An assembly of five residential lots at Oak and West 64th in Marpole has sold to Century Eternal Group for $24,126,888, or $345 per buildable SF. The five lots comprise 250 feet of frontage on Oak with a combined site area of 28,307.5 SF.
The Marpole Community Plan designates these lots for development for multi-family residential up to 6-storeys and 2.50 FSR density.
The buyer had previously secured the seven lots to the South of the property in June 2017. The combined twelve lot assembly comprises 68,309 SF.
A development application has been submitted to the City of Vancouver for permission to consolidate three single family lots at the Southeast corner of Granville Street and Park Drive in marpole.
The proposed development plan for 1488 Park Drive (entitled ‘Park Grand’) is for a new 3-storey residential building(s), consisting of:
- 17 units;
- a total density of 1.19 FSR;
- 26 parking spaces in an underground garage having vehicular access from the lane.
Under the site’s existing RM-8N zoning, the application is “conditional” so it may be permitted; however, it requires the decision of the Director of Planning.
The site was assembled by Grandlake Investments Corp. in 2016 for a total of $8,670,000, or $377 per buildable SF.
The architect for the project is Cornerstone Architecture.
The City of Vancouver is about to implement their annual inflationary adjustment to Density Bonus Contributions and target rate CAC’s. The density bonus contributions are basically CAC’s that are specifically intended for density bonuses associated with conditional zoning in a small set of pre-planned areas including: Mount Pleasant, Joyce Collingwood, Marpole and Norquay.
The target rates for density bonus contributions in these areas are proposed to increase by 11.9%, and will become effective on September 30, 2017. The Mount Pleasant I-1A and I-1B zones are not being adjusted for inflation this year because these areas were only established as new density bonus zones in 2017.
For CAC’s the increase is at the same rate, with updated rates as follows:
Expect even further updates to CAC target rates coming in late 2017 and early 2018 as the City of Vancouver seeks to “align with the updated needs identified in the Public Benefits Strategy.”
A full copy of the Policy Report on Density Bonus Contributions can be viewed here: http://council.vancouver.ca/20170725/documents/p8.pdf
The Policy Report on CAC’s is located here: http://council.vancouver.ca/20170726/documents/pspc5.pdf
A development application has been submitted for a two-lot, 10,563 SF land assembly on Granville Street in Marpole. The site at 7878 Granville sits just South of Coromandel’s Leveson project, currently under construction.
The plans for this site are for a 4-storey condo building, including:
- 20 condo units;
- a total density of 2.0 FSR;
- one level of underground parking having vehicular access from the lane.
Under the site’s existing RM-9 zoning, the application is “conditional” so it may be permitted; however, it requires the decision of the Director of Planning.
Bold Properties has submitted their rezoning application for a five-lot assembly on Oak Street between West 67th Avenue and West 70th Avenue. The assembly at 8378-8432 Oak Street is a total of 18,924 SF, and the proposal is for a 6-storey residential building that includes:
- 38 units;
- 30 two-bedrooms and 8 three-bedrooms;
- a total density of 2.49 FSR;
- a building height of 73 ft.; and
- 52 vehicle parking spaces and 48 bicycle parking spaces.
The application is being considered under the Marpole Community Plan. The full application can be viewed here: http://rezoning.vancouver.ca/applications/8378-8432oakst/index.htm
The architect for the project is Gateway Architecture.
Maiway Investments Ltd. has submitted an application to rezone an existing 13-unit lowrise apartment in order to build a new 6-storey apartment building at the Northwest corner of Oak and 70th in the Marpole area of Vancouver.
The plan for 8599 Oak Street is to rezone from the existing RM-3A zone to allow a 6-storey residential building including:
- 36 secured market rental units;
- 23 one-bedrooms, 7 two-bedrooms & 6 three-bedrooms;
- a building height of 67 ft.;
- a density of 2.50 FSR; and
- two levels of underground parking with 28 vehicle spaces and 46 bicycle spaces.
The application is being considered under the Marpole Community Plan.
The architect for the project is NORR Architects Planners.
The building had been listed for sale in 2015 and sold in November 2015 for $3,800,000, or $120 per buildable SF based on the application.
Marcon has applied to the City of Vancouver for permission to develop a 19,671 SF, RM-9 zoned three-lot assembly on West 63rd Avenue, just East of Cambie Street. The plans for this site is a new 4-storey condo building, including:
- 33 units
- 7-one bedrooms, 22 two-bedrooms and 4 three-bedrooms
- a total density of 2.0 FSR
- 2 levels of underground parking accessed from the lane.
The single family assembly was rezoned under the Marpole Community Plan in 2014 and so only requires development permit approval.
The architect for the project is Rositch Hemphill.
The full development application can be viewed here: http://development.vancouver.ca/pc460w63rd/index.htm