Commercial market at ‘peak levels’.

The CPP Investment Board paid $63 million for a 50-per-cent stake in 401 West Georgia.

Photograph by: Glenn Baglo, PNG , Vancouver Sun

Metro Vancouver’s commercial real estate market booked a record number of sales over $10 million in the first quarter of 2012, according to new research by the firm RealNet Canada, although the total number of transactions were lower than the last quarter of 2011.

The region saw 24 property sales in excess of $10 million, which exceeded the previous record in 2009 by three transactions.

Paul Richter, RealNet’s national research manager said that is a positive indicator for the market.

“Bigger really shows that there’s extreme confidence in the market,” he said.

Read more: http://www.vancouversun.com/business/Commercial+market+peak+levels/6699489/story.html#ixzz1wPsOUKqy

The City of Vancouver has unveiled its proposed new concept for the land under the Georgia and Dunsmuir viaducts based on input from stakeholders and an open ideas competition. The public is invited to view this new concept for the viaducts and provide their feedback at upcoming open houses. Staff is expected to report to council in July 2012.

The viaduct issue has been contentious as it weighs some urban benefits against the idea of using valuable public resources to tear down infrastructure that has not reached the end of its useful life.

Key Points of the Concept:

• Removal of Georgia and Dunsmuir Viaducts
• Georgia Street connection to Pacific (combined with Expo Blvd.)
• New bike lane connections, including option for bike lane on W. Georgia Street
• Approx. 850,000 sq ft of development potential (likely residential) between Quebec and Gore St.
• 10% increase in park area

Have your say at Public Open Houses:

Tuesday, June 5
4:00 – 7:00pm
Woodward’s Atrium
111 West Hastings

Thursday, June 7
3:30 – 6:30 pm
Creekside Community Centre
1 Athletes’ Way

Saturday, June 9
10:00 am – 2:00 pm
Central Library Promenade
350 West Georgia

Source: City of Vancouver

Yenik Realty Ltd. has applied to the City of Vancouver to rezone 4320 Slocan Street from C-1 to CD-1 Comprehensive Development District. The proposal is for a 4-storey mixed-use building, comprised of approximately 42 585 sq. ft. of floor area, with a floor space ratio of 2.11 FSR, and a height of 46.4 ft. Two commercial retail units with 41 residential rental units above are proposed. A total of 19 parking stalls, 61 bicycle spaces, 1 car-share space, and 2 loading spaces would be provided.

More information can be obtained here.

Source: City of Vancouver

Vancouver real estate guru talks condominiums.

When a new condominium project sells out in one day, as it did with the Marine Gateway building in April, ever wonder who actually buys one of the units?

Real estate marketer Bob Rennie, whose company was responsible for selling the 414 apartments at the Cambie and Marine towers, gave some indication in his annual speech Thursday to the Urban Development Institute.

Read more: http://www.vancourier.com/news/Vancouver+real+estate+guru+talks+condominiums/6646930/story.html#ixzz1vbmgD0yt

Yesterday evening Vancouver City Council unanimously approved Manulife Financial’s proposal to rezone 980 Howe Street from DD (Downtown District) to CD-1 (Comprehensive Development).  The proposal was for a 16 storey office building with a total floor area of 268, 908 square feet, a floor space ratio of 11.2 and a height of 200 feet.