The City of Vancouver should consider building a new transit line along Broadway in phases, while restricting high density to the busy commercial core to preserve the city’s character in the neighbourhoods along the route, according to a new report.

Issued by the Urban Land Institute’s Governor’s Advisory Panel, the report suggests the public should also be consulted, noting Vancouver “did not balance zoning changes with economic potential and community livability” when it built other mass transit projects — specifically the SkyTrain ahead of Expo 86 and the Canada Line for the 2010 Winter Olympics.

“Invariably, stakeholders perceived that neighbourhood impacts were overlooked or under-represented in order to fast-track major transportation projects. ‘Blanket up-zones’ were applied at transit hubs, leading to rampant speculation and dislocation of residents and businesses,” said the panel, which included experts from across North America.

“Although the panel recognizes that the market may ultimately dictate a lot of development decisions that accompany the growth in population and the increased opportunities that a mass transit line brings, it also recognizes that the local neighbourhoods and districts give Vancouver much of its charm.

Read more: http://www.vancouversun.com/sports/Advisory+report+suggests+building+Broadway+transit+line/10027082/story.html

An 11-unit building at 2358 York Avenue has sold for $3,938,000, or $358,000 per unit / 2.6% cap rate. The realtor’s brochure describes the building as follows:

“…a well maintained three storey plus penthouse apartment building located in Vancouver’s extremely popular Kitsilano neighbourhood. Only one block south of Kits Beach, the property features 11 suites including 2 penthouse units with sweeping views of English Bay and the North Shore Mountains.  Ideal for owner-occupier.  Rents significantly below market.”

The building had been listed for sale for $4,000,000.

A retail property with redevelopment potential located on Kingsway in Vancouver’s Norquay Village area has sold for $8,580,000. The 13,750 SF strip plaza is leased to mostly local tenants. The 26,936 SF site is zoned C-2. On a land basis, the site sold for $127 per buildable SF.

A rezoning application for 10 single-family lots located at 4949-5109 Cambie Street goes to public hearing next week.

Washington Properties (whose project you might be familiar with on West 41st across from Oakridge) is planning the development of three six-storey concrete residential buildings containing a total of 202 units all over two levels of underground parking. The total site frontage is 626 feet, and the total site area is 76,825 SF.

Washington’s website suggests the units will all have air conditioning and “high” ceilings.

The Cambie Corridor Plan suggests this site can achieve 1.75 to 2.25 FSR, but before a road dedication and a transfer of heritage density, the proposed density is 2.39 FSR (or 2.60 FSR after the road dedication). Approximately 20% of the $5.5 Million CAC will be the transfer of heritage density.

The site was acquired between 2011 and 2012 for $34,098,000, or $186 per buildable SF.

See more information here.

I am pleased to announce the sale of 2445 Hemlock Street. Colliers worked on behalf of the Vendor to generate multiple offers. The property sold to a user group that intends on occupying a portion of the building. The purchase price was $4,000,000.

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