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Grandview-Woodland

11th Ave & Victoria Drive, Vancouver

Development Site
27,648 SF site

SOLD $14,000,000

9-property assembly

Overview

Rare high-exposure Vancouver Eastside multi-family redevelopment site with holding income. The subject property is located in the Grandview-Woodland neighbourhood and encompasses 9 properties along the 1800-block of East 11th Avenue and the 2600-block of Victoria Drive made up of 7 single-family homes and 2 strata duplex units with a combined site size of 27,648 sf. Under the new Grandview-Woodland community plan, the site has been approved for a 3.6 FSR, which equates to 99,533 sq. ft. buildable, of which 50% is designated secured market rental.

After a lengthy process involving city staff and neighbouhood residents, councillors recently voted to approve the Grandview-Woodland community plan. The new OCP has several goals which includes affordable housing initiatives (including secured market rental housing), increased childcare facilities, improved transportation routes for walking & cycling, renewal and expansion of community facilities, preserving heritage and character assets and renewing arts and cultural spaces, to name a few. The plan covers an area generally bounded by Clark Drive, Nanaimo Street, East 12th Avenue, and Burrard Inlet. 

Summary

Price$14,000,000
Lot Size27,648 SF
ZoningRM-4
Floor Space Ratio3.6 (new OCP)
Development Potential99,533 SF
Price/SF Buildable$141
Sale Price$14,000,000
Sale Date08/09/2016

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