Vancouver city council has approved a controversial West End neighbourhood plan that outlines development in the area for the next 30 years.

The plan aims to strike a balance between development pressures and preserving the West End’s quiet, tree-lined streets, where 45,000 people live in only 112 blocks.

It gives developers and planners a road map for the foreseeable future that permits infill development in the centre of the neighbourhood and taller towers on busy corridors around the edges.

Coun. Tim Stevenson says the city expects $600-million will be invested in the neighbourhood over the next 30 years.

“We’ll certainly see more density because we’re expecting seven- to 10-thousand more people in the next 20 years, and we obviously have to accommodate that,” said Stevenson.

Read more: http://www.cbc.ca/news/canada/british-columbia/west-end-community-plan-approved-in-vancouver-1.2433596

Follow the Council’s decision live here.

Here are some live updates from the City Council meeting regarding the West End Community Plan:

The Arts and Crafts building located at 576 Seymour Street has sold to an offshore investor for $15,200,000, or $430 per SF.

The 35,411 SF C-Class building is located on the East side of Seymour between Dunsmuir and West Pender Streets. The cap rate was 4.4%.

The West End Community Plan is on the City’s agenda for Wednesday November 20th. The Plan will guide rezoning and development in the West End, and focuses growth along four main corridors.

In most cases, rezoning applications will require a CAC contribution as part of the public benefit strategy, or will require a substantial social housing component.

Contact me for more information on the Plan and opportunities for redevelopment.

PWC’s annual Emerging Trends in Real Estate 2014 report was released this week. The annual report surveys industry professionals and rates Canada’s nine largest commercial real estate markets on prospects for investment, development and homebuilding.

This year the survey placed Vancouver fourth, just slightly behind Saskatoon, and behind the energy-driven markets of Calgary and Edmonton; in first and second respectively.

Perhaps not surprisingly, respondents placed Vancouver firmly in buy/hold territory for most asset classes in 2014. Here are a couple of examples:

Apartment Buy/Sell/Hold Recommendations

Office Buy/Sell/Hold Recommendations

Download the full report here: http://www.pwc.com/ca/en/real-estate/emerging-trends-real-estate-canadian-summary.jhtml