Coveted 2.3 Acre Westside Site Sells for $46.2MM

A rare 2.34 acre piece of land located at Oak Street and West 18th Avenue has sold to Wesgroup Properties for $46,200,000. The property, which contains frontage on both West 18th and most of West 19th from Laurel Street to Oak Street,  is currently zoned RT-2 and is improved with 17 low-density rental apartment duplexes built in the 1950’s.

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The site had been speculated for future redevelopment for some time and was only recently identified by the City as a potential rezoning location under the Cambie Corridor Phase 3 planning review given it’s current 0.75 FSR zoning and its proximity to transit. The scope or timing of a potential rezoning application remains to be seen.