Two buildings on East Boulevard have sold to Kenstone Properties for $26,000,000. The two lots, located at 6020 & 6040 East Boulevard, are currently improved with two older 2-storey walkup apartment buildings, and combine to form a total site area of 18,850 SF. The lots are zoned C-2 which allows for a development up to 4-storeys, or approximately 47,125 SF of buildable area.
The purchase price equates to $552 per buildable SF.
The property had been listed for sale for $26,800,000.
We are pleased to introduce this 12-unit strata-titled building in a highly desirable area of Kits. The building has excellent potential to be converted to an income-producing rental apartment building.
BRO 3495 W 4th Ave
Please contact us for further details.
Belaire Apartments Ltd., the owners of an existing 3-storey lowrise apartment building in North Vancouver, are planning a replacement of the building with a new, larger rental apartment building.
The subject site is located in the Central Lonsdale neighbourhood at the south west corner of Chesterfield Avenue and 16th Street. The site currently contains a 13-unit rental apartment building. The 10,400 SF site is located in an area of mainly three storey apartment buildings, with most of them built in the late 1960’s to mid – 1970’s, and are a mix of rental and strata dwellings.
The proposal is for a new 5-storey rental apartment building that includes:
- 34 apartment units
- 18 one-bedrooms, 13 two-bedrooms and 3 three-bedrooms
- a total density of 2.50 FSR
- 17 underground parking stalls
- 51 bicycle stalls
The OCP land use designation of the site is Residential Level 5, which allows for a medium density multi-family up to a maximum density of 1.6 FSR, with the potential of a 1.0 FSR bonus density to be granted at Council’s discretion. The applicant is requesting a bonus be granted to 2.50 FSR with all the proposed units being rental and secured through a rental Housing Agreement.
The architect for the project is Gateway Architecture.
A development application has been submitted to the City of Vancouver for permission to develop a two-lot assembly in Marpole at the corner of West 62nd Avenue and Columbia Street.
The plan for the RM-9 zoned, 9,681 SF site includes a 4-storey building with:
- 26 rental apartment units
- a total density of 1.91 FSR
- 19 underground parking spaces on one level of underground
Under the site’s existing RM-9 zoning, the application is “conditional”. The site falls just a few feet short of the required 90 ft. minimum site frontage and so the proponent has appealed to the Board of Variance. There is no CAC payable in this area of the Marpole Community Plan if the project is 100% rental. If the 90 ft. minimum site frontage is enforced, the project would be limited to 1.50 FSR.
The site was assembled between 2015 and 2016 for a total of $5,568,000, or $302 per buildable SF based on the proposed development.
The architect for the project is Stuart Howard Architects.
Another week, another rental apartment building rezoning application under the City of Vancouver’s Rental 100 program. This one is for a 12,300 SF site (99′ x 122′) located on the North side of Kingsway near Fraser Street. The application to for 855 Kingsway calls for a rezoning from the existing C-2 zoning to CD to permit the development of a six-storey mixed-use building. This is a concurrent rezoning and development permit application.
The proposal includes:
- 49 secured market rental units;
- 14 studios, 18 one-bedrooms, 12 two-bedrooms and 5 three-bedroom units
- 4,043 SF of retail at grade;
- A total density of 3.30 FSR;
- A building height of 68.9 ft.; and
- 25 underground parking spaces.
This application is being considered under the Secured Market Rental Housing (Rental 100) Policy.
The architect for the project is Cornerstone Architecture.
The site had sold in 2015 for $3,668,000, or approximately $91 per buildable SF.
Strand Development has submitted a rezoning application for a 10,881 SF site on West 12th Avenue, next to the Arbutus greenway. The site is currently improved with an older commercial building occupied by Blenheim Import Auto Service.
The plan for the site calls to rezone from the existing C-7 commercial zoning to permit the development of a 6-storey residential building. The proposal includes:
- 48 rental apartment units;
- 3 studios, 20 one-bedrooms, 15 two-bedrooms and 10 three-bedrooms
- A total density of 3.47 FSR
- A building height of 63.75 ft.; and
- 20 underground parking spaces.
The application is being made under the Rental 100 policy.
The architect for this project is Yamamoto Architecture.
We are pleased to announce the sale of 1574 Kingsway in Vancouver. This mixed-use residential/retail building sold for $2,750,000. The property was marketed and sold by our team in late 2016.