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
City of Vancouver staff have rejected a rezoning application for a six-storey mixed-use building on the Stong’s Market site.
Brian Jackson, the city’s manager of planning and development, recommended the proponent pull the application in light of opposition based on Dunbar’s community vision, which prescribes a four-storey limit on buildings.
“I, of course, only recommend to council, so if [the applicant wishes] to pursue, they could still go to council with our negative recommendation and then it would be council that would formally turn them down, but I have recommended that they withdraw their application,” Jackson told the Courier Thursday morning.
Henriquez Partners Architects filed the rezoning application with the city on behalf of the landowner Harwood Group.
The site in question includes properties from 4508 to 4560 on Dunbar Street and 3581 West 30th Avenue — the current locations for Stong’s, McDermott’s Body Shop and two parking lots. The rezoning proposal provided space for the grocery store to move back in after the project was completed.
The Wenonah Building, a heritage apartment building at East 11th Ave and Main Street has sold for $6,500,000 or $342,000 per unit. The building, built in 1913, also contains some retail on the ground floor. The lot size is 8,480 SF.
