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.