.5 max due to site restrictions)
- Top floor has two 2,000 SF units targeting downsizers
- Each unit gets two parking stalls
- Concrete construction with high quality interior and exterior finishes
The site was acquired by Xpec Oak Holdings Ltd. in 2014 for $7,900,000, or $271 per buildable SF based on the proposed density.
A rare 2.34 acre piece of land located at Oak Street and West 18th Avenue has sold to Wesgroup Properties for $46,200,000. The property, which contains frontage on both West 18th and most of West 19th from Laurel Street to Oak Street, is currently zoned RT-2 and is improved with 17 low-density rental apartment duplexes built in the 1950’s.
The site had been speculated for future redevelopment for some time and was only recently identified by the City as a potential rezoning location under the Cambie Corridor Phase 3 planning review given it’s current 0.75 FSR zoning and its proximity to transit. The scope or timing of a potential rezoning application remains to be seen.
An interesting new industrial building is being planned by Port Capital Group for a unique site at 3399 Bridgeway Street, located adjacent to CP rail property, directly south of the Cascadia grain Terminal and west of the Iron Worker’s Memorial Bridge. The site is zoned I-2. The plan is for a 7-storey building with a basement, including:
- wholesale space with ancillary office use on floors 1, 2, 6 & 7
- mini-storage warehouse on levels 3, 4 & 5
- one level of underground parking
- building height of 100 ft
- total floor area of 112,750 SF (3.0 FSR)
The architect notes that while the site is 37,500 SF in area, there are several factors which make it a challenging site to develop, and they are requesting a relaxation of the height limit to deal with these issues.
“The site is approximately 37,500 sq/ft in area; however , two Statutory Right of Ways (SRW) exist on title (one with Canadian Pacific Railway (CPR) and another with Metro Vancouver,) which preclude any building on approximately 18,600 sq.ft of the lot. The SRW held by CPR is the more restrictive of the two and prevents its paving, its use as surface parking or any form of access. The two SRW’s represent more that 50% of the site that is unbuildable and approximately 25% of the lot that access is completely denied by CPR.”The site was acquired in 2010 for $970,000 and then was more recently sold in 2014 via share transfer. If approved, perhaps a new trend for Vancouver’s increasingly land-starved industrial land base?
Here’s a building that had sold in 2012 that recently resold for a substantial gain. The 43 unit, 8-storey concrete building located at West 5th Ave and Alma sold for $14,495,000 or $337,093 per unit, representing a 12% price appreciation from 2012 when the building sold for $12,800,000.
