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.
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.”
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
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.
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.
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.
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.
The 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:
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.