West Broadway Office Building Sells in $39MM Deal

1985 West Broadway has sold to The Property Management Group for $39,000,000. The 5-storey ‘A’ Class building, known to most as the Wawanesa Building at Broadway and Maple, was built in 1985 and totals 50,981 SF. The sale price equates to $765 per SF, or a 3.30% cap rate. Wawanesa was the seller in the transaction.

The property had been listed for sale by Avison Young. Below is a marketing video depicting the property:


The C-3A zoned property is located on a 17,280 SF site just a block East of what is anticipated to be a future transit station at Arbutus.

10-Storey Building Planned for Broadway and Spruce

Minglian Group has applied to the City of Vancouver for permission to develop a 12,499 SF, C-3A zoned site at the Southwest corner of West Broadway and Spruce Street with a 10 storey mixed use building. The proposal includes the following:

  • 37 market residential units;
  • 3,000 SF of retail on the ground floor 
  • 2,600 SF of office space on the 2nd floor;
  • A building height of approximately 120 ft;
  • A total density of 3.29 FSR;
  • 50 underground parking spaces accessed from the lane with 4 parking spaces at grade directly off the lane.

Under the site’s existing C3-A zoning, the application is “conditional” so it may be permitted; however, it requires the decision of the Development Permit Board.

The application describes the design rationale: “The compact footprint of the site and the surrounding environmental variables were the basis for the design approach. The north elevation provides great views of downtown and the north shore while the south looks over lower density development with good sun exposure. The east and west frontages are better suited for more solid wall, helping to mitigate overlook to adjacent towers and deflect ing noise from heavy traffic travelling east and west on Broadway. These factors led to a very slim tower that expresses a strong contrast between the north / south and east / west elevations. The north and south are expressed much more openly with large balconies while the east and west incorporate much more solid wall. The tower is split into two narrower volumes to emphasize the slenderness, provide privacy between units, and buffer the east / west traffic on Broadway. Balconies on the south east and south west corners also project out to give the units on these corners both southern and northern views.”

The architect for the project is GBL Architects.

The detailed development application can be found here: http://development.vancouver.ca/2501spruce/index.htm

The site was acquired in January 2017 for $19,000,000, or $463 per buildable SF.

Redevelopment Coming for Prominent Broadway & Cambie Corner

Pacific Crown Management Company Ltd. has applied to the City of Vancouver for permission to develop the Southwest corner of Broadway and Cambie with a new office and retail building.

Most people will know the site as the Original Joe’s building with the Starbucks on the ground floor.

The proposal for the new development is for a 7-storey office building that includes:

  • retail, restaurant and financial institution uses on the ground and second floors
  • office use on the third to seventh floors;
  • 61,381 SF of total floor area;
  • a total density of 3.30 FSR;
  • a total building height of 93 ft; and
  • two levels of underground parking accessed from the lane.

510 West Broadway510 West Broadway_2 510 West Broadway_1 510 West BroadwayUnder the site’s existing C3-A zoning, the application is “conditional” so it may be permitted; however, it requires the decision of the Development Permit Board.

The architect for the project is W.T. Leung Architects Inc.

Latest Office Proposal Demonstrates Trend for Smaller Sites

A rezoning application has been submitted for a 90 x 110 ft, C-3A zoned site at 521-525 West 8th Avenue, just west of Cambie Street (across from Whole Foods). The site is currently comprised of two single-storey retail buildings, one of which is now vacant.

The proposal calls for a nine-storey office building with retail, and includes:

    • 60,300 SF of office space
    • 2,000 SF of retail space
    • Office floorplates ranging from 6,400 to 9,015 SF
    • A total density 6.91;
    • A building height of 111 ft.;
    • 88 parking spaces on 3 1/2 underground levels; and
    • 35 bicycle parking spaces

521-west-8th525-west-8th_4 525-west-8th_3 521-west-8th_1


Typical Tower Floorplan

This application is being considered under the Metropolitan Core Jobs and Economy Land Use Plan. The “Metro Core” plan policy has been in place now for almost ten years. The primary purpose the plan was to facilitate rezoning for commercial development, either by restricting residential use, or by allowing greater density for office uses. The site falls within the “Broadway Corridor Choice-of-Use Areas” which allow for increased commercial density by virtue of proximity to transit.

The architect for the project is Musson Cattell Mackey Partnership.

This application is the latest in a recent trend of rezoning applications for office buildings on sites under 10,000 SF which traditionally would’ve been viewed as too small to accommodate larger floorplates and parking requirements.

1818-1862 West Broadway Sells in $56 Million Deal

An assembly of properties at 1818-1862 West Broadway, on the South side of Broadway just West of Burrard Street, has sold for $56,250,000. The combined site has 300 feet of frontage and a total site area of 37,500 SF. The purchase price equates to $500 per buildable SF.

1818-w-broadwayThe site was listed and sold by Colliers earlier this year: http://www.collierscanada.com/19189#.WAfIb5Dn_ug

There is no word on immediate plans for redevelopment.

South Granville Office Building/Site Sells in $19.5MM Deal

A two-storey office building at 1525 West 8th Avenue has sold for $19,500,000. The building sits on a 13,680 SF C-3A zoned property and has potential for redevelopment in the future to include residential. Based on the anticipated base density of 3.0 FSR, the price equates to $475 per buildable SF.

1525 West 8thThe building had been listed for sale earlier this year. Here is a promotional video outlining the property, including a rendering of a potential future condo tower on the site:

1525 West 8th Ave, Vancouver, BC from Cushman & Wakefield | Vancouver on Vimeo.

1424 West Broadway Sells in $19.8MM Deal

1424 West Broadway, more commonly known as the Joeys Broadway, has sold for $19,800,000 to the Value Group. The 15,265 SF C-3A zoned site was previously sold in 2014 for $14,300,000. Joeys lease expires in 2019, though there is no word on redevelopment plans for the property.

The property had been listed for sale by Colliers in late 2015, and received multiple offers. The adjacent property at 1448 West Broadway was also listed for sale.

1424WBroadwayVanApr14 (6)