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Joyce-Collingwood

4975, 4983, 4993 & 4997 Joyce Street, Vancouver

Mixed-use redevelopment site
Site size: 13,860 SF (132’ x 105’)

$22,888,000

4 assembled single-family revenue homes

Overview

Opportunity to acquire a mixed-use redevelopment site in East Vancouver, a half-block from the Joyce-Collingwood SkyTrain Station.  The subject site is located along Joyce Street between Vanness Ave to the south and Wellington Ave to the north. The offering consists of four RM-4N zoned 33 feet single-family homes, totalling 132 feet of frontage by 105 feet of depth. Under the recently approved Joyce-Collingwood Station Precinct Plan, the subject property lies in a sub-area which contemplates the potential to redevelop up to a maximum of 150 feet in height via a rezoning application and process.

The subject site is in a “mid-rise” location within the J2 – Joyce Street North of the Station area noted with a maximum 150 foot tower marking as can be seen on the right.  The City has indicated that this may be possible through a rezoning process, depending on the assembly of the block and subject to an 80 foot tower separation as well as a 65 foot set back from Wellington Avenue. Please contact the listing broker for further details as well as the City of Vancouver’s planning department.

Summary

Price$22,888,000
Lot Size13,860 SF (132’ x 105’)
ZoningRM-4N
Floor Space Ratioup to 5.0 FSR
Development PotentialUp to 69,300 SF
PID013-235-133; 013-586-033; 007-625-189; 013-585-916

Joyce-Collingwood Station Precinct Plan

The Station Precinct Review was launched to combine a land use update with TransLink’s planned upgrade of the Joyce-Collingwood Station to improve service, add capacity and accommodate future B Line service to UBC.  The Station Precinct Plan is in place to encourage more transit-supportive, mixed-use, walkable development around the SkyTrain station. New building forms will unify the blocks immediately around the station with Collingwood Village and transition from taller buildings at the station down to the single-family areas. Improved pedestrian linkages and expanded opportunities for an active local shopping street will create a more physically and socially connected neighbourhood.
 
It is anticipated the neighbourhood surrounding the Joyce-Collingwood SkyTrain station in East Vancouver will see a big boost in building heights and density with the new plan. A Council staff report states that “Current land use does not take full advantage of highly suitable sites immediately around the SkyTrain.” The plan calls for a trio of highrises and a handful of mid-rise buildings around the station transitioning into townhouses and four-storey apartments. It also aims to breathe more life into the area with better shopping areas, improvements to walking paths and a polished streetscape. Just across the street to the south-east, Westbank is proposing to build a 30-storey condo tower which will include 3,530 SF of commercial space at grade and 191,000 SF of residential space totalling 256 apartment units. The density is a whopping 14.48 FSR.

To view the Precinct Plan, please click here.  

Financials

Income and Expenses
Net Operating Income
Net Operating Income$56,892

The information contained herein was obtained from sources which we deem reliable, and while thought to be correct, is not guaranteed by HQ Commercial.

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