Market Update: Cambie Corridor Land Values

Below is a brief update to a previous analysis of land sales along the Cambie Corridor that was originally posted last year. The most recent project to launch pre-sales is The Regent by Regent International on the North side of West King Edward, which launched in July 2016, and having substantially sold out at over $1,000 per SF. Fully 13 of the first 15 projects to launch pre-sales since 2012 have sold out quite quickly and steadily increasing prices.

As one of the most consistently strong pre-sales markets in Metro Vancouver, land values are continuing to increase as developers are bidding more aggressively to reflect end-sales demand.

Up and down the Corridor, numerous land assemblies have occurred, with many rezoning applications at various stages of the process. Almost 20 sites have now had rezoning enacted; meaning they have been officially approved by the City, and over one-third of the 439 lots in the plan area have now been sold.

The following chart depicts all of the site/land assembly sales that have taken place within the plan area since 2009. As recently as 2014, land sales averaged $175-200 per buildable SF. Today, land values have escalated to as high as $250-300 per buildable SF, and a couple of sites have actually traded above the $300 per buildable SF threshold.

Cambie Corridor_Land Values_August 2016* based on approved density, or plan maximum where no application exists yet.

The strength of the Cambie land market is not entirely surprising given the strong pre-sales trends and given that land on the Westside with exisitng zoning for multifamily is now regularly trading above $400 per buildable SF.

West End Co-Op Sells in $40.5 Million Deal

A co-op located on a 17,292 SF site in the West End of Vancouver has sold to a developer for $40,500,000.

Harcrest Apartments, located at 1055 Harwood Street, is a 3-storey 28-unit walkup building built in 1947. The property was listed for sale earlier in the year. The site was designated under the West End Community Plan to allow a new tower up to 300 feet in height, provided that some of the new building is provided as social housing.

1055 Harwood_1 1055 Harwood

 

Construction Update: Cambie Star

Construction is coming along on Cambie Star, an 8-storey condo development at the Northwest corner of Cambie Street and West King Edward Ave.

The project is being built by Yuanheng Canada, who acquired the site from Translink as one of the first Cambie Corridor land sales back in 2011 for $9,400,000, or $146 per buildable SF.

The site is located directly adjacent the King Edward Canada Line station and a portion of the building is directly above the station entrance (the station entrance itself becomes a volumetric statutory right of way). There is also a covenant on title that the developer is required to build a space for a retail bike repair facility attached to the station. There will also be ground floor commercial units fronting Cambie Street.

4099 Cambie

The site was formally approved for rezoning in late 2014 for a 59-unit, 8-storey development at a total density of 3.52 FSR. Sales began in November 2014 and the project was substantially sold out in 2015. MLS pre-sales in late 2015 show the most recent sales took place in the $825 per SF range. The site signage and project website now indicates that the project is sold out.

4083 Cambie

Photo courtesy mcminsen http://po.st/qsN457 via @imageshack

4083 Cambie_1Photo courtesy mcminsen http://po.st/8eqti9 via @imageshack

4083 Cambie_2Photo courtesy mcminsen http://po.st/3wwYVp via @imageshack

Rental Apartments Planned for King Edward Site

South Street Development Group has applied to rezone a 23,088 SF three-lot land assembly at 431-455 West King Edward Avenue to allow a new rental apartment development. The proposal is for a 4-storey building with 2-storey townhouses at the lane that includes:

  • 42 secured market rental units;
  • 5 one-bedrooms, 24 two-bedrooms, 13 three & four-bedrooms
  • a building height of 45 ft.
  • a total density of 1.98 FSR; and
  • 54 vehicle parking spaces and 63 bicycle spaces.

The application is being considered under the Cambie Corridor Plan. The architect is Integra Architecture.

431 W King Edward431 W King Edward_1

33-Unit Project Planned for Marpole

Alabaster Homes has applied to the City of Vancouver for permission to develop a 20,084 SF 4-lot land assembly at the Southwest corner of Yukon Street and West 59th Avenue. The plan for the project entitled ‘Yukon Residences’ includes:

  • four new 4-storey buildings
  • 33 3-bedroom townhome units and single-level garden home units
  • 70 parking spaces in two levels of underground parking; and
  • net floor area of 40,208 SF
  • total density of 2.0 FSR

Under the site’s existing RM-9 zoning, the application is “conditional” so it may be permitted; however, it requires the decision of the Director of Planning.

The architect for the project is Formwerks Architectural.7521 Yukon

7521 Yukon_2

Front Elevation – Building 4

7521 Yukon_1

Front Elevation – Building 1