Cressey Acquires Main & 2nd Avenue Site in $17MM Deal

Cressey Development Group has acquired a 14,922 SF site at 1880 Main Street, at the Southeast corner of Main and 2nd, for $17,000,000. The triangular block, currently improved with lowrise retail buildings, is zoned IC-2. No development applications have yet been filed with the City of Vancouver.

1880 Main

  • Mark

    That’s the south east corner, no?

  • R Fines

    i think you mean the southeast corner

  • david.taylor@colliers.com

    EDIT: It’s the Southeast corner. Thanks guys.

  • mark

    $228 per buildable based on a 5 FSR. Is this the going price? Or is Cressey thinking bigger?

    • David Taylor

      I’m not sure what the ultimate density will be, but $228 per BSF sounds like a good deal based on other trades.

  • Art Vandalay

    Isnt IC-2 a 3 fsr? Obviously will be re-zoned but you are paying CAC on anything above 3.

    • david.taylor@colliers.com

      The site falls within the ‘Main’ subarea of the Mount Pleasant Community Plan, which likely allows a greater height and density. For reference, the site across the street received rezoning approval at 5.50 FSR.

  • Art Vandalay

    Thanks for the info David. So what you are saying is that under the ‘Main’ subarea of MPCP one would assume that a higher density would be permitted based on the precedents set. However based on in place it is 3 fsr correct?

  • Paul

    They also acquired the vacant lot at 1800 Main in a separate transaction in January for $3,400,000 (3,761 SF). Total site is now 18,683 SF for $20,400,000.

    • David Taylor

      Thanks Paul.

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