Wesgroup Acquires Chevron Site at 41st & Oak

Wesgroup has acquired the Chevron at 1008 West 41st Avenue (Southwest corner of Oak and 41st) for $12,249,400. The 135′ x 130′ (17,500 SF) site is currently zoned C-1 commercial, but can be potentially rezoned to allow greater density for rental housing.

Wesgroup also acquired the adjacent building and lot to the South at 5775 Oak Street earlier this year for $16,350,000.

1008 West 41st

The two sites combined would create a consolidated lot 35,980 SF in size.

50-unit Rental Project at Oak and West 14th Goes to Public Hearing

A project that we wrote about back in January goes to public hearing next week. 2975 Oak Street is an existing 14-unit apartment building at Oak and W 14th that is being proposed for partial heritage preservation and replacement with 50 rental units in a new 10-storey tower; for a total density of 2.8 FSR on the 12,500 SF site. All of this is being done under the existing RM-3 zoning.

2975 Oak 3

Existing Building

2975 Oak 4

Proposed New 50-unit Tower

The Aquilini family bought the property back in April of 2012 for $4,600,000 ($130 per buildable SF based on the proposed density).

Demolish 14 units and build 50…and no rezoning. How are they able to do this?

It’s all about the heritage. The existing building is a Heritage ‘B’ and the proposal includes a Heritage Revitalization Agreement (HRA) for the site.

Under the current RM-3 zoning applicable to the site, the existing building could be demolished and the site redeveloped with a density of up to 1.9 FSR and a building height of 120 feet without Council approval, subject to replacement of the existing rental units and securing these units through a Housing Agreement.

However, as incentive and compensation to the owner for the heritage designation, rehabilitation, and conservation of the heritage facades of the existing building built in 1928, an increase in permitted density to 2.8 FSR with a new tower is being supported by the City.

As with any demolition of existing rental, Aquilini had to provide a Tenant Relocation Plan which meets the requirements under the Rate of Change Guidelines for RM, FM, and CD-1 Zoning Districts.

Overall, not a bad little deal especially considering that this project isn’t going under Rental 100 and therefore rents won’t be capped. But before you get excited about finding another just like it, keep in mind that this one was unique with a very small heritage building on a disproportionately large site RM-3 zoned site. Even the City acknowledges that it won’t be setting a precedent as there are so few properties where an HRA would be viable in this area.

More details here.

Rental Apartment Building Proposed for Oak Street

The owners of an papartment building on Oak have applied for a development application to redevelop an existing apartment property they own at 2975 Oak Street (at West 14th). The proposal is permitted under the existing RM-3A zoning, but required City approval. The plan includes:

  • Heritage designation of the existing structure
  • 50 market rental units
  • A total density of 2.8 FSR

2975 Oak St._22975 Oak St

Apartments Proposed for Former Blockbuster on Oak St.

The owners of the former Blockbuster Video property at 3195 Oak Street are proposing to rezone it from C-2 to CD-1 District. The proposal is to rezone the property under the Rental 100 program for a 6-storey mixed-use building that includes:

    • 39 market rental units;
    • a density of 3.27 FSR;
    • commercial uses at grade; and
    • 44 at-grade and underground parking spaces

3195 Oak StreetMore information here: http://former.vancouver.ca/commsvcs/planning/rezoning/applications/3195oak/index.htm

Marpole Community Plan Revised; New Plan Back To Old Plan

After widespread opposition to late changes in the Marpole Community Plan this summer, the City of Vancouver has presented a revised draft plan that pulls back on changes in quieter single family areas and focuses growth along the main arterials including Granville, Oak and Marine Drive.

Here are the changes:

Before

marpole-plan-map-beforeAfter

marpole-plan-map-afterThe newest draft is essentially a return to the initial draft plan that was presented this spring. It focuses growth in 4-12 storey buildings along arterial streets, as opposed to townhouses.

The resistance to the Plan was almost entirely a result of late changes before the final draft presentation in June. At that time, the City proposed rezoning a large swath of single family lots to townhouse. This was a change that had not been presented nor widely discussed and it angered a great deal of residents. It resulted in the Plan being sent back for an additional round of consultation.

Not only did this move result in a delay of the plan, it was probably pointless and showed a disconnect from economic feasibility. With most single family lots in the range of 5,000-6,000 SF and house values of $1.5M+, a rezoning to townhouse would not have yielded any increase in value for most owners based upon land value and very little redevelopment would’ve occurred anyway.

What has the City likely learned from this process? In predominantly single family areas, residents are most likely to oppose new density increases except along main arterials where traffic is present already and attendant property values are lower due to their location.

What’s next for the Plan?

The City of Vancouver will be holding a dozen or so open houses and community discussion events to receive feedback on the revised plan before looking for council approval in early 2013.

Stay tuned for detailed analysis on implications and opportunities in each of Marpole’s five subareas…

Two Oak Street Properties Proposed for Rowhouses

Two properties on Oak Street go before City of Vancouver council next week seeking rezoning for rowhouse developments.

6110-6170 Oak Street & 975 West 46th Ave is a 42,144 SF site located at the northeast corner of Oak and West 46th Avenue. Listraor Homes is proposing to rezone the property from RS-1 to CD-1 to permit a 33 unit rowhouse development under the guidelines of the Oakridge Langara Policy Statement (OPLS). Listraor purchased the property in 2012 as an assembly of single family lots for a total of $9,295,000.

 

 

 

6010-6050 Oak Street is a 24,574 SF site located on the east side of Oak Street between 43rd and 45th Avenues. The owner is proposing to rezone the property from RS-1 to CD-1 to permit a multiple-dwelling development with 19 strata-titled rowhouse units and 9 lock-off units at a floor space ratio (FSR) of 1.2. This site was an assembly of single family lots purchased in 2010 for a combined value of $5,450,000.