Under Contract

Rental Development Site

3070 Kingsway, Vancouver

Rezoning approved—mixed-use 42-suite project
Collingwood neighbourhood

$6,388,000

$188/SF buildable

Overview

Rare opportunity to acquire a C-2 zoned lot improved with an existing one-storey commercial building in Vancouver’s Collingwood neighbourhood. Rezoning has been approved to CD-1 for a six-storey mixed-use building with a three-storey townhouse development at the lane.

Redevelopment highlights:

  • 41 affordable market rental units
  • Commercial use at grade
  • FSR of 3.14
  • Buildable area of 34,068 SF
  • Net rentable area 28,485 SF
  • Max building height of 60’ 
  • 24 parking spaces

Available reports:

  • Environmental & Geotechnical Reports
  • Architectural plans
  • Report to Council
  • Underpinning and crane swing agreements
  • Cost to date summary

Development Timeline

Rezoning application

  • Submitted Nov, 2017
  • Community open house Feb 5, 2018
  • Urban Design Panel Feb 21, 2018 
  • Urban Design Panel March 21, 2018

Rezoning approvals

  • Public Hearing on July 31, 2018
  • Zoning Bylaw Enactment by Feb 2019

Development permit approvals

  • DP submission by Feb 2019
  • DP “prior-to” letter by June 2019
  • DP issued by August 2019

Building permit approvals

  • Building permit submission by July 2019
  • Building permit issued by Sept 2019

Anticipated construction date

  • Sept 2019

Location

The site is located in East Vancouver’s Collingwood neighbourhood on the south side of Kingsway between Rupert and Kerr Street, just north of E. 41st Avenue. There is direct bus access on Kingsway and the Joyce-Collingwood Skytrain Station is only a 13 minute walk away ensuring easy transportation to Downtown and Metrotown. Collingwood Park is a 6 minute walk, and two blocks to the east along Joyce Street are numerous amenities such as London drugs, Safeway and many cafes and restaurants. There will be a new rapid-service B-Line bus route launching in 2019 to service this area, as part of Phase One of the Mayors’ Council 10-Year Vision.

Neighbourhood

The vibrant Joyce-Collingwood neighbourhood boasts a highly accessible and central location for both transit and vehicle oriented residents alike. Bordered by Boundary Road to the East, Kingsway to the South, and steps from the fourth busiest SkyTrain station (outside of downtown), Joyce-Collingwood Station, residents can ride or drive to Metropolis at Metrotown, B.C.I.T., or Waterfront in under 15 minutes. Since the adoption of a new Official Community Plan in June 2016, the neighbourhood has begun to see an influx of investment and development activity. Most notably, Westbank received approval for a 30-storey tower at 5050 Joyce Street in December 2016. With an abundance of public amenities such as parks, community centres and child care facilities, the neighbourhood is fast becoming one of the most desirable transit oriented communities in the City of Vancouver.

Summary

Price$6,388,000
Lot Size10,676 SF
ZoningApproved to be CD-1 (Comprehensive Development)
Floor Space Ratio3.14
Development Potential34,068 SF
Price/SF Buildable$188
Price/SF$589
PID011-986-565, 011-986-549

Suite Mix

 No. UnitsAvg. Sq. Ft.Avg. Rent
StudioNo. Units12Avg. Sq. Ft.466 SFAvg. Rent$1,572
1 bedroomNo. Units15Avg. Sq. Ft.512 SFAvg. Rent$1,818
2 bedroomNo. Units10Avg. Sq. Ft.743 SFAvg. Rent$2,632
2 bedroom townhomeNo. Units1Avg. Sq. Ft.822 SFAvg. Rent$2,632
3 bedroom townhomeNo. Units3Avg. Sq. Ft.1,292 SFAvg. Rent$3,535
Commercial (can be demised)No. Units1Avg. Sq. Ft.3,090 SFAvg. Rent$6,953

Financials

FinancingTreat as clear title.
Assessment 2018
Land
Building
Total
Land$5,738,000
Building$11,700
Total$5,749,700
Taxes 2018
$65,491

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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